new 1099-K rules

[BobC]

Originally Posted by chriskim

Thx for your detail explanation! Appreciated your time. It make more sense to me now. I think you are correct, they were referring that $700 tv needed to pay SALES tax. But they probably think if eBay send them a 1099-K, then they have to file the whole amount on that 1099-k without adjustment what portions of the sell were a lost, and what portions were gains. Anyways, things get so complicated and people need to have detail track records of buy/sell and make all those accountants so busy during tax time. I just hope Turbotax will catch up with all these messes.

If you use Turbotax yourself, I believe you can access online tax help through them. They hire tax preparers, CPAs, etc. to be available for online guidance and help as kind of like independent consultants. I don't know what the charge/cost is for using them. My understanding is they don't actually prepare the return for you, just help and answers questions so you can file yourself. It is like walking into one of the big national tax prep franchises though, like H&R Block or Jackson Hewitt, where you don't know who you'll get to help you or how good they and their qualifications are. For whatever reason though, I feel you would more likely be getting better quality and maybe more knowledgeable people to help you through Turbotax, but it will still just be luck of the draw as to who you get. Reason for my saying that is I know someone who's worked as one of these part-time, online consultants for Turbtax in the last few years. He's very knowledgeable and he'd even been the Controller for a very large, well known mid-West brewery for a number of years, so he's no slouch. And from what he was telling me, it seems Turbotax does pay attention to who they hire to act as consultants for them. Good luck.