Paying taxes on what you sell as of 1/1/2022

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Check this out, believe it or not, it’s for real,

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yeah the way the laws have been changed etc they can monitor your accounts .. if you happened to get audited any money you put into them from any source other than direct deposit from a paycheck with taxes already taken out will count against you ... aint like it used to be for sure ... cross your t's and dot your i's .. i know people that have been audited, they will seize every account you got to cover whatever figure they come up with you owe, and any new accounts you try to make .. put you right out of business ..
 
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Yeah so an illegal action needs to be reported to an illegal agency? Yeah because that will be about as good as a meth dealer taking his meth to the cops to test the purity.
Click to expand...

I remember one time watching the show Cops When this guy got ripped off for his money when he went to buy some heroin. So he went to the cops and reported it and they just laughed at him.
 
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I agree, keep your receipts, as most of us are on the losing end, when selling airgun items. That said, it is not as dire as it would seem-

“PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.”


https://www.paypal.com/us/webapps/mpp/irs6050w






 
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Not a problem if you do your own taxes and keep the receipts. People rarely make money off airguns and I mean rarely ever. Just sell Paypal FF, keep the receipts and there won't be a problem. I've done my own taxes for years and it's not a problem showing you paid $2000 for a new gun and sold it for $1500. The government is eyeball deep in debt and spends money like a 16 year old with their dad's credit card. This is why they need every dollar they can get from you so they can waste it on nothing. 
 
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In this state you have to make a profit off what you sell BEFORE YOUR PROFIT IS TAXABLE either for sales tax or income tax IT HAS TO BE A PROFIT FOR YOU.and as I understand it Federal tax works the same. Just because you sold something doesn't make you a profit. I THINK IF YOU SELL IT FOR LESS THAN WHAT YOU PAID, NO TAX. You also have over head to deduct which lowers any profit. So #$%^ paypal and use postal money orders. paypal is cya themselves even if you don't make a profit they treat you as if you do. The IRS has a rule (law) that if you( YOUR company) doesn't make a profit one year out of three. YOUR company (YOU) looses its status as a business. So I DON'T UNDERSTAND THAT YOU HAVE TO PAY TAX. IN MY OPINION PAYPAL IS CHARGING TAX TO COVER THEIR PAYPAL A#S WITH THE IRS. AND I'm not understanding why someone on this forum is bring the CRIME OF THEFT into our honest sale of PERSONAL property SOLD FOR LESS THEN OUR COST to upset everyone, Paypal IS with holding sales tax illegally ( in my opinion). Plus the deductible overhead of storage and cleaning and wear and tear in a heated, rust proof, secured, locking safe which decreases ANY profit you might have made. I've held garage sales and one time the local law stopped by and wanted to know how much tax I collected. I said NONE. He started in on me and I stated that I had not sold any item for the original price I paid nor had I sold any item for more than I paid, NOR HAD I SOLD ANY ITEM THAT WAS NOT MINE. That means I made no profit. I said write me up and be sure you come to court . He declined to push it any further. Turned out some idiot citizen was raising a stink about money changing hands on used items without paying sales tax while his second hand store had to charge sales tax. He couldn't understand that he was running a business for PROFIT and I just trying to recover any RESIDUAL value FROM my used merchandise. Dad also used to say "once an idiot, always an idiot". So when someone balks at using money orders tell them to write letters to their congressman and the IRS about the force collection of sales tax(In my opinion). You are selling personal goods and not making a profit. If you stole them tax should be the least of your concerns. I sure get carried away sometimes.
 
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