Attention UPDATED EXCHANGE RULES

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jlauffer said:
True, but you still have to deal with the 1099K that you'll receive. Can't just ignore it because you know you sold at a loss and don't owe any tax. The IRS doesn't know that, so you have to prove it.
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Yup, this is the part that stings.

More records, more work, more not fun.
 
chriscrawfordphoto said:
YOU are the one violating Paypal's terms of service.

YOU are the one trying to circumvent tax law. THAT is a lack of integrity. Sorry. You don't like it, change how you conduct yourself.
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Making false claims and falsely accusing people specifically of "cheating on their taxes" and committing the crime of tax fraud is ILLEGAL under the libel and/or slander civil laws. I hope the people doing business under your UserID name can prove that it wasn't THEM who was making false claims and potentially putting someone at risk of civil suits!!

Sorry. You don't like it, change how you conduct yourself.

jlauffer said:
True, but you still have to deal with the 1099K that you'll receive. Can't just ignore it because you know you sold at a loss and don't owe any tax. The IRS doesn't know that, so you have to prove it.
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Wow! That is so simple and accurate. Anyone should be able to understand that! That you for your input!
 
Guys, the next one of you that talks about another member is going to get a warning and this thread will be closed.

Talk about the Exchange and our rules and things we can do something about. NOT EACH OTHER. PERIOD.
 
MolokaiRider said:
Yup, this is the part that stings.

More records, more work, more not fun.
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There are also other potential ramifications for individuals / hobbyists filing the forms that are only for "business" use. My accountant explained several to me. I'm not an accountant, nor an expert, so the only one I'll mention is "increased risk of audit". But there are several more she mentioned that I am not qualified to discuss.
 
rje58 said:
There are also other potential ramifications for individuals / hobbyists filing the forms that are only for "business" use. My accountant explained several to me. I'm not an accountant, nor an expert, so the only one I'll mention is "increased risk of audit". But there are several more she mentioned that I am not qualified to discuss.
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Knock on wood, but Mass has been doing the $600 thing since 2017, and I have filed Schedule C three times since with no issues. But once it goes federal, who knows...
 
jlauffer said:
Knock on wood, but Mass has been doing the $600 thing since 2017, and I have filed Schedule C three times since with no issues. But once it goes federal, who knows...
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If you file a schedule C, are you required to declare inventory and collect state sales tax?
I'd be fine with paying taxes if I make a profit, but the idea of adding a whole new level of paperwork really could suck the fun out of the hobby.
 
r8shell said:
If you file a schedule C, are you required to declare inventory and collect state sales tax?
I'd be fine with paying taxes if I make a profit, but the idea of adding a whole new level of paperwork really could suck the fun out of the hobby.
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Not sure, but I have not been doing that. I simply fill in the 1099 amount along with my expenses (initial costs, shipping, fees, etc) to arrive at a net profit or loss. I've been using the H&R Block home software and it's not too bad. But yes, it has drastically changed the buying/selling aspect of the hobby for me.

Maybe I'm giving them too much credit, but I'm thinking that the IRS realizes what a cluster it is and that so far there really isn't a good way to deal with it, so they're being "understanding" about it. Once it goes federal that may change, but maybe there will also be more clear guidelines.
 
chriscrawfordphoto said:
The real "brutal assault from government" comes when they realize you're evading taxes by selling things using Paypal Friends and Family. That's when you either go to prison
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If I had my way, anyone using PPFF (selling their Goods) should be tried and if convicted, sentenced to 8 years hard labor, 80% of their sentence, being mandatory, & 6 years probation.

chriscrawfordphoto said:
The fact that so many of you are so adamant about evading your responsibility says all we need to know about your integrity.

• Using Paypal F&F violates Paypal's terms of service.

• It makes it easy to cheat your buyers.

Anyone demanding a F&F payment is dishonest.
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You nailed it, Chris.
The people here on this forum, attempting to defend this type of blatant dishonesty, have no integrity.

chriscrawfordphoto said:
YOU are the one violating Paypal's terms of service.

YOU are the one trying to circumvent tax law. THAT is a lack of integrity. Sorry. You don't like it, change how you conduct yourself.
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IMO- People on this forum whom sell their Goods via PPFF, demonstrate that they have zero ethics when it comes to business, are dishonest/untrustworthy individuals & the only thing they care about, is themselves. These seller's are supremely selfish/indignant in their ways and are too lazy to be inconvenienced.

It's just so freaking pathetic seeing how some of these thieving slime balls here, try to twist other people's word's, to defend their own selfish actions, when it's so crystal clear, the side in the wrong. The truth hurts.

 
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rje58 said:
@chriscrawfordphoto

Your entitled to your opinion, but insulting people for disagreeing with you is rude and making false claims against them is ILLEGAL under civil law. MAKING FALSE CLAIMS about me and others that we are CHEATING ON OUR TAXES tells us ALL WE NEED TO KNOW about YOUR INTEGRITY!

If I was arrogant, obnoxious and sure that I was right and everyone else is wrong, I would put something here like "Period OUT! End of story!" But since I'm not, I won't.

Nobody can DEMAND payment by ANY method. They can request it, or make it a requirement of doing a transaction with them, but that's hardly "demanding" anything. Everyone has the freedom to decline any terms they don't agree with.

I have a 100% positive feedback score here on Bladeforums, with over 100 transactions, at least 20 or more I was the SELLER, and I always asked for payment G&S. I would never buy or sell by F&F. The problem is now, the government is taxing us 100% on sales where we LOSE money, UNLESS we are willing to file our tax returns using a form that ONLY APPLIES TO BUSINESSES - not hobbyists, or individual citizens not engaged in business.

END RESULT: I buy a knife for $185 and decide to sell it for $130 after I have it for awhile. But if I sell it G&S, I only have two options: 1 - Pay tax on the full $130 as INCOME -or- 2 - file my taxes with proof of my purchase and sale dates and prices, on a tax form reserved ONLY FOR BUSINESSES. This has all kind of potential negative consequences for individuals / hobbyists, which I assume any accountant will be glad to take your money to explain to you, the way that mine did.
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If?

You can try and twist this/your argument which ever you like....but you & everyone else can clearly see, that the truth/facts regarding using PPFF to sell your Goods, is a clear cut issue.
It's your own actions/attitude, that tell me everything I need to know, about, you as a person. It's your our own word's (not others) that incriminate your complete lack of ethics. If you, and other PPFF apologist's can't see this, then you're truly beyond any kind of help.

This might help moving forward, but I doubt it:


Edit ^ It's a legal agreement that you agreed to adhere to, when using PayPal's Services, when you created your account.

It's really pretty basic, Business 101.
 
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STOP BLAMING THE 1099 TAX LAWS, FOR YOUR OWN LACK OF BUSINESS ETHICS.
SwissHeritageCo said:
Stopped paying attention to anything you said right here.
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With the out of control crime wave and total lack of law and order presently going on in America, I thought it would be pretty clear I was being sarcastic (on just that 1 quote).

Edited to add: I've just never been 1 of those emoticon type guys.....

COME ON (responsible for all this $$$hit!) MAN!!!
 
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