Taxes

[slymaninblack]

For those of you who don’t know, a bill called the SNOOP BILL has been introduced.

https://www.congress.gov/bill/117th-congress/house-bill/6913/all-info

If you are a small time seller who is selling their own personal items at a loss, you know what a pain it will be to have to explain to the IRS what is and isn’t profit, shipping, fees etc…

Small sellers selling their own personal items to recoup money and taxes they already paid are not a business and should not have to go through all the added tax steps and possibly have to hire a cpa. 

Most of us have day jobs and are paying plenty of taxes. We should not have to explain to Uncle Sam that reselling our kids clothes we already paid for is a loss. SMH

Please spread the word about this and support it. Thanks!

[fern*wood]

The week between 3/10 and 3/18 was so pleasant and everyone was respectful on the board.

[espresso_warehouse]

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@fern*wood wrote:

The week between 3/10 and 3/18 was so pleasant and respectful on the board.

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Doubtful. But nice job on letting me know about that.

[hkfever456]

yard/garage sales. I LOVE EM!!!! more money in your pocket, less money i have to pay cause you want the stuff SOLD and GONE!!. WIN WIN.  No ebay fees, no sales tax. no paypal.  you tell me whats not to love about that?

[this*old*attic]

That literally is not what s/he said.

I no longer believe you misread or misinterpret.

Its intentional. For the fun of the debate, and to see who will engage.

[espresso_warehouse]

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@this*old*attic wrote:

That literally is not what s/he said.

I no longer believe you misread or misinterpret.

Its intentional. For the fun of the debate, and to see who will engage.

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You can believe what you want, but if you continue to mistakenly conflate these issues you will continue to attract the attention of the IRS like you have in the past. It is up to you.

Profit from Inheritance is one thing. Loss from personal items is another. Depreciation deductions are something else entirely.

A CPA will help you all sort this stuff out. There is no reason to argue about it or post all these red herrings here.

[this*old*attic]

I did not get into any trouble with the IRS. No clue where you got that.

 I have an excellent CPA.

And you are incorrect - are you suggesting that inheritances go into some bizarre stasis exempt from P/L and/or capital gains/loss? Real estate, art collections, stock portfolios, annuities, small but functional businesses, the cars, that hot MCM living room set? Heck, the family dog? No matter what it is?

LOL.

[espresso_warehouse]

@this*old*attic wrote:

Tell that to my accountant, when I sold items inherited from my mother, two years after her death and in the middle of the 2008 crash.

If what you’re selling at a loss is a large enough amount, you’re under the IRS’ radar. I had a distinct event to tie back to. Most people don’t have that - they can’t just say “Ignore me, Mr. Taxman, it’s personal downsizing at a loss.”

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Profit from inheritance is treated different from personal items sold at a loss. The cost basis assumptions are two totally different animals as are the reporting requirements.

You heard it here first apparently. You should get a CPA. Whoever told you these two things are the same is incorrect.

[this*old*attic]

Oh, that’s rich. Typo in there.

”…you’re NOT under ….”

(so you file perfect returns) 

[espresso_warehouse]

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@this*old*attic wrote:

I did not get into any trouble with the IRS. No clue where you got that.

 I have an excellent CPA.

And you are incorrect - are you suggesting that inheritances go into some bizarre stasis exempt from P/L and/or capital gains/loss? Real estate, art collections, stock portfolios, annuities, small but functional businesses, the cars, that hot MCM living room set? Heck, the family dog? No matter what it is?

LOL.

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If you continue to conflate all that in such a simplistic manner you will continue to attract the attention of the IRS like you have in the past. It is up to you.

Profit from inheritance is treated different from personal items sold at a loss. Which is also different from Real Estate sales. Ever heard of a 1031 or depreciating rental property? IRA, Trusts, K1 and on and on...

Get a CPA and get educated about these issues. It can only help you.

[espresso_warehouse]

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@this*old*attic wrote:

Oh, that’s rich. Typo in there.

”…you’re NOT under ….”

(so you file perfect returns) 

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My CPA files my returns.

They are very long. I have no doubt there are mistakes, but I keep all my records, am educated about this and am as honest as I possibly can be.

[this*old*attic]

***Bangs head on wall***

As does my CPA. But they’re still my returns, so whoever gets them where they need to go in whatever fashion…

I filed my taxes.

[espresso_warehouse]

Oh I see. You are now claiming that you made a typo? Or what

[this*old*attic]

Really, what do you not understand?

It’s so cute when someone is so agenda-driven they filter everything they read through self confirming lenses. It’s a real talent.

[espresso_warehouse]

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@this*old*attic wrote:

Really, what do you not understand?

It’s so cute when someone is so agenda-driven they filter everything they read through self confirming lenses. It’s a real talent.

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I understand fully. I'm giving you a chance to commit. Which was dodged.

No big deal. I am glad you filed your taxes. In the future, you cannot deduct the losses from personal items against any profits. Nor is the cost basis requirement for personal items the same as inherited items.

One thing is true, guidance can change and a CPA would help you with this. They keep on top of it so you don't have to.

[slymaninblack]

Wow, there are some super bitter Karen’s on here… but I knew that already from when I used to sell on eBay.

(I am posting from my buying only acct, btw.) I have not sold on eBay since they changed over to managed payments. Don’t miss it. 

I don’t care what any of your bitter feelings are on the matter… I simply want to get the word out for the benefit of the small sellers out there who aren’t a business and aren’t trying to be. There is no reason anyone selling such a small amount at a loss should have to file and prove a loss. I am not trying to get out of paying taxes, cause I don’t owe any… get it?