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Thread: New Tax Laws eBay PayPal & more

  1. #11
    (Shrek)
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    Re: New Tax Laws eBay PayPal & more

    Quote Originally Posted by maltfalc View Post
    the only difference selling your personal gear makes is you can't claim what you originally paid for it against what you sold it for, otherwise everyone would be having garage sales just so they could claim an $800 loss on a cd player they bought in the 80s. selling your personal gear is still taxable income.
    Doesn't make sense. The only way I could claim the loss of the $800 I originally paid for that CD player is if I am running a business, not if I'm selling my personal gear. If I'm selling personal gear, I paid income tax on the money I used to buy it, I don't have to pay income tax again when I sell it. If I buy a house and re-sell for the same price, there is no tax payable because there is no capital cost gain with the transaction. It's only if I sell it for, say, $100K more than I paid, that $100K appreciation is taxable unless it falls under the personal exemption for my primary residence.

    If they ever come after me and force me to register for GST/PST (Quebec), I am allowed to claim those taxes on everything I have in inventory (because I'm assumed to have paid them when I bought everything), which would add up to +$100K worth of gear, so they would mail me a check for $15K. Which they actually did when I first registered for sales taxes in the '90s.

  2. #12
    Tin Can's Avatar
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    Re: New Tax Laws eBay PayPal & more

    Now we are making sense

    Watched Talking Heads 1983 movie a couple days ago

    Met the director a few time at a bar that banned 'devices' then shut down when the fools demanded WIFI

    We are on the road to nowhere
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  3. #13

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    Re: New Tax Laws eBay PayPal & more

    One thing to keep in mind is that selling on ebay has become a business for a lot of people. They buy things in order to sell them. Just like a retailer does. And of course there's all the companies that use ebay to sell their products.

  4. #14
    Pieter's Avatar
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    Re: New Tax Laws eBay PayPal & more

    Quote Originally Posted by Tin Can View Post
    I sorta heard something about reporting sales? or cash of $600 and more automatically?

    The little guy pays again

    What is happening?
    Reporting to whom Fed, State? What form #? Or is it just a rumor you picked up from a friend of a friend or worse yet, the internet?

  5. #15
    Tin Can's Avatar
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    Re: New Tax Laws eBay PayPal & more

    https://newsroom.paypal-corp.com/202...tions-Answered

    Quote Originally Posted by Pieter View Post
    Reporting to whom Fed, State? What form #? Or is it just a rumor you picked up from a friend of a friend or worse yet, the internet?
    Local Hobbyist

  6. #16
    Pieter's Avatar
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    Re: New Tax Laws eBay PayPal & more

    And this is a terrible thing? I'm sure it is to collect taxes from entities that are running a business under the table and not reporting income. It probably won't affect the average individual seller. I don't like paying taxes, but see them as a necessary cost of living in the modern world. Maybe if everyone paid their fair share, there would be less of a need for the IRS to go digging for loose change under the sofa cushions.

  7. #17
    Foamer
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    Re: New Tax Laws eBay PayPal & more

    I just sell off old stuff I no longer use. If the parasites in government start trying to tax that, I'll quickly stop using ebay.


    Kent in SD
    Qui sedes ad dexteram Patris,
    miserere nobis.

  8. #18
    Alan Klein's Avatar
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    Re: New Tax Laws eBay PayPal & more

    Quote Originally Posted by j.e.simmons View Post
    This is not sales tax. It is income tax. As a general rule, if you sell used goods - a camera for instance - for less than you paid for it, you don't owe income tax. Basis is the value of the thing at the time you acquired it. How do you prove your basis for old used goods? Most of it will not be taxable, but you will have to be able to prove it.
    You made me feel good about the sale of my Picasso. Thanks.

  9. #19
    Alan Klein's Avatar
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    Re: New Tax Laws eBay PayPal & more

    Keep in mind that the buyer of a product has to pay sales tax called use tax to the state they bought it in if the seller isn't collecting the sales tax from the buyer. Doesn't eBay or is it PayPal now charge and collect those taxes and send them to the state for you?

  10. #20

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    Re: New Tax Laws eBay PayPal & more

    As one who follows taxes, I don't think this has much of a chance of passing... I've been wrong before.

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