Concerning all this 1099 chatter ….
Dave99B
Posts: 8,607 ✭✭✭✭✭
… here’s another question:
If you walk into your local B&M coin shop, and sell $600 worth of stuff, will they be required to report the transaction via a 1099, or is this new reporting law more for online marketplaces?
Thanks,
Dave
Always looking for original, better date VF20-VF35 Barber quarters and halves, and a quality beer.
1
Comments
It's for "payment processors" so stuff like Paypal, eBay using Ayden, Square for businesses, etc.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
"The Tax Man cometh..." Keep records - buy/sell figures.... Report as required. Cheers, RickO
or just stop selling on ebay like I did last year. Its not worth the hassle unless you are completely set up for it.
Just keep track of your basis, report on Schedule D. If you were under the $20K threshold before, should not take too long to pull the info together. I just try to sell enough losers to keep the gain lower
I have kept no records of my buy and sell transactions over the years.
You can estimate your basis. Even if the IRS audits you (99+% chance they won't) they would likely accept your estimate if it is within reason.
Tax questions would be better answered from a tax person, not someone here!
This could be a real boon for B&Ms. Silver lining (or possible gold lining). 🤣
Dave
They think they will make 8 billion over the next 10 years with this change. Most everyone it affects will find another way. I paid $1000 in tax last year on a $5000 1099k. If I profited more than a couple hundred bucks I would be surprised. I’m retired and use to play on eBay to kill time most of the time selling stuff I got tired of at a loss. That 💩’s done they got $1000 of that 8 billion out of me that’s it.
If you're paying $1000 tax on a couple hundred dollar profit, you should probably find someone else to do your taxes.
This is how old I am: I couldn't figure out what a B&M store was without Googling it.
B&M - Wikipediahttps://en.wikipedia.org › wiki › B&M
Store expansion — B&M is a British variety store chain founded in 1978 and incorporated in Luxembourg. It employs over 32,000 people.
Founder: Malcolm Billington
Number of employees: 32,000 (2021)
Founded: 14 March 1978; 43 years ago
Net income: £80.9 million (2020)
NOT !!!!
How much does it cost to hire someone else ? I use turbo tax my taxes are normally very simple. I like the path of least resistance. Give them their grand and make it a one time deal.
It’s not Bowel Movement ?
Depends how complicated it is. I pay about $250 to get mine done. This includes my work and eBay income. I add up the expenses myself and give my accountant that total. The rest of the return is basic stuff like mortgage payments, medical expenses and such.
I used to use TurboTax but it took me more time than I wanted to spend and I always worried I was going to screw something up. I'd prefer to pay somebody who knows what they're doing, and know it's done right. But that's just me.