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Posted: 8/16/2022 9:15:33 PM EDT
[#1]
Quote HistoryQuoted: So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?! Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? No, you don’t pay taxes on stuff you sell for no profit. If you sold that gun for $1500 you pay taxes on the $100 profit. You sell stuff for less than you purchased it there is no profit generated. You pay taxes on profit. |
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Posted: 8/16/2022 9:16:42 PM EDT
[#2]
Quote HistoryQuoted: It is absolute BULLSHIT they can tax good every time they change hands. Fuck that. Sales tax on new sales, but used stuff? Already been taxed. Absolute garbage Quote HistoryQuoted: Quoted: The government has always wanted to be able to tax income from garage sales and people selling stuff out of their yards or the classifieds. The only reason they couldn’t was because there was no efficient, practical way to monitor and compile the information needed to locate, identify and prosecute violators. Along comes technology and PRIVATE businesses…who very helpfully create a digital world with VERY thorough record-keeping, and soon the people have all transitioned from nameless, faceless cash-for-goods exchanges to PayPal/Venmo/etc. And since they’re a private business, they’re free to give your transaction history to whoever they want, including the government, even without some garbage 1099 requirement. The government doesn’t even have to work hard to get the information - they just ask PayPal for Gunner226’s transaction history, and they have it all - right there. Its as if you kept a detailed ledger from your garage sale and then mailed it to your favorite IRS auditor. The reality is, if you owe it now, you owed it before, too. That doesn’t make it right, or moral, it’s just that now they can catch you easier. People with cash side-hustles are going to be outed really easily. The algorithms will be able to easily find the people that are living beyond their (reported) means, and one of those 87,000 new IRS employees will be tasked to look into it. There will be no more hiding. It is absolute BULLSHIT they can tax good every time they change hands. Fuck that. Sales tax on new sales, but used stuff? Already been taxed. Absolute garbage That’s not how it works. |
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Posted: 8/16/2022 9:19:53 PM EDT
[#3]
It will be interesting. We all know most gov employees are as dumb as a door knob and lazy. I’d the IRS pushes equity hire and goes full rested woke, nothing will get done even more so. I do believe most can’t pass the requirements or employment exams already, and they are hired just because. Will be the same here, most likely.
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Posted: 8/16/2022 9:23:11 PM EDT
[#4]
Can't you just take payments $599 at a time?
Or if you sell something for $1000, why not break it up into two $500 dollar payments. For $1500 break it up into three $500 dollar payments and so on. |
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Posted: 8/16/2022 9:25:11 PM EDT
[#5]
Quote HistoryQuoted: How are they going to know unless they report it? |
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Posted: 8/16/2022 9:27:05 PM EDT
[#6]
The fact that government has the means (manpower) to pursue this is the problem.
Meanwhile carried interest survives another attack. |
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Posted: 8/16/2022 9:27:19 PM EDT
[#7]
Quote HistoryQuoted: Can't you just take payments $599 at a time? |
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Posted: 8/16/2022 9:30:37 PM EDT
[#8]
Quote HistoryQuoted: I would imagine the irs will be going back on peoples accounts even before the 1099 were required. Lots of side hustle businesses out there. Of course they are. They're hiring 87k new agent's. Side hustles, your mom's old car and every electronic payment you've ever made with be scrutinized moving forward. |
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Posted: 8/16/2022 9:33:01 PM EDT
[#9]
No gain, no income, not reportable.
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Posted: 8/16/2022 9:35:17 PM EDT
[#10]
Quote HistoryQuoted: No gain, no income, not reportable. It is then your responsibility to prove to the IRS that no profit was made from that income. |
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Posted: 8/16/2022 9:35:59 PM EDT
[#11]
Quote HistoryQuoted: Can't you just take payments $599 at a time? Or if you sell something for $1000, why not break it up into two $500 dollar payments. For $1500 break it up into three $500 dollar payments and so on. The threshold is cumulative per calendar year, not a limit per transaction. Six $100 payments would put you over the limit. Also don't think you won't be affected because you use CashApp, Zelle, Venmo, PP F&F, or any other bank-to-bank transfer service. If the IRS or state tax dep't wants to dig deep they'll get your bank statements and look at deposits other than the obvious W2 income. |
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Posted: 8/16/2022 9:37:23 PM EDT
[#12]
Quote HistoryQuoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. Quote HistoryQuoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Quoted: I’m going to have to talk to my BIL as he’s a CPA. Im afraid my knife business will be defunct. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. taxes are theft |
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Posted: 8/16/2022 9:37:30 PM EDT
[#13]
Quote HistoryQuoted: It will be interesting. We all know most gov employees are as dumb as a door knob and lazy. I'd the IRS pushes equity hire and goes full rested woke, nothing will get done even more so. I do believe most can't pass the requirements or employment exams already, and they are hired just because. Will be the same here, most likely. As pointed out some computer program will give them an alert. IRS - It appears Mr. wgjhsafT you did not report income from the following transactions reported by X payment service. Me - Well those were... IRS - Please pay monies thank you because that's what our computer system says you owe. Me - That was my wife and I transferring money around outside of Zelle because of... IRS - The computer system says you owe us this money, please pay the money or pay the fines... Me - There shouldn't be any fines, it went between my wife and I, we just have separate bank accounts for different things because of... IRS - Our system shows this as income Mr. wgjhsafT, if you would like to dispute this please let us know otherwise please pay the additional taxed owed or face fines and other penalties... |
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Posted: 8/16/2022 9:39:08 PM EDT
[#14]
Fraudulent elections have consequences.
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Posted: 8/16/2022 9:39:45 PM EDT
[#15]
They always assume that every dime you take in has a zero dollar cost basis. Nothing new here. Just figure what it cost and go from there. I sold a bunch of stuff this year. None of it was free to me.
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Posted: 8/16/2022 9:55:39 PM EDT
[#16]
Quote HistoryQuoted: It is absolute BULLSHIT they can tax good every time they change hands. Fuck that. Sales tax on new sales, but used stuff? Already been taxed. Absolute garbage The money you used to buy those new items was taxed when you made it. |
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Posted: 8/16/2022 10:07:44 PM EDT
[#17]
Quote HistoryQuoted: They don't have to be smart. As pointed out some computer program will give them an alert. IRS - It appears Mr. wgjhsafT you did not report income from the following transactions reported by X payment service. Me - Well those were... IRS - Please pay monies thank you because that's what our computer system says you owe. Me - That was my wife and I transferring money around outside of Zelle because of... IRS - The computer system says you owe us this money, please pay the money or pay the fines... Me - There shouldn't be any fines, it went between my wife and I, we just have separate bank accounts for different things because of... IRS - Our system shows this as income Mr. wgjhsafT, if you would like to dispute this please let us know otherwise please pay the additional taxed owed or face fines and other penalties... Quote HistoryQuoted: Quoted: It will be interesting. We all know most gov employees are as dumb as a door knob and lazy. I'd the IRS pushes equity hire and goes full rested woke, nothing will get done even more so. I do believe most can't pass the requirements or employment exams already, and they are hired just because. Will be the same here, most likely. As pointed out some computer program will give them an alert. IRS - It appears Mr. wgjhsafT you did not report income from the following transactions reported by X payment service. Me - Well those were... IRS - Please pay monies thank you because that's what our computer system says you owe. Me - That was my wife and I transferring money around outside of Zelle because of... IRS - The computer system says you owe us this money, please pay the money or pay the fines... Me - There shouldn't be any fines, it went between my wife and I, we just have separate bank accounts for different things because of... IRS - Our system shows this as income Mr. wgjhsafT, if you would like to dispute this please let us know otherwise please pay the additional taxed owed or face fines and other penalties... I hope they do waste their time on me for this. My daughter sends me money every month for car insurance that is on my acct. In it comes, out it does to insurer 3 days later. I’ll file suit for harassment and attempted theft. |
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Posted: 8/16/2022 10:07:48 PM EDT
[#18]
Quote HistoryQuoted: I'm going to have to talk to my BIL as he's a CPA. Im afraid my knife business will be defunct. |
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Posted: 8/17/2022 1:18:20 AM EDT
[#19]
Quote HistoryQuoted: Of course they are. They're hiring 87k new agent's. Side hustles, your mom's old car and every electronic payment you've ever made with be scrutinized moving forward. |
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Posted: 8/17/2022 1:37:48 AM EDT
[#20]
The FUD on this board is unbelievable.
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Posted: 8/17/2022 1:39:29 AM EDT
[#21]
Quote HistoryQuoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. Quote HistoryQuoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Quoted: I’m going to have to talk to my BIL as he’s a CPA. Im afraid my knife business will be defunct. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. I think what you meant to say was, "Fuck the IRS." |
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Posted: 8/17/2022 1:40:20 AM EDT
[#22]
Quote HistoryQuoted: You can gift individuals up to $10,000 per person per year without it being taxed. Flip side, you may receive up to $10,000 in cash gifts from a person in a year without having to declare it $16,000. The current lifetime exclusion is $12.06million, so you can give anyone anything up to that amount. You just have to (should) file the paperwork if it's over the $16k. |
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Posted: 8/17/2022 2:12:30 AM EDT
[#23]
Quote HistoryQuoted: How long do you think it will take to train 87k agents? It won't be done in a year for certain. I’m going with this, with a side of start pushing the MAGA we get in to defund and de-legislate this garbage. If we get a genuine wave in the house start making noise about this trash they threw in like the $600 reporting bullshit and the 87k IRS agents. Anything made by man can be undone by men. Also I pity all the little rule gobblers in here that pop into every thread like this, you should be ashamed and are just as bad as the ATF reg narcs that would turn people in just to prove to yourself how smart you are reenforcing shit that shouldn’t even be. It’s gross. |
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Posted: 8/17/2022 5:27:44 AM EDT
[#24]
Quote HistoryQuoted: I'm going with this, with a side of start pushing the MAGA we get in to defund and de-legislate this garbage. If we get a genuine wave in the house start making noise about this trash they threw in like the $600 reporting bullshit and the 87k IRS agents. Anything made by man can be undone by men. Also I pity all the little rule gobblers in here that pop into every thread like this, you should be ashamed and are just as bad as the ATF reg narcs that would turn people in just to prove to yourself how smart you are reenforcing shit that shouldn't even be. It's gross. It's a lot like when paypal locks people's accounts because they have policy against gun related transactions. You can't control what the buyer lists as the item they purchased. People on this forum have reported that they specifically requested that the buyer from the EE on arfcom, not mention anything about the item on anything in the payment information, but the buyer didn't listen, did anyway and paypal banned the seller from their service. The difference is that while getting a paypal account locked is probably not a good thing for the seller, it's not the end of the world. Not understanding the new tax law has much larger monetary consequences. Claiming "I didn't know" won't change anything. So it's much better to know before, than to find out the hard way. People sharing their understanding of the tax law with others who may not know, does not mean that those people are in agreement that it is a good thing. |
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Posted: 8/17/2022 5:32:21 AM EDT
[#25]
Quote HistoryQuoted: I send Friends money all the time to help with their utilities. |
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Posted: 8/17/2022 5:33:18 AM EDT
[#26]
Quote HistoryQuoted: No, you don’t pay taxes on stuff you sell for no profit. If you sold that gun for $1500 you pay taxes on the $100 profit. You sell stuff for less than you purchased it there is no profit generated. You pay taxes on profit. Quote HistoryQuoted: Quoted: So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?! Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? No, you don’t pay taxes on stuff you sell for no profit. If you sold that gun for $1500 you pay taxes on the $100 profit. You sell stuff for less than you purchased it there is no profit generated. You pay taxes on profit. And who is the burden of proof on to show that you sold something at a loss? |
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Posted: 8/17/2022 5:35:41 AM EDT
[#27]
Quote HistoryQuoted: And who is the burden of proof on to show that you sold something at a loss? For example, if you bought something 10 years ago, do not have a receipt and then sell that item, how do you prove you didn't create a profit? I have no clue. There have been a bunch of threads about this topic over the past year and I haven't seen an answer. |
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Posted: 8/17/2022 5:46:42 AM EDT
[#28]
Quote HistoryQuoted: As I understand, if the tax payer is sent a 1099K, the burden of proof to show no profit is on the tax payer. What I do not know, is the details of what constitutes accepted proof. For example, if you bought something 10 years ago, do not have a receipt and then sell that item, how do you prove you didn't create a profit? I have no clue. There have been a bunch of threads about this topic over the past year and I haven't seen an answer. Quote HistoryQuoted: Quoted: And who is the burden of proof on to show that you sold something at a loss? For example, if you bought something 10 years ago, do not have a receipt and then sell that item, how do you prove you didn't create a profit? I have no clue. There have been a bunch of threads about this topic over the past year and I haven't seen an answer. That's exactly my question. |
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Posted: 8/17/2022 6:12:13 AM EDT
[#29]
Quote HistoryQuoted: I think you're overestimating their ability to actually do their jobs. Give it a few years. 87,000 new armed sacks of shit will come knocking |
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Posted: 8/17/2022 6:52:39 AM EDT
[#30]
Quote HistoryQuoted: I think you're overestimating their ability to actually do their jobs. I think hes under-estimating arfcoms greed. I don’t spend a ton of time in there but prices aren’t no “fraction of new”. |
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Posted: 8/17/2022 6:53:51 AM EDT
[#31]
Quote HistoryQuoted: And who is the burden of proof on to show that you sold something at a loss? Quote HistoryQuoted: Quoted: Quoted: So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?! Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? No, you don’t pay taxes on stuff you sell for no profit. If you sold that gun for $1500 you pay taxes on the $100 profit. You sell stuff for less than you purchased it there is no profit generated. You pay taxes on profit. And who is the burden of proof on to show that you sold something at a loss? Yes, that is the whole issue. Audits are “guilty until innocent”. You will have to schedule your life around the audit, they are not quick. I went through one in 2012 and it took weeks, ultimately ending with a $50 refund to us, but it was not fun. They absolutely have the ability to fish for mistakes, disrupting taxpayers lives. They have 3 years they can go through as long as you don’t lie about unless you under report, then they can go through 6 years. |
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Posted: 8/17/2022 7:03:02 AM EDT
[#32]
Quote HistoryQuoted: I'm still worried this will impact my wife. I send her grocery money on cashapp. That's the type of thing that is going to bite people in the ass. Going to be a lot of butt-hurt when the effects of this are felt. |
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Posted: 8/17/2022 7:11:44 AM EDT
[#33]
Quote HistoryQuoted: Money orders still work, right? You can pay cash for them, right? The solution, at least for the moment, is obvious. Cashing money orders, checks, etc. has become a PITA. My bank has steadily ratcheted down the amount that the will cash without first depositing. I maintain a fairly high average daily balance in my checking and savings accounts which used to be what they would gauge against a check presented for cashing. A $3K check was no problem. Now, they want it deposited "due to so much fraud" and will show it as a withdrawal from the account. I don't want some IRS asshole looking at my account and seeing $XXXX of "additional income" to be taxed. I'm looking at finding a different bank or a check cashing service. "It's not paranoid if they are actually after you." |
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Posted: 8/17/2022 7:13:44 AM EDT
[#34]
Why would you even play along?
Let them put whatever words they want on paper....thats all it is. |
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Posted: 8/17/2022 7:15:17 AM EDT
[#35]
Quoted: How are people even selling just unused items or guns or NODs, scopes, etc in the EE not going to get hit with tax forms for more than $600 in sales? Seems like the IRS is going to assume it is income, even if selling at a loss. Selling something a few years later you bought at $1,000 for $700 will be reported and hit someone's tax reporting? Am I not able to sell my private property, that I have already paid taxes on, to anyone I want for whatever price I deem fair? If I’m selling an item for the cost I paid or at a loss, why the fuck is it any if the IRS’s business? |
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Posted: 8/17/2022 7:24:46 AM EDT
[#36]
Quote HistoryQuoted: If it goes defunct over paying taxes it isn't a business. Quote HistoryQuoted: Quoted: I'm going to have to talk to my BIL as he's a CPA. Im afraid my knife business will be defunct. Even at real-world 20% inflation, we have not seen REAL inflation yet. When thousands, maybe millions, of small-time entrepreneurs realize that they have been underpricing their goods and services, then we will see REAL INFLATION. |
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Posted: 8/17/2022 7:31:39 AM EDT
[#37]
Quoted: How are people even selling just unused items or guns or NODs, scopes, etc in the EE not going to get hit with tax forms for more than $600 in sales? Seems like the IRS is going to assume it is income, even if selling at a loss. Selling something a few years later you bought at $1,000 for $700 will be reported and hit someone's tax reporting? If you bought the item used then you will only have a handwritten receipt. The seller's name might be really common or even illegible. |
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Posted: 8/17/2022 7:39:18 AM EDT
[#38]
Quote HistoryQuoted: So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?! Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? Seems right to me if you have the recipe or bill of sale from the time you purchased it but then again, it's the .gov we are talking about. JETA: Works something like this: "Now the guy's got Paulie as a partner. Any problems, he goes to Paulie. Trouble with a bill, he can go to Paulie. Trouble with the cops, deliveries, Tommy, he can call Paulie. But now the guy's got to come up with Paulie's money every week. No matter what. Business bad? **** you, pay me. Oh, you had a fire? **** you, pay me. The place got hit by lightning, huh? **** you, pay me. Also, Paulie could do anything..." Guess who owns the restaurant and guess who's Paulie |
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Posted: 8/17/2022 7:42:16 AM EDT
[#39]
Take a couple of bags of trash to goodwill and claim your tax deductions like a boss.
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Posted: 8/17/2022 7:45:40 AM EDT
[#40]
Serious question:
Is there a place I can go or a book(s) I can get to explain the retried fact laws in this country. It has to be written so a window kicker like myself can fully understand it. |
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Posted: 8/17/2022 7:51:43 AM EDT
[#41]
Quote HistoryQuoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. BShttps://www.finance.senate.gov/ranking-members-news/jct-democrats-proposals-increase-taxes-on-millions-of-americans- By 2031, when the new green energy credits and subsidies provide an even greater benefit to those at higher incomes, those earning below $400,000 are projected to bear as much as two-thirds of the burden of the additional tax revenue collected that year. |
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Posted: 8/17/2022 8:02:41 AM EDT
[#42]
Quoted: Friends and family is not reported as income under the new law and paypals policies. Just for my financial records, all EE members on ARFCOM are considered close friends Quoted: No, you don’t pay taxes on stuff you sell for no profit. If you sold that gun for $1500 you pay taxes on the $100 profit. You sell stuff for less than you purchased it there is no profit generated. You pay taxes on profit. How do you account for appreciation? Say I bought a nice S&W revolver 15-20 years ago for $400 new, and I could sell it for $1200 at today’s market values (not to mention, I sure as shit don’t have receipts from 20 years ago for all minor purchases). You’re going to get fucked and taxed on a product you bought 20 years ago and any profit you make on reselling it. I really see the collectible markets plunging if this occurs. Flipping anything is going to flip a big’ol IRS dick right up your ass. Anything I sell will have to be cash or money orders until this shit get figured out. Either that or just sell the item at a loss for the transaction and the buyer than offers a nice “gift” for such a smooth transaction  |
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Posted: 8/17/2022 8:06:12 AM EDT
[#43]
Quote HistoryQuoted: The government has always wanted to be able to tax income from garage sales and people selling stuff out of their yards or the classifieds. The only reason they couldn’t was because there was no efficient, practical way to monitor and compile the information needed to locate, identify and prosecute violators. Along comes technology and PRIVATE businesses…who very helpfully create a digital world with VERY thorough record-keeping, and soon the people have all transitioned from nameless, faceless cash-for-goods exchanges to PayPal/Venmo/etc. And since they’re a private business, they’re free to give your transaction history to whoever they want, including the government, even without some garbage 1099 requirement. The government doesn’t even have to work hard to get the information - they just ask PayPal for Gunner226’s transaction history, and they have it all - right there. Its as if you kept a detailed ledger from your garage sale and then mailed it to your favorite IRS auditor. The reality is, if you owe it now, you owed it before, too. That doesn’t make it right, or moral, it’s just that now they can catch you easier. People with cash side-hustles are going to be outed really easily. The algorithms will be able to easily find the people that are living beyond their (reported) means, and one of those 87,000 new IRS employees will be tasked to look into it. There will be no more hiding. Big business and big government teaming up to fuck Americans. But libertarians will fall over themselves to try and protect the corporations who sell them out and call any attempt to curb their power or punish their complicity communism. |
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Posted: 8/17/2022 8:07:33 AM EDT
[#44]
Quote HistoryQuoted: I’m going to have to talk to my BIL as he’s a CPA. Im afraid my knife business will be defunct. Both of the outfits that consign my knives have said they don't 1099 anything but I wonder if that will change. |
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Posted: 8/17/2022 8:13:07 AM EDT
[#45]
Quote HistoryQuoted: Fuck the IRS This... |
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Posted: 8/17/2022 8:16:13 AM EDT
[#46]
Quote HistoryQuoted: I don't sell things online. I just send money to friends and family to help in these tough times. As do I sir, as do I. 
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Posted: 8/17/2022 8:16:47 AM EDT
[#47]
Quote HistoryQuoted: That costs a whole ton of money if you’re not making more than a few thousand per year on it. “Just form an llc” Lol Quote HistoryQuoted: Quoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. That costs a whole ton of money if you’re not making more than a few thousand per year on it. “Just form an llc” Lol Move to a better state? It cost me a whole $143 and maybe 3 hours (had to drive to the bank after I received my EIN) to incorporate my LLC, get a business license, get an EIN, and open a business checking account. And it's only a 1 time deal, not annual or anything like that. The state wants my tax money, so they make it as easy as possible to be "legal". |
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Posted: 8/17/2022 8:28:59 AM EDT
[#48]
So, if you buy a gun then sell it for a loss, your two options are (1) pay tax on the sale amount or (2) file on Schedule C to show cost basis and it's actually a loss.
Oh, you chose option 2? So you're in the business of selling guns and you don't have an FFL? We the IRS will notify the ATF of your violation. Do I understand this correctly? |
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Posted: 8/17/2022 8:29:19 AM EDT
[#49]
Quote HistoryQuoted: Move to a better state? It cost me a whole $143 and maybe 3 hours (had to drive to the bank after I received my EIN) to incorporate my LLC, get a business license, get an EIN, and open a business checking account. And it's only a 1 time deal, not annual or anything like that. The state wants my tax money, so they make it as easy as possible to be "legal". If you're an LLC, aren't you now "in the business" of selling firearms and thus required to have an FFL? |
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Posted: 8/17/2022 8:29:32 AM EDT
[#50]
Quoted: How are people even selling just unused items or guns or NODs, scopes, etc in the EE not going to get hit with tax forms for more than $600 in sales? Seems like the IRS is going to assume it is income, even if selling at a loss. Selling something a few years later you bought at $1,000 for $700 will be reported and hit someone's tax reporting? 
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