In Reply to: RE: Equipment sold online in 2022 will be taxable income! posted by troutbum on May 1, 2021 at 05:47:54:
and that's about all the Feds can tax one on in the case of selling a used piece of audio equipment.
This is NOT a change in tax law, it is merely a change in reporting rules for payment settlement firms like PayPal. You tax liability under the law is unchanged.
Now you MAY have had a tax liability with all of those tubes and LPs you've been selling over the year (likely not) but now Uncle Sugar will be receiving solid documentation of your activities and if you DO owe taxes on your sales, and you likely will not, you will have to pay.
First they came for the dumb-asses
And I did not speak out
Because I was not a dumb-ass
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Follow Ups
- Nope, capital gains tax is NOT double taxation... - Ivan303 08:08:41 05/01/21 (40)
- Ivan 303 is completely correct.... - alan m. kafton 12:30:39 05/01/21 (6)
- Reporting is a double-edged sword... - soldermizer 10:49:10 05/02/21 (5)
- RE: Reporting is a double-edged sword... - rivervalley817 11:33:54 05/02/21 (4)
- RE: Reporting is a double-edged sword... - JURB 12:39:38 05/02/21 (3)
- "0%"? Not accurate. I typically put $20 to cover online sales tax. nt. - MWE 12:13:12 05/10/21 (2)
- 0% and you're lying. $20 and you just miscalculated? -nt - jedrider 12:30:16 05/10/21 (1)
- RE: 0% and you're lying. $20 and you just miscalculated? -nt - rivervalley817 13:57:53 05/10/21 (0)
- RE: Nope, capital gains tax is NOT double taxation... - Ross 09:52:45 05/01/21 (8)
- YES- I am aware of the distinctions BUT--- - Ross 06:17:55 05/02/21 (4)
- RE: YES- I am aware of the distinctions BUT--- - Kal Rubinson 08:51:09 05/02/21 (3)
- Semanticly correct BUT - Ross 14:59:42 05/02/21 (2)
- You say that you understand but that you don't care. (NT) - Kal Rubinson 19:06:09 05/02/21 (0)
- RE: Semanticly correct BUT - rivervalley817 15:32:42 05/02/21 (0)
- RE: Nope, capital gains tax is NOT double taxation... - alan m. kafton 12:29:21 05/01/21 (0)
- RE: Nope, capital gains tax is NOT double taxation... - rivervalley817 10:31:27 05/01/21 (0)
- You are confusing two differing taxes... - Ivan303 10:25:41 05/01/21 (0)
- Arguments Over Taxation....... - Todd Krieger 09:33:31 05/01/21 (6)
- RE: Arguments Over Taxation....... - BubbaMike 21:47:37 05/16/21 (0)
- It's only legalized theft if you don't live in any sort... - MWE 10:43:14 05/07/21 (3)
- RE: It's only legalized theft if you don't live in any sort... - Inmate51 11:22:50 05/10/21 (2)
- What I read was, "all taxation is theft". That indicates a belief by... - MWE 12:33:20 05/10/21 (1)
- RE: What I read was, "all taxation is theft". That indicates a belief by... - rivervalley817 13:50:00 05/10/21 (0)
- And there we have it... - musetap 10:54:38 05/01/21 (0)
- RE: Nope, capital gains tax is NOT double taxation... - Utley1 09:19:19 05/01/21 (15)
- Buy a home for $200,000.... - Ivan303 09:49:30 05/01/21 (14)
- RE: Buy a home for $200,000.... - Utley1 10:03:56 05/01/21 (13)
- If I find a Rembrandt at a garage sale... - Ivan303 10:33:01 05/01/21 (12)
- Psssst.... - tinear 12:42:22 05/01/21 (0)
- RE: If I find a Rembrandt at a garage sale... - rivervalley817 10:54:30 05/01/21 (0)
- RE: If I find a Rembrandt at a garage sale... - Utley1 10:51:19 05/01/21 (1)
- RE: If I find a Rembrandt at a garage sale... - rivervalley817 11:15:37 05/01/21 (0)
- RE: If I find a Rembrandt at a garage sale... - Utley1 10:47:17 05/01/21 (7)
- Hmmmmm........ - Ross 15:11:13 05/02/21 (0)
- A Giotto? I could only find this: - tinear 12:48:16 05/01/21 (4)
- RE: A Giotto? I could only find this: - Utley1 13:15:35 05/01/21 (0)
- RE: A Giotto? I could only find this: - Utley1 13:03:19 05/01/21 (2)
- I wouldn't burn a Cimabue in the fireplace... nt - tinear 06:37:57 05/02/21 (1)
- RE: I wouldn't burn a Cimabue in the fireplace... nt - Utley1 08:47:41 05/02/21 (0)
- RE: If I find a Rembrandt at a garage sale... - rivervalley817 11:09:35 05/01/21 (0)
- Thank you for your vigilance in destroying misinformation. Bulls-eye! nt - tinear 08:24:01 05/01/21 (0)