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Archive 2022 · New tax rule that will likely affect most sellers adversely on fredmiran...

  
 
Rickrow
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p.1 #1 · p.1 #1 · New tax rule that will likely affect most sellers adversely on fredmiranda.com


Anyone who sold more than $600 of camera gear in one or more transactions in 2022 and is paid via Paypal or similar payment service is likely to receive a Form 1099-K regarding that sale. Before 2022, you would have had to sell $20,000 of items in 200 or more transactions to get such a 1099-K sent to you. This form tells you that you received taxable income. A duplicate Form 1099-K will be sent to the IRS and you must deal with the 1099-K on your 2022 tax return or you will likely receive a letter from the IRS about it and/or a tax bill.

There is an excellent video on YouTube at https://youtu.be/k8r9_7-U70w that explains what you need to do to deal with the 1099-K on your tax return. You will be able to offset the sales income by the purchase price of what you sold (and maybe some other costs associated with the purchase and/or sale of the items).

But you must address the matter correctly in your tax return to avoid undue taxation.

This may be most relevant to frequent sellers on fredmiranda.com

If you have more or better info on this matter, please do reply to clarify the subject so fredmiranda.com can continue to be an excellent place to buy and sell second-hand gear.



Nov 18, 2022 at 01:55 AM
Rickrow
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p.1 #2 · p.1 #2 · New tax rule that will likely affect most sellers adversely on fredmiranda.com


There is also a detailed article on this in Bloomberg Tax at https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022


Nov 18, 2022 at 11:41 AM
anthonysemone
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p.1 #3 · p.1 #3 · New tax rule that will likely affect most sellers adversely on fredmiranda.com


Ho Hum, gotta find some work for those 80k+, alleged armed IRS agents to earn their keep, eh?



Nov 18, 2022 at 03:57 PM





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