A Guitar And Gear Support Forum

honyock wrote: ↑Mon Jan 02, 2023 12:35 pm Well, they put it off another year, right at the last minute, so fat lot of good that does for people who were preemptively not selling for fear of getting screwed over by the illogical $600 limit...

MichaelR wrote: ↑Sat Jan 07, 2023 3:36 pm

honyock wrote: ↑Mon Jan 02, 2023 12:35 pm Well, they put it off another year, right at the last minute, so fat lot of good that does for people who were preemptively not selling for fear of getting screwed over by the illogical $600 limit...

I really want to sell some of mine but this $600 and 1099 thing is scaring me off from doing it. Oh but wait this is all about taxing the rich...........yeah right.

golem wrote:Taxes have always been confusing for people. I feel like tax prepares actively lobby against anything that would make taxes easier and simpler for the average person.

I don't feel like the IRS is the boogeyman.

andrewsrea wrote: ↑Tue Jan 10, 2023 2:38 pm If you are like me and don't have enough items to itemize and are required to use the Standard Deduction, this 1099 is treated 100% as taxable income. If it were fair, you would net out your cost from the gross and that difference would be a taxable gain, or a credited loss.

andrewsrea wrote: ↑Tue Jan 10, 2023 2:38 pm If you are like me and don't have enough items to itemize and are required to use the Standard Deduction, this 1099 is treated 100% as taxable income.

golem wrote: ↑Tue Jan 10, 2023 7:53 pm [What's the limit for having a number to itemize?

artandsoul wrote: ↑Tue Jan 10, 2023 10:31 pm well this is how the game is played from street bums to millionaires, i bought a guitar , bike, paint brush, anvil at a flea market, auction, goodwill, facebook, street corner, crack head no mattter what is was for 400 cash and ended up selling it at flea market, corner, facebook etc for 100 i took a loss . thats how it works sometimes if not all times in the real tax world known as gov and big business or your business or anyone selling anything. it cost me x.xx to fix the guitar ,bike, anvil etc it cost x.xx in gas, parts, repair cost, internet cost, wiring, pickups, soldering iron, solder, strings, string winder, fret tools, etc etc etc. esp if u sell online since we all do it cost u internet for a year, tape, packing, printer ink, boxes, gas, repair cost, repair parts, etc etc the lose goes on for miles and miles. how else do companya like amazon , trump etc not pay fed taxes its called losses aka write offs which we all have but dont really think about . whoops just stepped on that 1200 guitar its broke another loss to write down. darn i didnt make anything this year all loses in the end and they add up to a lot probably 1200.00 from the 600 u sold darn im a bad seller! mr cash is his name he always losses money

honyock wrote: ↑Tue Jan 10, 2023 5:39 pm

andrewsrea wrote: ↑Tue Jan 10, 2023 2:38 pm If you are like me and don't have enough items to itemize and are required to use the Standard Deduction, this 1099 is treated 100% as taxable income. If it were fair, you would net out your cost from the gross and that difference would be a taxable gain, or a credited loss.

same boat, that is why I have been blowing up my representative's and senators' email railing against this, but fat lot of good it will do since they all voted for the law ...

andrewsrea wrote: ↑Wed Jan 11, 2023 11:26 am @golem is the best gear flipper I know. He wins some and loses some and trends to a profit. That said, I can say his profit is a sub-fraction of his gross proceeds. IMHO, if he pays taxes based on his gross sales then he is overpaying his 'fair share' by 90% or more.

Most 'flippers' do it to try gear that is new to them (I equate it to catch and release fishing). The majority of folks I know in that category tend to lose money and is the cost of entertainment. Itemization would work greatly for them, if they can itemize.