Ebay tax reporting drops from $20,000 to $600

[bobbyw8469]

Originally Posted by BobC

Last August??? This was signed into law back on 3/11/2021. A colleague and I were talking about it right after, and knew then this would create one heck of a $#%©storm when everyone finally realized what was happening. Some people/clients we told about it right away were having a fit after we had explained what this would mean. Thing is, it was buried in the American Rescue Plan Act, and no one in the media ever really talked about it. That is what usually happens with some of these random tax law changes, until the tax season hits, and then everyone finally hears about it and creates an uproar. This delayed reaction isn't something new. In fact, I can almost guarantee that come this time next year, there will still be people just finding out about this reporting change when their 1099-K form shows up in their mailboxes, totally unexpected! LOL

Elections have consequences. And we are sure as heck paying the price now.

[earlywynnfan]

Originally Posted by bobbyw8469

Elections have consequences. And we are sure as heck paying the price now.

They do, but did you like it better when the IRS was toothless and people weren't paying their fair share? Why blame the currently-elected people for this?

My students have games to play when it's indoor recess. Two of the games have a gazillion pieces, and often they are left lying around. So I have pulled those games from the shelf. Some students blame me because they can't play them now, and some students blame the kids who couldn't clean the games up in the first place. Who would you blame?

[Shoeless Moe]

Originally Posted by earlywynnfan

They do, but did you like it better when the IRS was toothless and people weren't paying their fair share? Why blame the currently-elected people for this?

My students have games to play when it's indoor recess. Two of the games have a gazillion pieces, and often they are left lying around. So I have pulled those games from the shelf. Some students blame me because they can't play them now, and some students blame the kids who couldn't clean the games up in the first place. Who would you blame?

You.

[G1911]

Originally Posted by earlywynnfan

They do, but did you like it better when the IRS was toothless and people weren't paying their fair share? Why blame the currently-elected people for this?

My students have games to play when it's indoor recess. Two of the games have a gazillion pieces, and often they are left lying around. So I have pulled those games from the shelf. Some students blame me because they can't play them now, and some students blame the kids who couldn't clean the games up in the first place. Who would you blame?

I think it’s an undeniable fact that a particular party that won the last election wrote the bill and voted for it. One can debate whether the IRS should be going after people making a few hundred dollars on the side and be for or against it, but I don’t see how we can possibly deny that the policy is in effect because of the currently elected people that wrote and passed it.

This part, that it happened and a certain group made it happen, I don’t see any room for a debate on. They wrote it, they passed it, they are responsible for these new laws. If that’s good or bad is up to the individual.

[Leon]

Originally Posted by G1911

I think it’s an undeniable fact that a particular party that won the last election wrote the bill and voted for it. One can debate whether the IRS should be going after people making a few hundred dollars on the side and be for or against it, but I don’t see how we can possibly deny that the policy is in effect because of the currently elected people that wrote and passed it.

This part, that it happened and a certain group made it happen, I don’t see any room for a debate on. They wrote it, they passed it, they are responsible for these new laws. If that’s good or bad is up to the individual.

Be careful of debating politics......and also if you are going to debate your name is going to be out here. I don't like anonymous debating too much. thanks
.

[G1911]

Originally Posted by Leon

Be careful of debating politics......and also if you are going to debate your name is going to be out here. I don't like anonymous debating too much. thanks
.

Not debating politics, I offered no opinion myself on legislative priorities or IRS priorities. I said it is an indisputable fact who wrote and voted for the bill and is thus responsible for its status as law today and that this is on pubic record. If it violates a rule to state that that is a fact, I'll censor the post.

[Leon]

Originally Posted by G1911

Not debating politics, I offered no opinion myself on legislative priorities or IRS priorities. I said it is an indisputable fact who wrote and voted for the bill and is thus responsible for its status as law today and that this is on pubic record. If it violates a rule to state that that is a fact, I'll censor the post.

It's talking about politics. Fact or not doesn't matter. Just talk about cards. .

[SAllen2556]

Originally Posted by earlywynnfan

They do, but did you like it better when the IRS was toothless and people weren't paying their fair share? Why blame the currently-elected people for this?

My students have games to play when it's indoor recess. Two of the games have a gazillion pieces, and often they are left lying around. So I have pulled those games from the shelf. Some students blame me because they can't play them now, and some students blame the kids who couldn't clean the games up in the first place. Who would you blame?

"Whom" would you blame, not "Who". Hope you don't teach English.

I also want someone to define "fair share". There's never a number associated with that phrase.

[Michael B]

Originally Posted by SAllen2556

"Whom" would you blame, not "Who". Hope you don't teach English.

I also want someone to define "fair share". There's never a number associated with that phrase.

Actually, either who or whom could be correct. If the answer to the question is he or she then who would be correct. If the answer is they or them then whom would be correct.

[Shoeless Moe]

Originally Posted by Michael B

Actually, either who or whom could be correct. If the answer to the question is he or she then who would be correct. If the answer is they or them then whom would be correct.

Who's on first?

[Ray Van]

So I was speaking with my tax advisor who validated that any sales below $1000 are not subject to Capital Gains tax in Canada. Collectibles are classified as Listed Personal Property (LPP) which is "personal use property that usually increases in value over time". Sales of these items are subject to capital gains tax unless the acquiring cost and selling price are both below $1000 for an individual item.

[Stampsfan]

Originally Posted by Ray Van

So I was speaking with my tax advisor who validated that any sales below $1000 are not subject to Capital Gains tax in Canada. Collectibles are classified as Listed Personal Property (LPP) which is "personal use property that usually increases in value over time". Sales of these items are subject to capital gains tax unless the acquiring cost and selling price are both below $1000 for an individual item.

Thanks for this. Been wondering about this for awhile.

Cheers...

[Kzoo]

Originally Posted by earlywynnfan

They do, but did you like it better when the IRS was toothless and people weren't paying their fair share? Why blame the currently-elected people for this?

I believe the majority of folks wouldn't mind 'a toothless IRS', as the vast majority of us are sick of being taxed to death on everything, everyday and watching them just piss it away on stupid 'Government Funded' crap nobody truly cares about. The currently 'installed' politicians are part of a criminal syndicate, IMO.

[Republicaninmass]

Taxation without representation

[BobC]

Originally Posted by bobbyw8469

Elections have consequences. And we are sure as heck paying the price now.

YUP!!!

But to be fair, probably doesn't matter who's in office as they need to cover and at least try to start paying back all the increased debt we've had due to the pandemic. The interest alone we paid last year was over half a trillion $ I believe. If they have to start raising interest rates in an attempt to curb inflation, we could be in for a world of hurt.

And for now, they're initially trying to increase compliance and enforcement of the existing tax laws before raising the rates, or creating new ones. Or they may just wait. Don't forget that a large part of the individual tax laws and reductions passed back in 2017 are scheduled to expire at the end of 2025, with no one doing anything.