12-14-2021, 06:24 PM | #45 |
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Damn straight!
Porch pirates stole my kid's new tool chest from out front, and so quick that my cameras didn't catch them.
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01-05-2022, 12:47 PM | #48 |
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I wonder how the new $600 threshold will impact the nature of this stuff.
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01-05-2022, 02:01 PM | #49 |
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I don't think this will impact most sellers on BimmerPost because we typically re-sell a used item for less than we paid for it. In these cases we are exempt from the new tax because we did not make money, we actually took a loss.
Here's a snip from The Austin Chronicle: " What if I sell personal property, like a couch, for $600 or more but it was less than its original value? According to PayPal, while banks and payment service providers, like PayPal and Venmo are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts that may be included on the form that are generally excluded from gross income and therefore are not subject to income tax. This includes: - Amounts from selling personal items at a loss - Amounts sent as reimbursement - Amounts sent as a gift So, for example, if you purchased a couch (TJ: or Single Midpipe) for $1,200 and sold it for $800, this amount would not be subject to income tax. " As always, consult your tax person if unsure, but above gets me through the loophole.
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03-22-2022, 01:23 AM | #55 |
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Just wanted to put user Samo95 on the high alert list. I might be wrong, but the Mar 2022 registered user has 0 rep points and just posted 12 different ads selling "brand new" items as his/her first 12 posts in the General Forum, with nary more than a picture. I hope I'm wrong
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03-24-2022, 12:04 AM | #56 | |
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09-22-2022, 01:02 PM | #62 |
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Just dropping in with some info and why it's good and bad to use PayPal to send by goods and services. The good part is of course you can recover your money if you don't get your item or if it's not as described. It's a good way for both parties to have a smooth worry free transaction. The bad part is now anything over 500 in online transactions in a year will be subject to a 1099 form, meaning it's counted as taxable income. IMO that kind off transactions belong on eBay and other types of those 3rd party sites. For now sending by friends and family is not taxable or considered income. Just a heads up
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09-22-2022, 03:36 PM | #63 | |
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09-22-2022, 05:46 PM | #64 |
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Also beware of unsolicited text messages to WTB posts. I was texted about a set of HREs I was looking for. They had good photos. Turns out they were pirated from a sale post several years ago. When asked for updated photos with a date card they photo shopped it in. Buyer beware!
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09-22-2022, 09:50 PM | #65 |
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