FatherofZeus t1_iubkt4a wrote
Reply to comment by Affectionate-Bit-240 in Democratic Rep. Jahana Hayes, Republican challenger tied in heavily blue Connecticut: poll by jr_reddit
A ton of work? Lol, it’s not a ton of work at all. Definitely saves time because I don’t have to track everything like I used to when 20k was the limit
Affectionate-Bit-240 t1_iucxyk2 wrote
I was told I had to itemize 100-150+ items with amounts I paid & what they sold for. Everything I sell are items from many years ago which I bought at retail prices & selling at a loss. I don’t have receipts from 20+ years ago. This is so unnecessary.
FatherofZeus t1_iudbh4h wrote
You would have to do that regardless of the change…
Affectionate-Bit-240 t1_iudga65 wrote
I did not have to do it in previous years. It wasn’t until the Covid Tax Relief Bill was passed, which required any money received over $600 now gets a 1099 form.
FatherofZeus t1_iudlauv wrote
Yes, you still had to track. You just didn’t do it. Luckily the IRS is short staffed and you’ll never get dinged for it
>It is a common misconception that if a taxpayer does not receive a Form 1099-MISC or if the income is under $600 per payer, the income is not taxable. There is no minimum amount that a taxpayer may exclude from gross income
Affectionate-Bit-240 t1_iudtc5b wrote
Thank you for the link, but I’m not selling this for income. I bought a $40 sweatshirt in the 90s & selling it for $10 shipped.
FatherofZeus t1_iudx2ij wrote
You don’t get it. At all.
You need to talk with a tax advisor because you are oblivious
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