J. Doyle
Knifemaker / Craftsman / Service Provider
- Joined
- Feb 17, 2008
- Messages
- 8,155
It is about the fees for many, and has been for long before this tax stuff.It isn’t about the “fee”, it’s about the 1099 tax.
I agree with that but we don't know the final outcome of this yet because there is arguing over the threshold amount. But either way, counterpoint to those saying "if buyers are uncomfortable with F&F, then don't buy".....if sellers aren't comfortable with enforceable laws and regulations, then don't sell. Or find other avenues to sell. Sellers have options too.If the IRS classified that 1099 as income, it’s not going to be “just 3%” but significantly higher.
I’m positive ebay is freaking out right now. This is the year this stuff takes effect and it’s going to be wild. Self employment tax? Income tax? No way to prove paper trail of value due to constant swapping on the forum? And people doing f&f are the “bad guys”? Brace yourselves, g&s fans. You’re about to get a rude awakening come tax season 2024.
Yeah sellers breaking the rules might be in for a rude awakening too.
At the end of the day, using F&F to avoid tax laws is just stealing from one institution so you can defraud another. It's akin to robbing a convenience store to supplement your mortgage payment.