A Christmas Present for Sellers

[fronobulax]

IRS Halts Controversial New Rule Requiring Gig Workers To Report $600 Payments

The $600 threshold faced widespread criticism for being too low, potentially putting millions of lower income workers in the crosshairs of IRS targeting.

www.forbes.com

Basically the IRS rule requiring commerce platforms, such as ebay and Reverb, to report payments to the IRS and the subsequent inclusion of such payments as potentially taxable income, has been suspended for a year.

No need to discuss the suspended rule in detail, IMO ;-)

 

[GAD]

Whoa!

 

[Default]

Yahooooo!!!
<trips over guitar case, breaks both arms>

 

[fronobulax]

Yahooooo!!!
<trips over guitar case, breaks both arms>

So that means the parrot (@davismanLV) and the kitties are off the hook for any damage?

 

[richardp69]

Man, best Xmas present ever!!!!!!!!!!!!!!!!!!!!!!!! I was looking at some serious payments.

 

[Default]

So that means the parrot (@davismanLV) and the kitties are off the hook for any damage?

They are more cunning than that! Broken arms means no can opener.

 

[DrumBob]

Good news. It's about time they did something for sellers.

 

[HeyMikey]

It’s only temporary from what I’ve read. Likely to hit your 2023 sales, though some are trying to het the threshold increased back to something more reasonable.

 

[fronobulax]

It’s only temporary from what I’ve read. Likely to hit your 2023 sales, though some are trying to het the threshold increased back to something more reasonable.

has been suspended for a year.

 

[richardp69]

It’s only temporary from what I’ve read. Likely to hit your 2023 sales, though some are trying to het the threshold increased back to something more reasonable.

I'm still super happy. 2022 was a major selling year for me. I'll also be selling quite a few in 2023 but nothing like 2022.

 

[kitniyatran]

Good news. It's about time they did something for sellers.

But Peter's been dead quite a long time now

 

[DrumBob]

But Peter's been dead quite a long time now

LOL!

 

[chazmo]

That's great news! Thanks for posting, Fro.

 

[FNG]

I'm still super happy. 2022 was a major selling year for me. I'll also be selling quite a few in 2023 but nothing like 2022.

Probably need to keep good records of your purchases and repairs, etc. If you go to sell, you can document what you paid to minimize your potential tax liability.

 

[richardp69]

Probably need to keep good records of your purchases and repairs, etc. If you go to sell, you can document what you paid to minimize your potential tax liability.

I do a decent job of that. But, some of what I sold in 2022 was either purchased on CL and paid for with cash so no receipt, or I'd had for so many years I lost the receipt and can't remember where I bought it or how.how much I paid for it. This gives me at least a temporary reprieve.

 

[kitniyatran]

I'm a strong believer in receipts, in the case of the musical instrument cash deal, I'm all for handwriting a receipt for both parties to sign. any receipt is better than none at all

 

[Guildedagain]

Santa is real.

As an aside, now we won't have to argue with anyone about how you actually lost money on gear, therefore shouldn't be taxed at all ;]

 

[Brad Little]

Even made our local news tonight. Good news for me as I actually sold a guitar using Paypal this year and was anticipating getting taxed on it. Interestingly, even though the guitar was bought in 1988. I do still have the receipt, over 34 years, I sold it for roughly $1500 more than I paid, so could have documented that if needed.

 

[Guildedagain]

I sold it for roughly $1500 more than I paid

If an instrument holds it's value well enough to ward off inflation, well that does seem like something that someone else would like to be a part of, financially speaking, a slice of the [your] pie as a reward for your having chosen wisely.

 

[Brad Little]

....having chosen wisely.

Well, it was a Guild!