doublegunshop.com - home Forums General Discussion DoubleGun BBS @ doublegunshop.com Reporting Sales To The IRS Form 1099

1099s at a $600 threshold seems a little ridiculous to me. Especially being most folks are selling used stuff at a loss. But due to time, no documentation.

So on the other side. Say I sell my 13 year old motorhome or Suburban for a $50,000 long term loss. Guessing claiming that loss that would be denied. Even with all the paperwork.

But sell a $1000 worth of old used junk with out documentation as to costs and here comes the 1099.

Somehow this just does not seem fair.

You are talking about the IRS, what part did you expect to be fair? More active regulation is Biden’s direction. He wants everyone to pay their “fair share” of taxes. What is in dispute is what is fair and then how the money is wasted by the government.

I would favor a more reasonable figure like $5,000.00 instead of the $600.00 minimum which dates back to 1862 when the predecessor of the IRS was started. In 1862 income between $600.00 and $10,000.00 was taxed at 3%. Honestly, I think sale of personal property should be none of their business, but I know some will abuse that, to run a business and claim it all was personal property.

It is not just EBay you need to worry about. PayPal and other third party players who handle the money are going to be reporting transactions as well, I am told. If it is electronically paid, there will be a trail for the IRS to find and now they will just need to make them do all the work for the IRS. If third parties all report every yearly transaction greater than $600.00 there are going to be a lot of minor sales taxed needlessly to catch a few underground sellers.

What is needed, and will eventually come to be (if it doesn't already exist) is a website that is based upon the barter system, true bartering. I.e., "what do you have that you would trade me for this gun, or truck, or lawn mower?" No $$$ changes hands, just an even trade. The contacts could be made off the website, by phone or email. It would be a simple classified ad site for bartering, with no paper trail.

stan, that is the way we used to do it back before the internet...

anybody else here remember gun list and shotgun news?

i still do occasional trades with trusted friends...

Your late to the game Stanton

Barter exchanges are required to file Form 1099-B, Proceeds From Broker and Barter Exchange Transactions. From the IRS website


See there is no escape

John

death and taxes...the twin burdens of mortality...

Yes, barter may be a work around, but it could be draining to fend off an audit. Among neighbors and at the local flea market it's maybe good stuff, but with unknown actors, interstate, involving flagged items, can-o-worms? Private face to face where legal is a beautiful and most American of things.

Soon we will all be in-line at the free government cheese line waiting for a handout

John

Fixed it.

That's when I'll go "off the grid". Like a Cajun friend in boot camp told me when I was advising him not to go AWOL from boot camp so he could be there when his first child was born, "No man, if I get home to those swamps they'll never find me".

Lonny and Joe can laugh and ridicule all they want, but they don't know me. I've had a wonderful life doing what I love to make a living but, at 70 I could shuck it very easy and go "away".