Needles & Grooves

I don’t think they’re enforcing it this year, but you my accounting friends think it’s probably going to come back at some point (mostly to target the gig economy).

They delayed it this year. Wouldn't be surprised if it gets delayed again.

Check out the link I posted earlier in the Cafe about this! Looks like we're free from it this year!

Won’t be applied to ‘22 taxes but won’t know if it’s delayed again until another year I’m guessing. Which means just sell and hope for the best YoLoOoOoOoOooOooO

Also, I could be wrong, but it's just reporting that you've gotten the $. Doesn't mean you owe taxes on it. If you bought something for $40 from your local and sell it on cogs for $40 you don't owe taxes...

But I believe you have to provide proof that you did not net a profit, no? It’s a cluster. I don’t keep receipts from records I bought 10 years ago and am now selling.

@bdm105 You're right, but you have to keep track of all of your receipts to prove that. So for those who never kept record, mailers, and postal charge receipts, or sold something they bought years ago, it can be a pain. Gotta start keeping better records of my record purchases now, just in case.

Not to mention inflation. Anyone know how they deal with that? If I bought a record in 2010 for $20 and sold for $20 in 2022, that’s technically a loss.

The delay kept me from starting a "Tax fraud tips and tricks" thread

@TheThinWhiteDuke I'm still interested…for research purposes

Only need receipts if you're audited. Realistically if you're not selling thousands of dollars worth I don't think I'd be worried

Wait so this tax thing is delayed?? I’ve sold more than $3k worth, I was expecting having to report it….

@Sonicpharmacist I mean technically you do still need to, lol.

@Hemotep so what is being delayed?

Typically these places wouldn't send you a 1099 saying how much money you made until you passed 20k. They moved that down to $600. But legally you have to report all income to the IRS regardless of if you get a 1099. The law was supposed to close the loophole that let folks not report this income on their own by forcing payment processers to do it.

But, since a bunch of people use things like PayPal to send money that isn't actually income they are delaying the change because now a lot of people's 1099s are going to include money that you don't have to pay taxes on, but that people weren't keeping records of to prove that it wasn't income.