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Happy 2022! And Happy $600 Federal Threshold for 1099 Reporting!

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  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @Liquidated said:
    I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.

    I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.

  • Mr Lindy Mr Lindy Posts: 1,212 ✭✭✭✭✭

    Something I read, which certainly can be wrong & I would like to know if it's bad info:

    In 2022 your bank, credit union will generate 1099 on each individual cash deposit above $600.

    Is this true ?

  • LiquidatedLiquidated Posts: 315 ✭✭✭✭
    edited January 3, 2022 11:59AM

    Deleted

  • LiquidatedLiquidated Posts: 315 ✭✭✭✭
    edited January 3, 2022 12:00PM

    Deleted

  • fiftysevenerfiftysevener Posts: 922 ✭✭✭✭

    @jmlanzaf said:

    @Liquidated said:
    I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.

    I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.

    Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.

  • amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭
    edited December 31, 2021 11:41AM

    If I remember correctly....way back when, $600.00 in income was the threshold of having to file a tax return or not.

    @derryb said:
    The $600 reporting rule was originally enacted as part of the passage of the Internal Revenue Code of 1954 which was a major revision of the tax law. But $600 had a lot of purchasing power back then. According to the Bureau of Labor Statistics website, $600 in 1954 would be worth almost $6,200 in November 2021.

    What was once a high reporting threshold has been reduced, by inflation, to a low reporting threshold. Shame the IRS can't keep up with inflation. IRS reporting requirements that fail to keep up with inflation are one reason why the IRS is so backlogged.

  • moursundmoursund Posts: 3,207 ✭✭✭✭✭

    @Timsdad said:
    Basketball shoe flippers are going to be shocked next January.

    Are those flippers for some new kind of water basketball? 😜

    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @fiftysevener said:

    @jmlanzaf said:

    @Liquidated said:
    I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.

    I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.

    Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.

    I did not "suspect" anyone but the poster himself who mentioned that "...those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k..." How else am I supposed to interpret that statement?

  • LiquidatedLiquidated Posts: 315 ✭✭✭✭
    edited January 3, 2022 12:00PM

    Deleted

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @Liquidated said:

    @jmlanzaf said:

    @fiftysevener said:

    @jmlanzaf said:

    @Liquidated said:
    I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.

    I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.

    Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.

    I did not "suspect" anyone but the poster ****himself**** who mentioned that "...those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k..." How else am I supposed to interpret that statement?

    Himself???

    Assumption batting average is 0 for 2.

    Herself? Themself? Zir? Sorry, "him" is usually the default on coin forums because 99% of the time it is.

    As for the tax avoidance issue, I'm still not sure how else to interpret your statement when you are laughing at people who "claim" to pay their "fair share" for having drunk the "Kool-Aid" while offering tips on avoiding a 1099k because they "do not enjoy being told how to think about taxes".

    If you are advising everyone to pay their taxes, then I retract my statement with an apology for misinterpreting.

    I assume then you are advising them to report their profitable sales even in the absence of a 1099.

    Otherwise, back up to 1 for 2! ;)

  • LiquidatedLiquidated Posts: 315 ✭✭✭✭
    edited January 3, 2022 12:00PM

    Deleted

  • WQuarterFreddieWQuarterFreddie Posts: 3,015 ✭✭✭✭✭

    Ebay will be taking a big hit in 2022. Many sellers will just stop listing now which will end up hurting the buyers too since the bigger sellers will have much less competition.

    Bye bye Ebay!😎

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @Liquidated said:

    @jmlanzaf said:

    @Liquidated said:

    @jmlanzaf said:

    @fiftysevener said:

    @jmlanzaf said:

    @Liquidated said:
    I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.

    I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.

    Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.

    I did not "suspect" anyone but the poster ****himself**** who mentioned that "...those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k..." How else am I supposed to interpret that statement?

    Himself???

    Assumption batting average is 0 for 2.

    Herself? Themself? Zir? Sorry, "him" is usually the default on coin forums because 99% of the time it is.

    As for the tax avoidance issue, I'm still not sure how else to interpret your statement when you are laughing at people who "claim" to pay their "fair share" for having drunk the "Kool-Aid" while offering tips on avoiding a 1099k because they "do not enjoy being told how to think about taxes".

    If you are advising everyone to pay their taxes, then I retract my statement with an apology for misinterpreting.

    I assume then you are advising them to report their profitable sales even in the absence of a 1099.

    Otherwise, back up to 1 for 2! ;)

    No. Still 0 for 2. Going on 3.

    It has been well established that you are not sure on things and suggesting I laugh at people for paying taxes is just another example when my comment was “I always find it amusing when people beat their chest about themselves paying fair share of taxes. “ is a reference to the people that feel they are model citizens and desire to sherriff others on taxes.

    Best to just stop assuming. Dont really have the time or desire to sit on some coin chat board for a few peoples amusement.

    There are people that will find the auction house and consignor approach relevant and my post serves its purpose.

    Offsetting expenses and cost basis associated with a 1099k is a much more sloppy approach with DIY tax software and avoiding the 1099k all together is a better approach when cost are associated.

    Reporting tax due or not is solely up to all of you. Anyone that has fought the process of cost and expense allocations associated with a 1099k will appreciate the avoidance insight.

    Seems you have plenty of time!

  • Pnies20Pnies20 Posts: 2,478 ✭✭✭✭✭

    The best part is even if you try to keep it under $600 they’ll still flag you for trying to evade the threshold 😂

    BHNC #248 … 130 and counting.

  • fiftysevenerfiftysevener Posts: 922 ✭✭✭✭

    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

  • derrybderryb Posts: 37,610 ✭✭✭✭✭

    poof!

    No Way Out: Stimulus and Money Printing Are the Only Path Left

  • moursundmoursund Posts: 3,207 ✭✭✭✭✭

    @fiftysevener said:
    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

    Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:

    eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵

    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
  • WQuarterFreddieWQuarterFreddie Posts: 3,015 ✭✭✭✭✭

    .

    @moursund said:

    @fiftysevener said:
    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

    Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:

    eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵

    Do you post these ridiculous comments just to increase your number of posts? It's a shame you have no impulse control🙄

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @PerryHall said:
    With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future. :D

    Which is why they also wanted the $600 bank transaction reporting rule.

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @fiftysevener said:
    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

    Law abiding taxpayers don't have a problem with the new rule. It doesn't change anything for them.

  • moursundmoursund Posts: 3,207 ✭✭✭✭✭

    @WQuarterFreddie said:
    .

    @moursund said:

    @fiftysevener said:
    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

    Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:

    eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵

    Do you post these ridiculous comments just to increase your number of posts? It's a shame you have no impulse control🙄

    Not everyone shares my brand of humor, but many do. Such is life.

    100th pint of blood donated 7/19/2022 B) . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
  • PerryHallPerryHall Posts: 46,799 ✭✭✭✭✭

    @jmlanzaf said:

    @PerryHall said:
    With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future. :D

    Which is why they also wanted the $600 bank transaction reporting rule.

    How is the bank involved or even aware of any cash transaction unless the seller deposits the cash into his account?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @PerryHall said:

    @jmlanzaf said:

    @PerryHall said:
    With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future. :D

    Which is why they also wanted the $600 bank transaction reporting rule.

    How is the bank involved or even aware of any cash transaction unless the seller deposits the cash into his account?

    They wouldn't be. But the point of the bank reporting rule was to try and find those unreported cash transactions. Obviously, the people that don't use banks (and that may be 20% of the population or more) would still avoid detection.

  • fishteethfishteeth Posts: 2,263 ✭✭✭✭✭

    I do have an accountant and he told me to not get too excited. He said just keep your receipts if I have a profit tell him. Otherwise not to loose a lot of sleep.
    I am a collector and don't do this to make money. I sometimes do by mistake.
    My one concern is most of my receipts from over the years say things like 3 coins 5,000 dollars. Others say coin purchase 2,000.
    My purchases through heritage are nicely documented. But always concerned that some day I am going to have to turn over my binder of receipts which often have my hand written notes as to which coins they are, and the irs is going to laugh at my records

  • bigjpstbigjpst Posts: 3,173 ✭✭✭✭✭

    @jmlanzaf said:

    @PerryHall said:
    With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future. :D

    Which is why they also wanted the $600 bank transaction reporting rule.

    And why they are working to eliminate cash transactions all together.

    Yes, if you get a 1099k it’s probably going to make your taxes a bit more complicated.
    Yes, many of the people who get a 1099k probably should have been reporting the income already and have been avoiding it.
    Just because you didn’t receive a 1099 in past years doesn’t mean you didn’t owe the tax in those years.
    Most likely you will never have to justify your cost basis to an auditor. And if you do, unless you are dealing with a large sum of money or years of overly aggressive deductions you will probably be ok with a spreadsheet or some other proof mailed to the IRS with an explanation letter.
    Most of you should also being reporting sales and use tax to your state for online purchases to out of state retailers but haven’t for years so NOW EBAY AND AMAZON have to collect it for you.
    All those untraceable crypto transactions will be or are the next target.
    The government will continue to come up with new and creative ways to catch all the new and creative ways people avoid taxes.

  • LiquidatedLiquidated Posts: 315 ✭✭✭✭
    edited January 3, 2022 12:00PM

    Deleted

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @Liquidated said:

    @jmlanzaf said:

    @Liquidated said:

    @jmlanzaf said:

    @Liquidated said:

    @jmlanzaf said:

    @fiftysevener said:

    @jmlanzaf said:

    @Liquidated said:
    I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.

    I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.

    Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.

    I did not "suspect" anyone but the poster ****himself**** who mentioned that "...those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k..." How else am I supposed to interpret that statement?

    Himself???

    Assumption batting average is 0 for 2.

    Herself? Themself? Zir? Sorry, "him" is usually the default on coin forums because 99% of the time it is.

    As for the tax avoidance issue, I'm still not sure how else to interpret your statement when you are laughing at people who "claim" to pay their "fair share" for having drunk the "Kool-Aid" while offering tips on avoiding a 1099k because they "do not enjoy being told how to think about taxes".

    If you are advising everyone to pay their taxes, then I retract my statement with an apology for misinterpreting.

    I assume then you are advising them to report their profitable sales even in the absence of a 1099.

    Otherwise, back up to 1 for 2! ;)

    No. Still 0 for 2. Going on 3.

    It has been well established that you are not sure on things and suggesting I laugh at people for paying taxes is just another example when my comment was “I always find it amusing when people beat their chest about themselves paying fair share of taxes. “ is a reference to the people that feel they are model citizens and desire to sherriff others on taxes.

    Best to just stop assuming. Dont really have the time or desire to sit

    Seems you have plenty of time!

    Some people have more to life than earning badges by pointless posts.

    0 for 1 :)

    I'm not sure anyone knows what badges they have or how they got them. Just coin geeks talking to coin geeks.

  • LiquidatedLiquidated Posts: 315 ✭✭✭✭
    edited January 3, 2022 12:01PM

    Deleted

  • jmlanzafjmlanzaf Posts: 36,289 ✭✭✭✭✭

    @Liquidated said:
    The writing is on the wall regarding the bank reporting rule. Although it did not pass does not mean it will not in the future.

    There is a misconception that is fueled by politicians that if you are selling online then you are a business and making money and owe taxes. @jmlanzaf seems to have this misconception as proven evident . The only reason the 1099k $600 limit now exists is because it is attached to funding a bill passed in the Spring and will fall short of funding. Many people sell online to dispose of items in a much more efficient process and the legislation only makes transfer of ownership more cumbersome while falling short of intended funding. It will only get worse and as my handle implies have now reached 95% of liquidating after the past 10 months. It is an incredible feeling or relief.

    I never said that or even implied it. In fact, I referred to hobbyists which would not be businesses.

    0 for 2. :)

    But you can easily account for liquidation of household materials in "garage sale" fashion with no taxes owed. You are selling at a loss. The IRS is not looking to jam up those people.

  • MasonGMasonG Posts: 6,262 ✭✭✭✭✭

    I suppose anything's possible but I can't imagine the IRS being foolish enough to believe hassling people over garage sales is worth doing.

  • fiftysevenerfiftysevener Posts: 922 ✭✭✭✭

    @moursund said:

    @fiftysevener said:
    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

    Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:

    eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵

    Just commenting in line with the original thread about the IRS squeezing blood from turnips.

  • fiftysevenerfiftysevener Posts: 922 ✭✭✭✭

    @jmlanzaf said:

    @fiftysevener said:
    Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned :|

    Law abiding taxpayers don't have a problem with the new rule. It doesn't change anything for them.

    I used to be a law abiding taxpayer but it's now so complicated that I'm not sure anymore. Luckily Turbotax offers advice for a nominal fee.

  • MartinMartin Posts: 999 ✭✭✭✭✭

    @jmlanzaf said:

    @dbldie55 said:
    So, for the tax experts. I had a car I lost $12,000 on (paid $12,000 and it was a lemon, Died while still owing over $6,000). Can I write this off?

    Not unless it was a collectible car. Cars are consumables, they are expected to depreciate.

    I ate a $12 steak yesterday. Today it's &%/<, can I write off the $12?

    I suppose you could if you live and work on a ranch

    Martin

This discussion has been closed.