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paypal 1099.

dadsbee said:
In their eyes for an individual that's just typical auto depreciation. Now if you bought it for 20 grand and sold it for 25 then they'd tell you it was a taxable capital gain! LOL
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Hmmm, not quite. If you're claiming the profit as a capital gain then you should be able to claim any depreciation on the vehicle as a capital loss. Unless its owned by a business, you cannot. So I don't think you have to worry about selling a car for a small profit. Keep in mind the government is getting tax on the sale when the vehicle changes ownership.
 
Question ..... If I purchase a car part for say $800 use it for awhile then and sell it useing paypal for say $601.
Ok I understand they will 1099 me but...... since we are now playing the tax game can I claim a $199.00 loss plus mileage to the post office ect ect on my taxs filed for that year ?
 
1967coronet said:
Question ..... If I purchase a car part for say $800 use it for awhile then and sell it useing paypal for say $601.
Ok I understand they will 1099 me but...... since we are now playing the tax game can I claim a $199.00 loss plus mileage to the post office ect ect on my taxs filed for that year ?
Click to expand...



That's for you to explain to the 87,000 new IRS agents that the party in power wants to hire.
 
Richard Cranium said:
That's for you to explain to the 87,000 new IRS agents that the party in power wants to hire.
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Exactly while they hide tens of millions in accounts or "fake" LLC's they want to know where that $2500 came from!!!
 
I'll go out on a limb here and say that the government is not concerned with people "occasionally" selling items for profit. In the vast majority of "private sales", people are selling items for a fraction of what they paid. Those who actually make a profit on occasional sales are a very small minority. However, if you're an individual with hundreds of internet sales a year or you're having a garage sale every week or selling at every single swap meet or flea market then you'd be considered to be doing this for income and as such should have a business license and be reporting revenue, collecting and remitting sales tax along with claiming reasonable business expenses. Sometimes claiming a little bit of income is a small price to pay to keep auditors off your back!
 
Stanton said:
I'll go out on a limb here and say that the government is not concerned with people "occasionally" selling items for profit.
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Let's say some government employee with an agenda deems you to be a potential insurrectionist or suspects you to be a white supremacist because you have a bumper sticker or lawn sign that he/she doesn't like when they drive by or stop in at your yard sale. Do you think that it's possible that your name could be passed along to the IRS or FBI who in turn have the power to make your life miserable? I do.

Personally, I trust my government less and less with each passing day.
 
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Richard Cranium said:
Let's say some government employee with an agenda deems you to be a potential insurrectionist or suspects or a white supremacist because you have a bumper sticker or lawn sign that he/she doesn't like when they drive by or stop in at your yard sale. Do you think that it's possible that your name could be passed along to the IRS or FBI who in turn have the power to make your life miserable? I do.

Personally, I trust my government less and less with each passing day.
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Bingo Eddy from Vacation.gif
 
1967coronet said:
Question ..... If I purchase a car part for say $800 use it for awhile then and sell it useing paypal for say $601.
Ok I understand they will 1099 me but...... since we are now playing the tax game can I claim a $199.00 loss plus mileage to the post office ect ect on my taxs filed for that year ?
Click to expand...
Start keeping records, for your claims. Same for profits. I don't think they are looking for people like us that do up to a few thousand in sales or sell an occasional car. It's just good practice to document what you do. They are looking for people that make their living in a tax free way. We are hobbyist for the most part and have many more losses than anything. If they want to get technical and call you a business, then remember labor counts too. They will suffer the loss if that happens. Just remember, keep score with records in case of an audit.
 
Hopefully, they will go after Billionaires who pay nothing in taxes. Maybe, what they do is legal, maybe it isn't. I say, let's find out.
 
Richard Cranium said:
a potential insurrectionist or suspects you to be a white supremacist because you have a bumper sticker or lawn
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If you were my neighbor I'd call the FBI myself !!

Honestly, I think they have bigger fish to fry than some nazi selling his wife's dildo collection. I'm sure they have a quota of some sort and can't screw around wasting their time with someone who has a yard sale once a year.

IRS types can be ********. I once had a neighbor who was a government tax auditor. He told me that "as a joke" he initiated an audit on his best friend the day he was to have his buck and doe. I lived there three more years but never spoke to the asshole again.
 
I don't think I should post my real thoughts..............but I'll give you a clue.
I will not comply.


We live on a Tax Farm as free range humans
 
Stanton said:
IRS types can be ********. I once had a neighbor who was a government tax auditor. He told me that "as a joke" he initiated an audit on his best friend the day he was to have his buck and doe. I lived there three more years but never spoke to the asshole again.
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I rest my case.
 
I try not to use PayPal ever, not anymore
& I use it once I get bombarded with BS updates from them
straight to the spam file

I wish @Joeychgo would change his payment process for here
 
69 MBee said:
We live on a Tax Farm as free range humans
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Taxes pay for infrastructure. Without infrastructure there are no roads, no sewage systems, no water purification plants, no snow removal, no garbage collection, no police force, no military, and virtually no jobs since without infrastructure there would be no business. Worst of all to some ... no border security!! A few years with none of that and half your population would be dead from starvation, disease or murder with the other half barely clinging to life.

Regardless of which political party is in office, taxes are a necessity and sooner or later money has to be spent. Its like having to replace the roof on your house. You can ignore it when the shingles are blistering but sooner or later it'll leak and ruin the insulation, drywall, rafters, etc. and now you're looking at ten times what it would have cost to replace just the shingles.
 
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In 2019 when the internet tax law was implicated I received statements from Summit, Ebay and several others. Looking into it I never spent over $500 so I never reported anything.

Now when you purchase from an online outfit they will charge the state tax. Pennsylvania was one of the first to be a hard nose on this. Yes internet purchases were pretty much tax free for a long time. Not anymore. Does that surprise anyone?

So why does this surprise anyone when PayPal has to follow the guidelines?
 
People bitch and complain about paying a bit of sales tax that in essence is used mostly to their own benefit. Why not focus that discontent against the superrich who pay NOTHING. If those guys paid even half of what the average Joe pays "percentage-wise", state and federal sales taxes could probably be eliminated altogether. If you all shout loud enough at the right individuals, something will happen. Moaning and groaning on a car forum accomplishes nothing.
 
It's the every day guy that is in this hobby that gets caught up in the tax bs.
If someone is selling parts or a service week in week out and making a living at it fine get a sales tax permit and play by the rules.
If a guy buys parts at retail and pays sales tax at the point of purchase then later sells some or all of the parts he should not have to pay income tax on the sale.
Taxed twice for the same part ?
PayPal 1099s now , they will not be the only ones.
 
The hurdles for paypal to send a 1099 to an individual was more than $20K for the year in excess of 200 transactions. I asked about it. And it's been that way since the Orange man was in office, maybe back to before obummer.

If you get a 1099misc, throw it on a schedule C and expense the crap out of it. It's not that tough.

You don't get to claim a loss on personal property but they sure as heck want you to claim the cap gain. Same with gambling, nope on losses, yes on any gains. It's a one way street with the IRS in many cases. Businesses get the benefit of booking losses and offsetting gains, most individuals don't get that treatment.
 
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