- 28,217
- 12,567
- Joined
- Sep 28, 2003
To add on to this, wondering if there is a way to trade sneakers.Does this mean if I keep my sales in goat credits I won’t get hit with 1099?
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: this_feature_currently_requires_accessing_site_using_safari
To add on to this, wondering if there is a way to trade sneakers.Does this mean if I keep my sales in goat credits I won’t get hit with 1099?
Unfortunately I think the payment processor decides which 1099 form they file for you. But like I said, the above indicates you would need to itemize deductions to get the cost of goods subtracted out. But since the standard deduction for single people in 2022 is $12,950, you would need receipts for qualifying deductions greater than that amount for itemizing to have any benefit. And trust me, its a headache putting together all those receipts. But again, with an llc you can subtract your costs and expenses right off the top line AND still get standard deductions after that.
It’s $600 total for all sales? Lmao damn. Idk. I thought it was $600 per item or sale or $20,000 total In sales will make you get a 1099K.^ Isn’t it $600 or more for ALL sales that triggers the 1099? So you could sell 100 items with total sales under $600 and not get a 1099, or 1 item for over $600 and get a 1099. That’s how I understand it anyways.
Whatever the case this law sucks. Should’ve sold some of my high dollar **** last year.
I see. Damn smh.You guys are missing the rules. Its $600 total profit period in a year no matter how many transactions it is. See below
Example 1:
I buy a shoe for $100. I in turn sell this shoe for $500 and say thats all I did for the entire year. If I can show proof that I paid $100 for said shoe technically all I'm liable to pay taxes on the $400 profit. BUT, since the new threshold for reporting/paying taxes is $600 I can be lawless and not pay those taxes on $400.
Example 2:
I buy a shoe for $100. I in turn sell this shoe for $701. I show proof I bought the shoe for $100 now with a profit of $601 I will get a 1099 from whatever entity is responsible for giving me the 1099 and I will have to pay taxes on $601.
edit: The 20k a year and/or 200 transactions is null and void. Doesn't exist anymore. $600 a year and doesn't matter how many transactions you WILL pay taxes.
I think so. That's what I was asking in my previous post, and what I think is the real question here. But this is the copy/paste from the page someone posted:It’s $600 total for all sales? Lmao damn. Idk. I thought it was $600 per item or sale or $20,000 total In sales will make you get a 1099K.
It was another proposal in addition to this..
Biden admin backs down on tracking bank accounts with over $600 annual transactions
The Biden administration has backed down on a proposal to collect banking information on accounts with transactions over $600 per year.abcnews.go.com
Which part are you referring to? There are two separate things happening here. Paying taxes on $600 profit and the IRS being able to see transactions coming into your bank acct in excess of $600. The latter is not happening, yet.I'm confused, so based on the abcnews link this isn't happening this year? heelsandeers
Also, if so, does this apply to PayPal gift, zelle, apple pay etc?
Because i heard last year it only applied to Goods & Services payments (like SX/Goat), but not F&F payments. Is that inaccurate?
Thanks.
PO
So if I sold something for $x that I paid $x for then Would I have to have original receipts? How does that work since it should only be on profit right?
1099-K is the form. You shouldn't have to itemize to claim certain deductions, in this case cost of goods sold. You just can't claim other expenses or a loss
A 1040 and schedule showing 1. gross income 2. cogs should be enough to keep you safe in an audit. These companies report gross because that's the info they have but that's not necessarily the taxable amount
Bubbletea poses an interesting question, of what if proceeds are kept in GOAT credit
To add on to this, wondering if there is a way to trade sneakers.
Tradeblock app but it’s hard to find a trade so I deleted it lolTo add on to this, wondering if there is a way to trade sneakers.
Why?I’m pretty sure you were always supposed to pay taxes on profits from selling new sneakers above retail.
Whether it triggers a form from the platform you use to sell or not, if you sold new shoes for profit you are supposed to pay taxes on that income.
Why?
We already paid taxes when we bought the sneakers. Why would I pay taxes again on said item?
****s dumb.
My fiance hit on some 13y patent breds for my son. He more than likely will need a 1y instead. If I sell my retail pair in order to buy a pair in his correct size (hard to find trades for kid sizes). Should I be penalized via taxes for this?
I get this is a small example but it happens all the time. I know dudes who take whatever size they can in effort to make trades into their size or to offset cost. That shodnt become a taxable offense imo.
Why?
We already paid taxes when we bought the sneakers. Why would I pay taxes again on said item?
****s dumb.
My fiance hit on some 13y patent breds for my son. He more than likely will need a 1y instead. If I sell my retail pair in order to buy a pair in his correct size (hard to find trades for kid sizes). Should I be penalized via taxes for this?
I get this is a small example but it happens all the time. I know dudes who take whatever size they can in effort to make trades into their size or to offset cost. That shodnt become a taxable offense imo.