So soon it's back to $20,000 and 200 auctions

[thriftycow]

President Trump's Big Beautiful Bill passed the House this morning. The $600 cap on payment processors that was in Biden's American Rescue Plan is being rolled back, as well as no tax on tips. The bill passing in the Senate should be a piece of cake.

[luckythewinner]

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@thriftycow wrote:

President Trump's Big Beautiful Bill passed the House this morning. The $600 cap on payment processors that was in Biden's American Rescue Plan is being rolled back, as well as no tax on tips. The bill passing in the Senate should be a piece of cake.

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That rollback will have absolutely no effect on my taxes. But you can bet there are other things in that bill that will. 

[fbusoni]

@thriftycow 

And now what... we no longer have to report eBay income under $20k to the IRS?

Is that what you are excited about?

ETA: Love the phrasing... "President Trump's Big Beautiful Bill passed the House this morning."  Do people actually talk like that?  

[loose_goose_garage]

So you won't receive a 1099 from eBay, but that doesn't make your income any less taxable. It just saves eBay some work.

[natoman777]

Well, I make more than $20K so no change here.  I am happy for others who are just trying to do a small side hustle.  I am in IL and our state is killing us with taxes

[inhawaii]

Great! 

Now we can cheat on our taxes!

[theoneand_40]

It does make it easier on individuals who are selling used items at a loss. The paperwork alone for having an online yard sale that you're not going to be making money from makes it quite a hassle to list anything on sites like eBay. Plus, you have to pay a lot more for tax preparation to prove you made nothing. 

[dhbookds]

just to be clear..........the bill hasn't passed the Senate........so NOT law yet........

[luckythewinner]

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@theoneand_40 wrote:

It does make it easier on individuals who are selling used items at a loss. The paperwork alone for having an online yard sale that you're not going to be making money from makes it quite a hassle to list anything on sites like eBay. Plus, you have to pay a lot more for tax preparation to prove you made nothing. 

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If your 1099-K consists of personal property sold at a loss, the tax paperwork simply putting one number on one line of schedule 1. That does not seem like a huge hassle to me. How much does your tax preparer charge for that?

https://www.irs.gov/businesses/what-to-do-with-form-1099-k

[kensgiftshop]

@thriftycow 

Lets hope not, they should drop it lower.

Would be good for all you tax cheats out there.

[kensgiftshop]

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@theoneand_40 wrote:

It does make it easier on individuals who are selling used items at a loss. The paperwork alone for having an online yard sale that you're not going to be making money from makes it quite a hassle to list anything on sites like eBay. Plus, you have to pay a lot more for tax preparation to prove you made nothing. 

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Why would you have to pay for tax preparation, do it yourself, it's pretty easy.

[1786davycrockett]

It passed by a SINGLE vote.

No need to think that the Senate will just fall into place.

[soh.maryl]

Are you saying that we weren't able to do that previously? 

[vintage-camerastuff]

After reading all the replies I see a lot of whiners and the usual TDS people responding.

[whatmorefabric]

There are brackets in the tax code and steps withing those brackets.     Like the last time Trump eliminated some of those steps on the lower salary scale ,  so  for every   1.00 in taxes,  after the tax cuts expired,  you paid 1.03.     

China has vowed not to buy as much US bonds,  as have Japan.    Who will pay the deficit.      Borrowing from Social Security was the main way,  but that is running out of money.     

Cuts like DOGE,     more than 80 % of the budget is SS,  Medicare,  Medicaid and Defense.     Only 14.8  %  are discretionary funds.   The cuts to Medicaid aren't going to close the deficit.