Anybody Else Pulling Their Hair Out Over Taxes and This 1099-K Crap for Selling Used Gear?

FractalAudio said:
Don't worry, the Federal Government will make good use of that money you gave them. 50% of it will get siphoned off by career government employees who sit around all day and do almost nothing and then give you an attitude when you call them. 40% will get kicked back to campaign donors in the form of "grants" and "contracts". The remaining 10%, if you're lucky, might actually go towards something constructive.
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A little harsh no?

And be careful not to violate forum Rule #5 eh.. might be awkward to be banned from your own site!! 😉
 
After about 4 hours of reading the internet and scraping together various takes on how to handle this: I ended up putting my gear sales under capital gains, listing the price and date I bought and sold each. Ended up with $15 of capital gains I was taxed on. TurboTax then asked me what percentage of that went to me vs the wife. 😂

Meanwhile, I sold a house last year and it took all of ten minutes to file that, despite the order of magnitude difference in amount.
 
I agree that this sucks. Selling a piece of gear at a loss, then owing the IRS is total BS.

But how is Lockheed gonna get paid for F-22s?

Amazon and Exxon? Naw. They generate billions, but that shit has to go to shareholders and CEO pay. $0 in taxes.

Government is corrupt as fuck. No doubt. But government should be us. Government should be made up of citizens working in good-faith to protect its constituents.

It aint.
 
shredmechanic said:
Why doesn't the IRS go after one billionaire? Just one. It would literally pay for all the effort involved if they pulled it off.

Instead of 100 agents uncovering Jeff Bezos' tax havens(and likely recouping all of the manpower costs in the process) we get 100 IRS agents going through eBay 1099-K's to make sure @shredmechanic paid his fair share of taxes on that used Charvel Pro-Mod.

The IRS has some serious "spend a dollar to make a dime" energy.
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The IRS won’t go after Bezos because he isn’t doing anything illegal. The law is designed with loopholes for guys like him so they can pay very little taxes. Also, Bezos pays extremely good tax lawyers probably millions per year.
 
iaresee said:
If you sell it at a loss, you don't owe the IRS anything. In fact, you can apply the loss against other gains to get some money back.
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This may not apply to some states though. Some states put in the $600 threshold last year so you won’t owe federal taxes, but you will owe state taxes because they made it count for 2021 tax year whereas the fed kicked it in for 2022. And it’s possible that some states won’t let you count losses.
 
MisterE said:
I wonder why people keep supporting companies that don't pay any taxes and so not contribute to social security and such or don't pay their employees fairly.
If I have an alternative, I won't buy from these firms.
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Agreed, and as Randy points out above (;)) when the loopholes are there why would they? It's up to the people to pressure their politicians to close them. Unfortunately the systems have such pressures on people it is hard for them to do these things, let alone be suitably informed beyond what the MSM wants them to think. I live a suitably anti-social/cynical existence, have only used Amazon twice back in the days it was basically just a bookseller, never got involved in social media (does this forum count!?) and avoided companies I do not like. It comes at a cost of becoming an outsider which is fine by me but is not everyone's cup of tea.
 

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shredmechanic said:
Why doesn't the IRS go after one billionaire? Just one. It would literally pay for all the effort involved if they pulled it off.

Instead of 100 agents uncovering Jeff Bezos' tax havens(and likely recouping all of the manpower costs in the process) we get 100 IRS agents going through eBay 1099-K's to make sure @shredmechanic paid his fair share of taxes on that used Charvel Pro-Mod.

The IRS has some serious "spend a dollar to make a dime" energy.
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A quick google search found Bezos paid $973 million and Musk paid $11 billion in taxes for 2021.
 
iaresee said:
If you sell it at a loss, you don't owe the IRS anything. In fact, you can apply the loss against other gains to get some money back.
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FAS makes these damn Axe Fx thingies too good though and they don't lose enough value. If an irs agent looks at the re-sale value on ebay, then you're really screwed.
 
FractalAudio said:
He earned $205 billion in 2020 so that would make his tax rate less than 0.5%.
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These kinds of numbers just don't compute in my brain when associated with dollars.

0.5% doesn't compute either. Too bad we the people don't actually control the government (or so it seems) or we would do something about that.
 
jakel said:
These kinds of numbers just don't compute in my brain when associated with dollars.

0.5% doesn't compute either. Too bad we the people don't actually control the government (or so it seems) or we would do something about that.
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The wealthy control the government. Always been that way. It's therefore no surprise that the wealthy pay almost nothing in taxes.
 
There are reports of the death rate for working aged people (18-49) is up 40% in 2021. Someone else may have to step up and pay taxes. 1.9 trillion could have went a long way in building our businesses back and bring manufacturing of necessities home. Oh well, I guess people really needed those cell phones, atv's and drugs. :-/
 
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