WTT ******. ALERT. **** Please read

[TAArrowood]

The above is true for monies transferred via friends and family, but monies sent via Goods and Services have different regulations from what I was able to find.

 

[Tuscaoka]

So if u sell at a loss it should be a tax write off!!!

 

[Tuscaoka]

They’ll show up at yard sales next

 

[Tuscaoka]

U mean people make money selling used xhit
I have nothing to worry about

 

[Tuscaoka]

This pisses me off

 

[Billy Goat]

It's surprising after the half dozen posts in the past month, that people are just figuring this out.


Guess it shows how many are here just cruising the classifieds.....

 

[Peregrine1]

So if u sell at a loss it should be a tax write off!!!

D*** straight!


Sent from my iPhone using Tapatalk

 

[rodney747]

The 1099’s have been around a long time I just think they’ll have to be used in the future because with 80 thousand new IRS employees the number of audits will greatly increase!

 

[Loggerdude]

Heroine and Fentanyl and human trafficking should definitely be taxed and reported as income. let’s go Brandon

 

[Buck197]

Well hell, I guess I should've read this before right now. I just paypaled a reined cowhorse trainer 3 months worth of training fees. I hope he doesn't see this cause that horse goes up in 2 more weeks to start haha...crap! More government BS. Just what we need in America..

 

[kong]

On the flip side if you take a loss can one claim that?


Sent from my iPhone using Tapatalk

 

[rodney747]

I'm a bit confused! None of my hunting stuff is used as an expense on my taxes when purchased so how would it be considered an income when sold? Just my personal situation. Don't know about a guide or any sporting type business?

 

[long hunter]

Sure you can, just deduct it as a mental refresher cost from all the government bull shit

 

[rodney747]

Sure you can, just deduct it as a mental refresher cost from all the government bull shit

THERAPY expense got it!

 

[long hunter]

There ya go, sometimes you just have too think out side of the box.

 

[Cstone4985]

U mean people make money selling used xhit
I have nothing to worry about

Yes. Happening now. People buy the used shit and clean it. Then turn it for a profit. Look at the gpu market for computers. Most of the people online buy them and turn them for 100-150 percent profit.

 

[Cstone4985]

I'm a bit confused! None of my hunting stuff is used as an expense on my taxes when purchased so how would it be considered an income when sold? Just my personal situation. Don't know about a guide or any sporting type business?

Keep the receipts. If you prove you sold it at a loss then you won’t be taxed.

 

[spur60]

The key change is the third party payment apps will now report annual account usage exceeding $600 rather than somewhere around $20,000. And they will report directly to the IRS, so if you don't list the information from the 1099 you get on your tax return, you risk getting a nasty letter or audited.

An easy example to follow if I'm understanding the law change correctly.
You buy a phone for $1000.
you buy Sitka waders for $1000.
You brick the phone and sell it for $615 on ebay. Payment is made via paypal G & S.
A few months later you see there's a hot market for sitka waders on facebook and sell them for $1200 on Venmo.
You don't use paypal or venmo for anything else in 2022.

Paypal and Venmo are both going to report via 1099's those annual account totals as both exceed $600. You have the receipt for the phone, so you don't have to pay tax on the $615 via paypal as it was sold as a loss.
You lost the receipt for the waders, so you'll pay tax on the $1200 via venmo rather than just the profit.


I looked at my paypal usage, looks like I'd have owed around $125 in tax had this been in effect in 2021. Doesn't bother me much; unlike the 5 digit check I get to write to cover capital gains tax sometime before april 15th.