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New 2022 tax rules for Paypal, venmo, etc ???


EricL

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Can we discuss this as it might potentially affect many, many, many users. Personal or business.  There hasnt been much changes in the news about it.  Looks like theres no stopping it, and its gonna steam roll us all.

 

How will this affect everyone on the BST and outside?

Especially us upgraditis users constantly changing gear to play with.  

 

Sounds scary how much the government wants to know. 

 

Should we all just B,S,T at local meet ups or something going forward?  LOL

 

It might make great opportunities (or excuses) for us anglers to get together more regularly once covid dies down.

 

 

https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered

Edited by ooeric

i use 2/3 rule for trading. join date, posts, or vouch. whoever has less goes first.

(*member formerly known as 'ooeric')

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As someone who changed a lot of gear over the last two years, I don't like it. Tried to get rid of most before year end and was lucky. If I put anything else up, I may ask for a check or MO. I am not putting an excel together reflecting my basis in a beachmaster and the loss I took on the sale because "it will be fished"

I have the vocabulary of a well-educated sailor. 

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31 mins ago, hobobob said:

Here is the loophole. Selling item at a lost are not subjected to tax. If you paid $25 for a plug, you sold it for $20. $5 lost, not tax. You would need to retain all receipts. It's going to hell for you and your auditor.  Box and box of receipts. 

I wonder how many of us actually hold onto receipts.

i use 2/3 rule for trading. join date, posts, or vouch. whoever has less goes first.

(*member formerly known as 'ooeric')

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7 mins ago, hobobob said:

Online purchases usually has email confirmation.  Local purchases could be troublesome.  Photo of the price tag?

Its already hard enough report purchases to my wife.

 

And if the feds audit ask for all your purchases for buying a fishing reel or a box a cookie?

 

Thats too much.

 

A house? Ok

A car? Ok

A high value item? Ok.

I get it.  But $600 a year.  Thats stupid.

i use 2/3 rule for trading. join date, posts, or vouch. whoever has less goes first.

(*member formerly known as 'ooeric')

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4 hours ago, hobobob said:

Remember out of state sales tax wasn't a thing? The gov rack up quite a bit from this just from ebay alone. 

I remember years back when they changed that.  Alot of webtailers were up in arms.

 

@TimS maybe should let the BST know of the soon to be implemented CTR type laws. Since you only permit (instant stuff) web goods/services type payments (user safety), which falls square into this laws targets of third party payment processors payments.  I dont think congress, house, or president will veto or downvote it.  More tax dollars to replenish theisr trillions spent.  Alot of users might get hit with 1099s afterwards unknowingly. And alot of people will be unhappy here and outside SOL. 

Edited by ooeric

i use 2/3 rule for trading. join date, posts, or vouch. whoever has less goes first.

(*member formerly known as 'ooeric')

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2 mins ago, ooeric said:

I remember years back when they changed that.  Alot of webtailers were up in arms.

 

@TimS maybe should let the BST know of the soon to be implemented CTR type laws. Since you only permit (instant stuff) web goods/services type payments (user safety), which falls square into this laws targets of third party payment processors payments.  I dont think congress, house, or president will veto or downvote it.  More tax dollars to replenish theisr trillions spent.  Alot of users might get hit with 1099s afterwards unknowingly. And alot of people will be unhappy here and outside SOL. 

Everyone is responsible for their own taxes :) We don't charge people, we don't collect a percentage, we don't have ANYTHING to do with the buying or selling that takes place in this forum. We permit any type of payment the buyer and sell agree to except PayPal F&F - you can pay with cash...money order...beads and trinkets...as long as you both agree to the terms :)

 

We literally don't have anything to do with payments, processing payments or collecting taxes or reporting sales - nothing. This is more like a newspaper classified section than it is eBay :howdy:

 

TimS

Show someone how to catch striped bass and they'll be ready to fish anywhere.
Show someone where to go striped bass fishing and you'll have a desperate report chaser with loose lips.

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24 mins ago, TimS said:

Everyone is responsible for their own taxes :) We don't charge people, we don't collect a percentage, we don't have ANYTHING to do with the buying or selling that takes place in this forum. We permit any type of payment the buyer and sell agree to except PayPal F&F - you can pay with cash...money order...beads and trinkets...as long as you both agree to the terms :)

 

We literally don't have anything to do with payments, processing payments or collecting taxes or reporting sales - nothing. This is more like a newspaper classified section than it is eBay :howdy:

 

TimS

True that. Makes sense. Everyone should do their own homework.

i use 2/3 rule for trading. join date, posts, or vouch. whoever has less goes first.

(*member formerly known as 'ooeric')

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Very nitpicky, used to be over 200 transactions AND over 20k which most businesses do but 600 and over is silly. This gov't is rapidly becoming overly invasive with this and the bank accounts over 600 transactions - they say that is to keep the rich from hiding $ from the tax man. BS. 

"A GAMEFISH (which striped bass should be) Is too valuable to be caught only once"...Lee Wulff

 

When the people fear the government, there is tyranny. When the government fears the people, there is liberty" - Thomas Jefferson

 

"I'm from the government, and I'm here to help." Most dangerous words in the English language...Ronald Reagan

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On 12/23/2021 at 3:36 PM, hobobob said:

Here is the loophole. Selling item at a lost are not subjected to tax. If you paid $25 for a plug, you sold it for $20. $5 lost, not tax. You would need to retain all receipts. It's going to hell for you and your auditor.  Box and box of receipts. 

My tax accountant agrees with you. If they want to treat my fishing gear like a business I can promise I am losing money. It is a tax credit :) 

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4 hours ago, afterhours said:

Very nitpicky, used to be over 200 transactions AND over 20k which most businesses do but 600 and over is silly. This gov't is rapidly becoming overly invasive with this and the bank accounts over 600 transactions - they say that is to keep the rich from hiding $ from the tax man. BS. 

MA has been this way a while. Crazy

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This is crazy only the commercial guys should even be thinking of this issue.and alot of times we go standard deduction as opposed to itemizing.i know if i tried to itemize the fishing gear ive bought and sold it has never turned a profit and will always be a loss:dungeon:tight lines to all in the new year

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