Viewing a single comment thread. View all comments

FatherofZeus t1_iubkt4a wrote

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