Tax forms

[sendmorechuckberry]

I just sent this to my congressman. Please help by doing something similar.

I am 70 years old. I live on Social Security. Like many Americans, I was not able to build a substantial 401k. I had to work full time in manufacturing to pay for living expenses. When you add up all the taxes I've paid (income, sales, property, utilities, licensing fees, road tolls, gas taxes, school taxes, etc.,) there wasn't much left to save for my retirement. I'm not against paying taxes. I understand that we need the services that our government provides. But now that I'm retired, I'm starting to sell off things that I no longer need or want to help enjoy the few years my wife and I have left on this earth. Selling on eBay gives me the income to do that. Please do something about this new requirement. I feel it is unfair and that I have paid enough taxes over my lifetime. Selling on eBay is like having a garage sale. Are we taxing those now? Enough is enough. 

[frugalmarketplace]

If you are making so much money , get a good CPA. There are so many deductions you can take, and more than likely your business would be a loss anyway.

deductions such as “ car, home office, utilities for home office, taxes for home office, computer, cell phone, and on and on.  Taxes you pay on your house the size based on Sq Feet can be deducted. Sounds like you need to put your energy in to saving money on the so called taxes you are paying. 

[sextons-sweet-deals]

I think the O.P. is just a little stressed. 70 years old and just trying to downsize and get some extra pocket money and enjoy their years left. The average U.S. age of life is now 77. It just keeps going down! 

They are probably just a little overwhelmed that they may have to do extra work when they file taxes. 

[maxine*j · Accepted solution]

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@sextons-sweet-deals wrote:

I think the O.P. is just a little stressed. 70 years old and just trying to downsize and get some extra pocket money and enjoy their years left. The average U.S. age of life is now 77. It just keeps going down! 

They are probably just a little overwhelmed that they may have to do extra work when they file taxes. 

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And there's nothing to stop OP from downsizing and getting a bit of extra pocket money by selling on eBay.   People do it all the time.   More often than not, they owe no federal or state income tax on their eBay income. 

BUT they still have to play it straight by filing honest tax returns, declaring all their income, and so on.  Because such a very great number of people did not, the government is forcing eBay and others to issue 1099s at much lower threshholds.

Millions of tax volunteers do tax returns at no for people over 65 and / or for those with low incomes, so OP need not stress about that, either.

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[maxine*j]

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@tabcu51 wrote:

I doubt you're likely to get sympathy from those of us who have had to compete with sellers who never paid any income taxes on their online sales all those years.

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Absolutely correct.  They had an unfair advantage over those of us who played it straight.

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[frugalmarketplace]

70 isn't old anymore. I am 78 and my husband is 81 and our lives are no different. AGE is a state of mind. When you decide you are old, then I guess you are. 

Actually we just moved 2 years ago into a bigger house with a pool and huge yard. Not ready for any retirement living at this point. 

[bonjourami]

I really dislike playing the age card, we see that frequently in hereJust because we're old doesnt make us entitled.The rules are the same for everybody.

[luckythewinner]

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@sendmorechuckberry wrote:

Please do something about this new requirement. I feel it is unfair and that I have paid enough taxes over my lifetime. Selling on eBay is like having a garage sale. Are we taxing those now?

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If you did not pay $60+ each for those movie spot 45s that you sold for $60+ each, IMHO that is not "like a garage sale". It is a capital gain.

[ms.rodriguez*]

You can NOT come to a board here and spread lies.  This law was passed by CONGRESS during the tRUMP administration.  The law passed in 2019 and it was to start being implemented January 2020. Of course , since Trump lost the election, many people blame Biden!    You need to get your facts inorder.  Your congressman can NOT do anything. You were ALWAYS supposed to report earned income.   Always.  You only report the income that is profit. You are unloading household items and get less than you paid for them, then you sold at a loss and do NOT pay taxes.

Yard sales, you are supposed to report any earned income. So if you sold that 25 dollar shirt for 5.oo, you had a loss.  But let's say  you bought it on clearance at Kohls for 3 dollars and sold it for 5, then the 2 dollars is earned income.  You ad the 2 dollars to your other earned income and that is what you pay taxes on depending on your tax rate.

You need to document your items as a you sell them. Obviously , you don't have receipts for stuff you bought years ago but you can write down a "ball park " figure for that used pair of shoes or radio that you sold. It does not matter where you sold it.   Profit is profit.

[maxine*j]

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@bonjourami wrote:

I really dislike playing the age card, we see that frequently in here.  Just because we're old doesn't make us entitled.  The rules are the same for everybody.

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I'm old, too, and people playing the age card irritate me, too -- especially in this era, when the young have fewer opportunities and options than their parents had.  I'm a bit older than a Boomer, born as I was towards the end of the final Silent Generation years, and I find Boomers are generally very entitled folks.

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[nobody*s_perfect]

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@maxine*j wrote:

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@bonjourami wrote:

I really dislike playing the age card, we see that frequently in here.  Just because we're old doesn't make us entitled.  The rules are the same for everybody.

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I'm old, too, and people playing the age card irritate me, too ... I find Boomers are generally very entitled folks.

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Some are, some aren't, just like any other generation.  Whining and jumping to conclusions are unbecoming at any age. Looks like many of the posters on this thread, including me, are older than the OP; my baby sister turned 70 last year.

[maxine*j]

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@nobody*s_perfect wrote:

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... I'm old, too, and people playing the age card irritate me, too ... I find Boomers are generally very entitled folks.

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Some are, some aren't, just like any other generation.  Whining and jumping to conclusions are unbecoming at any age. Looks like many of the posters on this thread, including me, are older than the OP; my baby sister turned 70 last year.

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Which is why I used the word "generally," and  stand by it.   Call it whining and jumping to conclusions if you like, but I can give you myriad examples, including two I am now dealing with, that lead me to say that.  I also say it in defense of younger generations who are nearly  universally labelled as "entitled," although I do not find them so.

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[sextons-sweet-deals]

Good For You. Sounds like you made some good investments, health is good, and had no financial setbacks. That probably puts you in the top 15% or less of Americans. So why do you sit on the computer to sell on eBay and not traveling the country / world, swimming in your pool and enjoying life outside the house?

We don't know the O.P.'s life story and health issues and It's none of our business. We can go by their post.

We all like to think we can live forever but it's not true. 

We all like to think we can script / plan our lives out to perfection, but that is not true either.

[ed8108]

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@sendmorechuckberry wrote:

I am 70 years old. I live on Social Security. When you add up all the taxes I've paid (income, sales, property, utilities, licensing fees, road tolls, gas taxes, school taxes, etc.,) there wasn't much left to save for my retirement. I'm not against paying taxes. I'm starting to sell off things that I no longer need or want to help enjoy the few years my wife and I have left on this earth. Selling on eBay gives me the income to do that. 

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Don't forget to include a demand for an end to the " transitory" inflation which we continue to be blessed.

[maxine*j]

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@bonjourami wrote:

I really dislike playing the age card, we see that frequently in here.  Just because we're old doesn't make us entitled.  The rules are the same for everybody.

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And I will add to my previous comments, in agreement with yours, that I have never seen, not one time, a poster here say that he deserves special treatment and / or that rules and laws do not apply to him because of his youth.

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[powell-memorabilia]

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@maxine*j wrote:

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@bonjourami wrote:

I really dislike playing the age card, we see that frequently in here.  Just because we're old doesn't make us entitled.  The rules are the same for everybody.

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I'm old, too, and people playing the age card irritate me, too -- especially in this era, when the young have fewer opportunities and options than their parents had.  I'm a bit older than a Boomer, born as I was towards the end of the final Silent Generation years, and I find Boomers are generally very entitled folks.

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The young have amazing opportunities.  The demographics are in their favor - small generation entering adulthood and a huge generation entering retirement.  There are opportunities abound - any young person that thinks otherwise has made bad life decisions.  Sorry, but true.