Ways around being 1099?

[pwrdbycotn]

Only way your writing off a loss is if its business.

Well according to EVERY credible article I've read, if you can prove you sold it for a loss, you won't be taxed on it.
But hey, you probably know better than EVERY SINGLE ONE of those articles.

 

[Kimber7man]

SO, closing a PayPal account is probably a good thing???

 

[pwrdbycotn]

This may help:

IRS Delays Requiring Users of Venmo And Other Payment Apps To Report Transactions Over $600

Taxpayers who use Cash App, Venmo and similar payment apps have been given another reprieve from a change that will require more reporting to the IRS. App users are currently required to report payments if they’re in the tens of thousands of dollars, and if numerous transactions are completed dur

www.forbes.com

 

[Kimber7man]

This may help:

IRS Delays Requiring Users of Venmo And Other Payment Apps To Report Transactions Over $600

Taxpayers who use Cash App, Venmo and similar payment apps have been given another reprieve from a change that will require more reporting to the IRS. App users are currently required to report payments if they’re in the tens of thousands of dollars, and if numerous transactions are completed dur

www.forbes.com

Thanks

 

[Predator 22]

You get taxed on every dollar you earn, on everything you buy, then again when you die everything you own gets taxed and now on what you sell that you already payed tax on when you bought it.
Where are the receipts for the money they spend? Shouldn't we be able to see where our money goes?
Anyone else tired of our government wasting our money?

 

[Kansaswoodguy]

You get taxed on every dollar you earn, on everything you buy, then again when you die everything you own gets taxed and now on what you sell that you already payed tax on when you bought it.
Where are the receipts for the money they spend? Shouldn't we be able to see where our money goes?
Anyone else tired of our government wasting our money?

Starting to look like the government paid to create this Covid Crap that's where it went.

 

[Lobber]

What a mess. I would guess all of us our doing this as a hobby. We aren't allowed to write off hobby losses. I don't see why you would pay tax on a hobby gain, if there is any.

Nail on the head!

 

[26Reload]

Many states have have these 'extra taxes" for a long time....
Idaho expects you to pay tax to buy a vehicle..then pay fees for your licensing....then charge someone you sell a used rig to....ir basically everything....
All online purchases that add taxes are supposed to go to the state..and if you order online and they don't collect taxes..you are supposed to remit to the state a tax for your purchase.....

 

[SEGARE]

Money sent as PayPal Friends and Family will not generate a 1099. Also, if you keep if you keep your invoices of your purchases, you can set any gains. How many of us actually sell something gun-related for more than we purchased it for?

 

[L.Sherm]

Well according to EVERY credible article I've read, if you can prove you sold it for a loss, you won't be taxed on it.
But hey, you probably know better than EVERY SINGLE ONE of those articles.

Theres always gotta be a smartass, ask an accountant. Graycreed got it right

 

[Gary Kaney]

If you have a business or LLc this won't affect you. If you are just a regular joe it will. If you receive payment through PayPal for more than 600 in a calendar year you will be required to report it to the IRS as income. If you have a receipt you could claim that you paid more for the item than it was sold for. However if they audit you... You will have to explain how the custom rifle you sold with brass scope and components was worth 10,000 when the actual "firearm" was only worth $1600.

Two money orders for 300 each mailed on separate days.

 

[pwrdbycotn]

Theres always gotta be a smartass, ask an accountant.

Let's see, I state that you won't have to pay income taxes if you can prove (which is a key point) you sold it for a loss, and you come along and say "Only way your writing off a loss is if its business."
So then I post a Forbes article explaining the new law and you come back with a screen shot talking about something that's not even being discussed here.
Not once has anybody asked about writing off a personal loss. That's not the topic of discussion in this thread.
I suggest you read the article I posted above to gain an understanding of the conversation we're having.
Edit to add: your screenshot does briefly touch on this topic when it says (paraphrasing) "if you sell for a loss there's no gain to report".
We're all talking about how to avoid having to jump through the hoops to prove the loss OR how to not get the 1099 in the first place.

 

[COBigJohn]

As several of you have stated, stay with cash transactions, for as long as you can. There willl be coming a day.... probably sooner than a lot of you think, that American and the whole world will only have Crypto-Currency and every single penny will be tracked and taxed. There will be no loopholes, unless you are trading a gun for a couple of goats (bartering). But even then, bartering will be a felony and strictly outlawed, probably more serious a crime than murder.

Cash is King.



...........

 

[cohunt]

Just use gold.