If I have a receipt for a unit I paid 3500.00 dollars for and I sell it for 2500.00 do I have a tax liability under the new 600.00 rule?
https://www.foxbusiness.com/economy/...h-app-payments
If I have a receipt for a unit I paid 3500.00 dollars for and I sell it for 2500.00 do I have a tax liability under the new 600.00 rule?
https://www.foxbusiness.com/economy/...h-app-payments
No sir.
Since you have a receipt and can show a loss, no. From what I understand though you won't be able to file on line. Proof of purchases and selling will have to be filed via paper through the mail. If you don't have a receipt of purchase for anything you sell over $600 you will have a tax liability.
There are 87,000 new auditors waiting for you to call the help line if you need assistance.
My wife is p.o.ed because you have to itemize. We don’t.
Actually, those auditors never got hired. Mid terms slowed all that up.
The 87k jobs were not all auditors. First off, that figure was to help offset the 52,000 set to retire over the next decade. 13,000 of those are customer service jobs, (phone help) another 10,000 are seasonal workers to help process paper work, then add in lawyers, appeal officers, examiners, technicians and yes some auditors. It was a great scare tactic, but not based in reality. The funds were not for 87,000 being added in 2022 or 2023, but through 2032.
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So what happens if you sell something you bought used and don’t have a receipt?
Pay cash...keep your mouth shut...been that way for years 87k or not.
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Good one
Use PP as friend and not goods there won't be a problem.
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My daughter does an etsy buisness selling vintage clothes she picked up at tag sales goodwill etc.. When you itemize if your figures are reasonable without a receipt they are considered legit. Yes she has been audited. As long as you dont insult someones intelligence they accept that you cant provide receipt for every transcation dealing in used goods.
When I was self employed by the fact I had an injury that prevented me from working in my trades I went to my accountant to file. Due to the fact that my costs for self employment put my income below taxable levels he told me I didnt need to file. I didnt overcome my threshold for owing. You would have to add and subtract itemization the 3500 /2500 from your yearly income to file it. Its a wash. Im not up to speed on the new laws but back in the day you didnt have to waste your time unless it was a primary income.
I wouldn’t worry about it.