Comments on Profile Post by fraggler

  1. Deep Funk
    Deep Funk
    Regardless of the total sum of the transactions. Check with a U.S. fiscal expert with experience. You do not want to gamble with taxes.
    Jan 24, 2021
  2. YMO
    YMO
    Doesn't matter if a loss, if you did over $20k in transactions PP is required to send a 1099K to you. I believe you also have to do tons of these transactions in order to trigger a 1099K as well.
    Jan 24, 2021
    tommytakis likes this.
  3. fraggler
    fraggler
    In Illinois, apparently it is $1K that triggers it (I did $2K this year). This is the first year I apparently cycled through that much gear. From what I'm reading, I can offset it by reporting the purchase prices. I normally use Turbotax so hopefully it will allow for it.
    Jan 24, 2021
  4. yotacowboy
    yotacowboy
    Yeah, several states require reporting below the Federal threshold.
    Jan 24, 2021
  5. Mithrandir41
    Mithrandir41
    2k? That's bullshit
    Jan 24, 2021
    crenca likes this.
  6. bixby
    bixby
    Could be a great reason to dump paypal for good. anyone know if Google Pay, Apple pay or any alternative methods do this kind of reporting? Basically this is garage sale type transaaction, everything is sold at a price lower than acquisition and it's STOOPID that you even have to go thru the motions to report.
    Jan 24, 2021
    Jinxy245 and Gazny like this.
  7. zonto
    zonto
    I went through this years ago in MA, which has a $600 threshold. I tried to find my research I bookmarked at the time, but unfortunately could not. The gist of it was that if you sold things at a net loss, you didn't need to report anything at all. If you sold at a net gain, you report the gain as a capital gain on Schedule D. *not tax advice*
    Jan 24, 2021
    Jinxy245, crenca, bixby and 1 other person like this.
  8. zonto
    Jan 24, 2021
    bixby likes this.
  9. bixby
    bixby
    EDIT: What Zonto Said!
    Jan 24, 2021
  10. yotacowboy