Irs & $600 (1 Viewer)

[marco55]

Is it true that starting next year that if you sell more than $600 that you have to report it as income even if your selling out of your private collection and not as a business? I heard up to now it was 200 items and $20,000.
Mark

 

[jazzeum]

Is it true that starting next year that if you sell more than $600 that you have to report it as income even if your selling out of your private collection and not as a business? I heard up to now it was 200 items and $20,000.
Mark

That rule was put on hold for at least a year.

https://amp.cnn.com/cnn/2022/12/23/...increase-for-business-transactions/index.html

 

[marco55]

I only sell out of my private collections and usually at less than originally bought. How in the heck can I prove I sold something for less than I paid for it years ago. I'm no accountant and haven't kept every receipt that I ever had. I guess it's money order check or cash from now on.
Mark

 

[Combat]

I only sell out of my private collections and usually at less than originally bought. How in the heck can I prove I sold something for less than I paid for it years ago. I'm no accountant and haven't kept every receipt that I ever had. I guess it's money order check or cash from now on.
Mark

Better pay up or they will stage a predawn raid on your home with some of those new 87K new agents in the recent budget. :wink2:

 

[marco55]

Better pay up or they will stage a predawn raid on your home with some of those new 87K new agents in the recent budget. :wink2:

Wouldn't surprise me. The New Gestapo.
Mark