WTB SCAMMER

[CoStick]

If you can't document your cost/basis you'll need to declare 100% of the proceeds as taxable or just fib and hope you don't get audited.

BTW it doesn't matter if it's G & S or PPFF as BOTH will get reported on the 1099-K.

I am familiar, pretty much every purchase these days unless via cash or crypto has a receipt.

 

[mi650]

I am familiar, pretty much every purchase these days unless via cash or crypto has a receipt.

These days, yes.

I have stuff for sale that I've had for 10+ years.

 

[Sled]

How many have taxable gains on used equipment?

Remember they dropped it from 20k to $600 per year. Anything over that and PayPal/Venmo send you a 1099k and tattle on you to the government.


Edit: yes, income not friends and family transactions.

 

[fwafwow]

I believe some of the posts on the tax rules may not be completely accurate. The new 1099-K rule only applies to G&S, not F&F - https://newsroom.paypal-corp.com/20...eporting-Requirements-Your-Questions-Answered. If you have gains, you technically have income - without regard to whether you get a 1099-K - and the form of payment (G&S, F&F, crypto, money order, traded item etc.) doesn’t matter. If you have a loss, I doubt you can deduct it against anything, unless you are running a business of selling these types of items.

 

[antelopedundee]

I believe some of the posts on the tax rules may not be completely accurate. The new 1099-K rule only applies to G&S, not F&F - https://newsroom.paypal-corp.com/20...eporting-Requirements-Your-Questions-Answered. If you have gains, you technically have income - without regard to whether you get a 1099-K - and the form of payment (G&S, F&F, crypto, money order, traded item etc.) doesn’t matter. If you have a loss, I doubt you can deduct it against anything, unless you are running a business of selling these types of items.

I had seen somewhere that it would include PPFF type payments too so it's nice to know that that's not the case. You might be able to claim losses against like kind gains. Doubt that you can claim a net loss tho.

 

[fwafwow]

I had seen somewhere that it would include PPFF type payments too so it's nice to know that that's not the case. You might be able to claim losses against like kind gains. Doubt that you can claim a net loss tho.

I believe definitely not a net loss, but I also think you have to be in the business, otherwise it’s a hobby loss/expense and not deductible.

 

[antelopedundee]

I believe definitely not a net loss, but I also think you have to be in the business, otherwise it’s a hobby loss/expense and not deductible.

Venmo is similar to PayPal in that transactions that don't involve goods and services won't be included in your 1099-K

https://help.venmo.com/hc/en-us/articles/4407389460499-2022-Tax-FAQ

 

[antelopedundee]

A useful site.

https://www.scamadviser.com/check-w...nPqZOIsAdiLXXz6y7n1I-1651028151-0-gaNycGzNDVE