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Complete BS. So I got taxed when I bought the item at and will get taxed again if I sell it. SMH
not likely. That would probably lower your tax bill as long as you have proof of purchase price.
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Complete BS. So I got taxed when I bought the item at and will get taxed again if I sell it. SMH
^very true. These are pandemic times. I feel both sides are hustling to keep things in their favor. These stimulus checks won’t pay for themselves. So they are going after the lower hanging fruit for any extra tax income. These increases are inevitable. You can’t fault them there. And some of the sellers are caught up in bad times with lower than normal sales and yet increased taxes. It’s a no win situation for many.
I know the standard deduction increased under trump to the point of making itemizing nearly pointless. But now is the time to itemize everything to your best ability.
The same tax laws would apply but there just wouldn’t be a digital footprint, right?Resellers will move to things like offer up, sneaker shows and sell locally
Resellers will move to things like offer up, sneaker shows and sell locally
The same tax laws would apply but there just wouldn’t be a digital footprint, right?
You a trump boy?Instead of us getting taxed on $20,000 AND 200 + transactions .. we'll get taxed when we sell more than $600 on goods starting in 2022
American Rescue Plan Act Clarifies Scope of Form 1099-K Reporting and Reduces De Minimis Threshold
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “ARPA”) into law. The ARPA includes clarifying language regarding thewww.twrblog.com
Glad this thread isn’t getting political. This isn’t the only tax increase Biden has in store. The first thing the governor of my state (D) did when she got elected was to add sales tax to Amazon purchases. At the time, they needed to have a physical footprint in order to have sales tax. They found some loophole to change all of that.
If the increases get too out of hand, I can see some places doing cash only and under reporting the hell out of their income.
Won't this cause resellers to jack up the prices even more to make up for the tax?
Good.
Get a real job and stop ripping people off for goods you didn't create.