My Reverb listings Hmm ?

[Rayk]

Just curious if anyone has had slow to no responses /interest on an item your selling ?

I have two guitars for sale and one which is a acoustic I have dropped the price considerably on .

Before these two listings I usually sold within a month or so but now nothing the acoustic has been up for a while now .

There’s a few watchers but not one offer not even on my new Ibanez electric I put up for sale .

I’m kind of perplexed because folks are buying all kinds of things especially this time year or so it seems. I’m ok with not making a sale but I’m more confused on interest side .

I wonder if new Reverb fees and or the new 600 dollar tax reporting thing has something to do with it ?

 

[dreadnut]

What is the new $600 tax reporting thing?

 

[Rayk]

What is the new $600 tax reporting thing?

The IRS/Gov passed that law that banks and places have to report your transactions of 600 dollars or more to the IRS .

They say you won’t pay taxes on it if it’s a loss but they’ll send out some tax form .

the amount used be like 10,000 now it’s 600 . They say it’s to stop businesses from hiding their earnings etc.

Someone with more knowledge on it correct my description I don’t know the whole story . You find it easy enough on Google .

I can’t help the feeling their trying to control us more and more .

 

[gjmalcyon]

The IRS/Gov passed that law that banks and places have to report your transactions of 600 dollars or more to the IRS .

They say you won’t pay taxes on it if it’s a loss but they’ll send out some tax form .

the amount used be like 10,000 now it’s 600 . They say it’s to stop businesses from hiding their earnings etc.

Someone with more knowledge on it correct my description I don’t know the whole story . You find it easy enough on Google .

I can’t help the feeling their trying to control us more and more .

Goes into effect 12/31/21. Here's info from Forbes:

Tax Information Reporting Comes To Gig Economy Participants — Now What?

Marie Sapirie examines the requirements for information sharing from digital platforms to their gig workers under the American Rescue Plan Act of 2021 and how they can lead to more self-employment tax compliance and a narrowing of that part of the tax gap.

www.forbes.com

and Paypal:

New U.S. Tax Reporting Requirements: Your Questions Answered

How these new tax reporting changes may impact you when paying or accepting payments with PayPal and Venmo for goods and services.

newsroom.paypal-corp.com

It appears to be designed to capture info about gig economy workers who may or may not be fully reporting earnings.

 

[lungimsam]

So for year 2022 every PayPal user will be taxed on “income” from PayPal sales if they sell more than 600$?

 

[Rayk]

Not unless you can report at a loss . But I can’t help but feel their hiding behind the cover of going after economy workers who don’t report taxable income and throwing us little folks into the mix .

I’m not sure I’ll keep using Reverb anymore or any other site . I’ll have to start a Rays Black market sales group Inc . Lmao

 

[fronobulax]

So for year 2022 every PayPal user will be taxed on “income” from PayPal sales if they sell more than 600$?

Not necessarily.

there are certain amounts that may be included on the form that are generally excluded from gross income and therefore are not subject to income tax. This includes:

• Amounts from selling personal items at a loss
• Amounts sent as reimbursement
• Amounts sent as a gift

What this does change is that people who were able to operate something the IRS would characterize as a business, "under the radar", now have to figure out whether they are actually running a business or not.

 

[Midnight Toker]

Goes into effect 12/31/21. Here's info from Forbes:

Tax Information Reporting Comes To Gig Economy Participants — Now What?

Marie Sapirie examines the requirements for information sharing from digital platforms to their gig workers under the American Rescue Plan Act of 2021 and how they can lead to more self-employment tax compliance and a narrowing of that part of the tax gap.

www.forbes.com

and Paypal:

New U.S. Tax Reporting Requirements: Your Questions Answered

How these new tax reporting changes may impact you when paying or accepting payments with PayPal and Venmo for goods and services.

newsroom.paypal-corp.com

It appears to be designed to capture info about gig economy workers who may or may not be fully reporting earnings.

Having been in the construction field for most of my life, I think you'd be surprised just how many companies who have long standing commercial business relationships regularly practice writing up a job contract for just a very small part of the overall job... for $9k, then doing the rest as "add ons", one more $9k payment at a time. IMHO something had to be done. Med sized companies all over the country with less than 100 employees are raking in millions, and paying taxes on thousands, the rest goes unreported. If the feds were to lower it from 10k to 5k, there would still be tax cheats everywhere. IMO $600 sounds like a right amount to ensnare cheaters, as most wouldn't get out of bed for $600. Growing up, your typical master tradesmen (electric/plumbing/hvac, etc) all lived modest blue collar middle class lives. Now most I know live in $750,000 homes with boats, sports cars, motorcycles, etc. in upscale white collar neighborhoods. I wonder why?

As for selling a $1500 guitar, there will always be ways around this. Just follow the big guys lead and ask for 3 separate $500 payments.

 

[Rayk]

And anytime we can get back the main question is anyone seeing longer then normal interest in buying your gear or is it just me ? Lmao

 

[fronobulax]

And anytime we can get back the main question is anyone seeing longer then normal interest in buying your gear or is it just me ? Lmao

It's just you.

 

[Midnight Toker]

There's also been covid related reports popping up...worldwide (albeit in whispers, as it goes against keeping the world's gears well oiled. ) of there having been a basic consumerism reality check from the countless folks that have been sequestered to work from home these past two years. I've noticed it myself. Many folks are simply shying away from impulse buys. I guess when you used to go to an office every day, then spend your weekends working in the yard/house exterior, I guess you just don't notice it. Now, after 2 solid years of working from home, you really start to notice the clutter and all of a sudden, whenever anyone asks what you want for Christmas, the current answer seems to be, "not a damn thing! I already have WAY too much!"

 

[JohnW63]

Just out of curiosity. Midnight, there is a construction question I have always wanted to know...

What is prevailing wage, and does anyone really make it? As a Govm't worker in a school district, I know many big jobs are " prevailing wage " jobs. I heard that most, if not all the time, the people doing the work are not getting paid that much. If the bulk of people in that trade are not getting prevailing wage, how can it even BE prevailing?

 

[Midnight Toker]

Just out of curiosity. Midnight, there is a construction question I have always wanted to know...

What is prevailing wage, and does anyone really make it? As a Govm't worker in a school district, I know many big jobs are " prevailing wage " jobs. I heard that most, if not all the time, the people doing the work are not getting paid that much. If the bulk of people in that trade are not getting prevailing wage, how can it even BE prevailing?

Like I said, reported and actual differ greatly in construction, wages included. The more non union jobs, the lower the prevailing wage rates go. Keep in mind, in 1980, I was washing dishes in a Bob's Big Boy restaurant and I had the best benefits package any employer has ever offered me since!! Ever since that "a corporation is a person" ruling that spawned lobbyists from being a grassroots cottage industry to today's billion dollar hand in our every day lives, money has only trickled up! (not being political, this has been across the board!)A low prevailing wage only means the millionaires are raking it in. The overall contracts certainly don't reflect the manhour/prevailing wage rate. They reflect mass profits for a few only, as has been the case for 40 years. Sadly, my generation was the first to know life without a pension. (my grandfather worked for a small family cabinet maker in Chicago in the 20's/30/s40's/50's. My grandmother received a check from them every week until she died!! That's how it once was. Bosses took care of the people that took care of them....their wealth being the company and it's reputation, not the house the owner lives in and how many expensive toys he has. Just wait 10-15 years from now when the harsh reality comes to light at just how many millions of Americans that have worked their whole lives and fell into the Keeping up w/ the Jones' world, and credit debt....that they really have absolute zilch in retirement savings. Living well beyond your means for most of your life...and then social security? The makings of a turd sandwich, hold the mayo!


and sorry for the derailment. Back to crickets chirping at reverb... my earlier post is my best guess. Educated people, ones that readily made $1500+ "personal luxuries" purchases in the past....are definitely trending to be more frugal since covid and all the societal changes it brought these two years. But.... if you have a 300 ft luxury yacht with 12 estate rooms....that's apparently an easy sale. Do you take Crypto?

 

[Rayk]

Like I said, reported and actual differ greatly in construction, wages included. The more non union jobs, the lower the prevailing wage rates go. Keep in mind, in 1980, I was washing dishes in a Bob's Big Boy restaurant and I had the best benefits package any employer has ever offered me since!! Ever since that "a corporation is a person" ruling that spawned lobbyists from being a grassroots cottage industry to today's billion dollar hand in our every day lives, money has only trickled up! (not being political, this has been across the board!)A low prevailing wage only means the millionaires are raking it in. The overall contracts certainly don't reflect the manhour/prevailing wage rate. They reflect mass profits for a few only, as has been the case for 40 years. Sadly, my generation was the first to know life without a pension. (my grandfather worked for a small family cabinet maker in Chicago in the 20's/30/s40's/50's. My grandmother received a check from them every week until she died!! That's how it once was. Bosses took care of the people that took care of them....their wealth being the company and it's reputation, not the house the owner lives in and how many expensive toys he has. Just wait 10-15 years from now when the harsh reality comes to light at just how many millions of Americans that have worked their whole lives and fell into the Keeping up w/ the Jones' world, and credit debt....that they really have absolute zilch in retirement savings. Living well beyond your means for most of your life...and then social security? The makings of a turd sandwich, hold the mayo!


and sorry for the derailment. Back to crickets chirping at reverb... my earlier post is my best guess. Educated people, ones that readily made $1500+ "personal luxuries" purchases in the past....are definitely trending to be more frugal since covid and all the societal changes it brought these two years. But.... if you have a 300 ft luxury yacht with 12 estate rooms....that's apparently an easy sale. Do you take Crypto?

Wow ! I’m living that future retirement thing . Now I’m sad again .