ATTENTION: Current Rash Of Scam Ads- Please Read

Discussion in 'For Sale: Bass Guitars' started by Bryan R. Tyler, Aug 6, 2021.


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  1. iiipopes

    iiipopes Supporting Member

    May 4, 2009
    For specific advice on any particular transaction, as I said in my post above, contact your tax professional. This is a general forum for general points, not a place where specific advice may be given.
     
  2. BASSPLAYERS4HIM

    BASSPLAYERS4HIM

    Oct 13, 2011
    Maryland

    Well, I just read a thread that starting in 1-2022 Paypal will start issuing a 1099 for business compliance ....when making a a profit of $600 or more...
    I ask you again.....
    For Instance, I am a $1000. Guitar...
    Am I required to submit the 1099
    form ?
    I do not own a business...!
     
  3. iiipopes

    iiipopes Supporting Member

    May 4, 2009
    I shall repeat: For specific advice on any particular transaction, as I said in my post above, contact your tax professional. This is a general forum for general points, not a place where specific advice may be given.
     
    Datsgor, LP Custom and Murivan like this.
  4. Templar

    Templar Supporting Member

    Well of course it's a scheme because the entire tax code is a scheme, deliberately complicated and open to "interpretation" as to what is considered to be compliant, or not. That's why tax lawyers and professional tax preparing firms exist. And why citizens, business leaders, and elected officials have been screaming for simplified tax reform...for decades.

    I have no argument with businesses issuing/receiving 1099's. My issue is with involving individuals who are not in business to earn income by selling their used personal property, regardless of their chosen payment vehicle. I also have a problem with the arbitrary limit being set at $600/yr. With Paypal, their former $20,000 limit is more realistic and fair (IMO) because it helped delineate between sellers who are in business for profit, and ordinary non-business folks just looking to unload personal property, usually at a loss.

    Now, almost everyone who uses the ubiquitous Paypal will be dealing with 1099's at tax time every year. God help anyone who finds themselves under IRS investigation or audit for whatever reason, and has to account for proper compliance re Paypal 1099's someday, which would naturally include providing original receipts/records. Let's not forget that the IRS is an agency whereby the "accused" are guilty until proven innocent. This is bad law, no one needs more headaches.
     
    moreblues, Datsgor, BlueTalon and 2 others like this.
  5. Bob Clayton

    Bob Clayton My P doesn’t have flats or tort Staff Member Supporting Member

    Aug 14, 2001
    Philly Suburbs
    This is not a paypal discussion thread. It’s served its purpose and we haven’t seen anymore hackings or compromised accounts, so I’m closing this.
     
    Edgar and Pacman like this.
  6. Primary

    Primary TB Assistant

    Here are some related products that TB members are talking about. Clicking on a product will take you to TB’s partner, Primary, where you can find links to TB discussions about these products.

     
    Oct 17, 2021

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