Stamp Community Family of Web Sites
Thousands of stamps, consistently graded, competitively priced and hundreds of in-depth blog posts to read
Stamp Community Forum
 
Username:
Password:
Save Password
Forgot your Password?

This page may contain links that result in small commissions to keep this free site up and running.
Welcome Guest! Need help? Got a question? Inherit some stamps?
Our stamp forum is completely free! Register Now!

US Sellers - IRS Issued "Understanding Your Form 1099-K" Yesterday

Previous Page | Next Page    
 
To participate in the forum you must log in or register.
Author Previous TopicReplies: 41 / Views: 1,497Next Topic
Page: of 3
Valued Member
Learn More...
United States
274 Posts
Posted 12/08/2022   4:12 pm  Show Profile Check Chipshot's eBay Listings Bookmark this reply Add Chipshot to your friends list  Get a Link to this Reply
Maybe by the time I decide to sell my material, (if ever) that law will be far in the rear view mirror.
Send note to Staff  Go to Top of Page
Moderator
Learn More...
United States
11252 Posts
Posted 12/08/2022   4:22 pm  Show Profile Check 51studebaker's eBay Listings Bookmark this reply Add 51studebaker to your friends list  Get a Link to this Reply
The issue/problem is that the Feds are spending far more than they are taking in; they can either raise taxes or print more money (inflation). So, while they could change this particular law, they would only park the costs of their wars and freebies that give them talking points during elections. Since we vote for them, we get what we deserve. At best, you can only hope that you have no children, grandchildren and that you will die off before having to pay for more of the government spending and deficit.
Don
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
655 Posts
Posted 12/08/2022   4:38 pm  Show Profile Bookmark this reply Add Oracle of Delphi to your friends list  Get a Link to this Reply
I probably won't be around 10 years from now, but I really worry about the country that my kids and grandkids will continue to grow up in. On the other hand, my kids vote for all this stuff, so maybe they know what they're doing and will handle everything just fine.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
9516 Posts
Posted 12/08/2022   5:02 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
IMO we are on the backside of our run.


Quote:
Civilization [Duration in years]

Ancient Egypt, Old Kingdom [505]

Ancient Egypt, Middle Kingdom [405]

Ancient Egypt, New Kingdom [501]

Norte Chico Civilisation [827]

Harappan Civilisation (Indus Valley Civilisation) [800]

Kerma [400]

Akkadian Empire [187]

Elam Civilisation (Awan Dynasty) [157]

Minoan Civilisation (Protopalatial) [500]

Xia Dynasty [500]

Third Dynasty of Ur [46]

Old Assyrian Empire [241]

Middle Assyrian Empire [313]

Neo Assyrian Empire [322]

Elam Civilisation (Eparti Dynasty) [210]

First Babylonian Dynasty [299]

Old Hittie Empire [250]

Minoan Civilisation (Neopalatial) [250]

Shang Dynasty [478]

Mycenae [400]

Vedic Civilisation [1000]

Middle Hittite Kingdom [70]

Elam Civilisation (Middle Elamite Period) [342]

New Hittite Kingdom [220]

Olmecs [1000]

Phoenicia [661]

Zhou Dynasty (Western Period) [351]

Kingdom of Israel and Judah [298]

Chavin Culture [700]

Urartu [225]

Kushite Kingdom [1150]

Etruscans [404]

Zhou Dynasty (Eastern Zhou Spring Period) [330]

Zhou Dynasty (Eastern Zhou Warring States Period) [411]

Ancient Rome [244]

Elam Civilisation (Neo-Elamite Period) [203]

Phrygia [43]

Lydia [144]

Magadha Empire [364]

Chaldean Dynasty (Babylon) [87]

Medean Empire [66]

Orontid Dynasty [540]

Scythians [800]

Mahanjanapadas [200]

Carthage [667]

Achaemenid Empire [220]

Roman Republic [461]

Nanda Empire [24]

Ptolemaic Egypt [302]

Classical Greek [265]

Hellenistic [177]

Maurya Empire [137]

Seleucid Empire [249]

First Chera Empire [500]

Early Chola Empire [500]

Maghada-Maurya [90]

Parthian Empire [469]

Satavahana Dynasty [450]

Qin Dynasty [14]

Xiongnu Empire [184]

Han Dynasty (Western Period) [197]

Numidia [156]

Teotihuacans [735]

Kingdom of Armenia [442]

Hsiung Nu Han [120]

Sunga Empire [112]

Andhra [370]

Aksumite Empire [1100]

Kanva Dynasty [45]

Three Kingdoms of Korea [725]

Saka [140]

Roman Empire [525]

Han Dynasty (Eastern Period) [195]

Kushan [200]

Bactria [70]

Ptolemaic [290]

Liu-Sung [250]

Gupta [90]

Hun [100]

Byzantine [350]

Yuen-Yuen [30]

Toba [130]

White Hun [100]

Visigoth [240]

T'u Chueh Turk [90]

Avar [220]

Western Turk [70]
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
9516 Posts
Posted 12/08/2022   5:28 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
For those interested here is info on the two Bills proposed to make changes to the TPP tax reporting requirements:


Quote:
Democrats' Cut Red Tape for Online Sales Act would raise this IRS reporting requirement threshold from $600 to $5,000. The House version was introduced on March 15 as H.R. 7079, by Rep. Chris Pappas (D-NH1). The Senate version was introduced the same day as S. 3840, by Sen. Maggie Hassan (D-NH).

Republicans' SNOOP (Stop the Nosy Obsession with Online Payments) Act would discontinue the reporting requirement entirely. The Senate version was introduced on February 1 as S. 3546, by Sen. Bill Hagerty (R-TN). The House version was introduced a month later on March 3 as H.R. 6913, by Rep. Michelle Steel (R-CA48).
Send note to Staff  Go to Top of Page
Valued Member
80 Posts
Posted 12/09/2022   01:52 am  Show Profile Bookmark this reply Add caspian65 to your friends list  Get a Link to this Reply
I'd be ok with the $5k limit. I've gone to selling a few extras now and then to selling absolutely nothing online. I did consign a few items to SHP this year, but haven't been paid yet, so I have no idea if they will send a 1099, it was about $1k net.

Have saved a lot of paper invoices/receipts when I get them in the mail with purchases. Don't ever intend to make a profit with this hobby, although I have gotten lucky on a few items here and there that I could "flip" for a handsome profit.

From what I understand, Zelle payments are not subject to the $600 rule since they are bank to bank transactions. Zelle is a bit more risky as there are no 'take backs'. Not all banks offer Zelle, so can be a blocker for some.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
966 Posts
Posted 12/09/2022   06:21 am  Show Profile Bookmark this reply Add rgstamp to your friends list  Get a Link to this Reply
If I buy a collection of stamps from auction house for 1000$.
And I find 10 stamps out of thousand in this lot and resell these 10 stamps for 1000$, what is my cost basis? I owe no tax? How do I prove to IRS that these stamps were in the original lot I purchased?
Seems so complicated.

Maybe technology is bad in this sense. Go back to hand transactions in person show. No receipts, no ledger. How do you keep track of anything?

I'm starting to sound like I support Bitcoin or something
Life was less complicated without computers and way more fun

But can't go back …thanks for nothing mr Steve Jobs
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
9516 Posts
Posted 12/09/2022   08:23 am  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply
As is always the case the people (one percenters) that politicians claim to be targeting can afford the professionals to sort it all out for them. The real targets, the rest of us, are in a position of getting slapped around the head while our pocket is picked.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
600 Posts
Posted 12/09/2022   10:02 am  Show Profile Bookmark this reply Add hoosierboy to your friends list  Get a Link to this Reply
The cost basis for a portion of a group broken down for resale can be calculated using several methods. All make the paperwork more intense.
Send note to Staff  Go to Top of Page
Pillar Of The Community
United Kingdom
515 Posts
Posted 12/09/2022   3:48 pm  Show Profile Bookmark this reply Add Anthraquinone to your friends list  Get a Link to this Reply
From the other side of the Atlantic this looks to be a mess to say the least. How are you supposed to account for items bought at years ago local fairs for cash. But the US does need some money.

This web page is interesting - of course I have no idea if it is accurate

https://www.usdebtclock.org/

It appears the US owes about $31 TRILLION increasing by about $1.5 Million every minute. I wonder who is owed the money? I guess China and the Arab States as we certainly do not have any money to lend you - Sorry.

Each citizen owes about $94,000 and each tax payer about $248,000. That is a lot of stamps you have to sell. If you can hang on for about 20 - 25 years it is likely most of the stamp collectors will have dies off, The people left will noy have anough disposable income to buy stamps so what ever you sell will be a a loss. Could that not be deducted from you taxes?

Overall can I say it sounds like you are screwed but as the whole world seems to be screwed I guess it does not matter in the long or short term. I think my and everyone elses children are going to have a tough time. As for what the children being born now will face ??

Have a good day

AQ
Send note to Staff  Go to Top of Page
Edited by Anthraquinone - 12/09/2022 3:53 pm
Moderator
Learn More...
United States
11252 Posts
Posted 12/09/2022   4:10 pm  Show Profile Check 51studebaker's eBay Listings Bookmark this reply Add 51studebaker to your friends list  Get a Link to this Reply
What I find crazy is that the US has sent $104 billion to Ukraine this year; that is nearly twice more than the entire Russian 2022 military budget. It is not that I think sending aid is bad, it is that Washington has refused to audit or provide a breakdown of where all that money went to. Add another 80 billion that the US left behind in Afghanistan and it is no wonder that the deficit is so huge.

When my wife and I spend a lot of money on a credit card and the bill comes in; I do not blame VISA. Nor do I go borrow more money to cover the credit card. I sit down with her, we talk about what we are spending, and we decide how to bring the spending under control. Seems like a no-brainer'. <shrugs>
Don
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
9516 Posts
Posted 12/09/2022   5:13 pm  Show Profile Bookmark this reply Add rogdcam to your friends list  Get a Link to this Reply

Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
United States
6314 Posts
Posted 12/09/2022   6:53 pm  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
All of you are looking at this problem the wrong way . This debt monster that the government has created is not the real issue . The real issue is feeding this monster , this is called servicing the debt . More and more the cost of paying interest out of the Federal budget each year is climbing . .

How is it climbing ,well last week the Federal Government will be giving me 4.90% to use my money for 1 year and hopefully the Fed's will pay me more next week to use more of my money ,if they pay over 5% then I will loan them more . Now how much are they paying to Japan who has 1.24 trillion dollars up with them

You as taxpayers will see more money going to those who have cash to lend and less of your money to improve this country. Now you understand my comment of feeding the monster . .
Send note to Staff  Go to Top of Page
Pillar Of The Community
United States
694 Posts
Posted 12/09/2022   7:03 pm  Show Profile Bookmark this reply Add alub to your friends list  Get a Link to this Reply

Quote:
Simplified example: Buy a stamp for $10 and sell it for $25. If a hobby, then you pay tax on the $15 difference, regardless of any selling or shipping expenses. If a business, you pay tax on $15 less eBay fees, postage, packing materials, etc.


Not true.

The difference between a "hobby" and a "business" is being allowed to deduct a loss from other income. A "hobby" can deduct all the expenses that a business can; though you migh have tri=oble if you try to deduct "home office" expenses.
Send note to Staff  Go to Top of Page
Pillar Of The Community
Learn More...
United States
6314 Posts
Posted 12/09/2022   7:07 pm  Show Profile Bookmark this reply Add floortrader to your friends list  Get a Link to this Reply
Most of you remember when you had a phone installed in your apartment or your new home back in the 1970's or 1980's ,you paid a federal tax on your phone monthly .

That tax was to pay for the Spanish-American War Bonds of 1898 -1901 ,so as you can see the monster debt lives a very long time . As Don said about the Ukraine War ,my grand kids will be paying for that when they die ,that debt will live a very long time .
Send note to Staff  Go to Top of Page
Page: of 3 Previous TopicReplies: 41 / Views: 1,497Next Topic  
Previous Page | Next Page
 
To participate in the forum you must log in or register.


Go to Top of Page
Disclaimer: While a tremendous amount of effort goes into ensuring the accuracy of the information contained in this site, Stamp Community assumes no liability for errors. Copyright 2005 - 2023 Stamp Community Family - All rights reserved worldwide. Use of any images or content on this website without prior written permission of Stamp Community or the original lender is strictly prohibited.
Privacy Policy / Terms of Use    Advertise Here
Stamp Community Forum © 2007 - 2023 Stamp Community Forums
It took 0.22 seconds to lick this stamp. Powered By: Snitz Forums 2000 Version 3.4.05