Tax infos

I saw this on a collecting Facebook group the other day, so figured it may interested some collectors here.

Apparently, at the moment, americans do not need to report to IRS sales when doing less than 200 a year, or worth less than 20K.
Apparently, next year, people would need to report sales when the annual sales would be $600 or less

Can anybody confirm or deny?


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NB : given I am french, I don't know whether it's true or not, but I'd say it's likely to be.
In France, we got something similar that came into place those past recent years. In theory, as an individual, we have to report all sales when totaling more than 350 usd per year.
And pay a 30% tax on those :D :D :D

Quote:

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Originally Posted by herbertwest

I saw this on a collecting Facebook group the other day, so figured it may interested some collectors here.

Apparently, at the moment, americans do not need to report to IRS sales when doing less than 200 a year, or worth less than 20K.
Apparently, next year, people would need to report sales when the annual sales would be $600 or less

Can anybody confirm or deny?


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NB : given I am french, I don't know whether it's true or not, but I'd say it's likely to be.
In France, we got something similar that came into place those past recent years. In theory, as an individual, we have to report all sales when totaling more than 350 usd per year.
And pay a 30% tax on those :D :D :D

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I know that eBay will start reporting those sales next year. I don't know that individuals have any different responsibility than ever before which is to pay income tax on taxable income.

If you are making the purchase at eBay/Amazon as an individual, they didn't report you to IRS, but if the summary of your purchases will be higher than 20k, they will send all the information about your purchases to IRS. You can evade the reporting to IRS if you make the purchases at these online sites like a business/corporate account. The business accounts can REDACTED URL for IRS because of the different legislation regulations to the small business owners in our country.

It's true.

https://www.yahoo.com/now/tax-law-se...154820572.html

https://www.cnbc.com/2021/03/26/its-...ine-sales.html

Quote:

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Originally Posted by MaryWenzelp

If you are making the purchase at eBay/Amazon as an individual, they didn't report you to IRS, but if the summary of your purchases will be higher than 20k, they will send all the information about your purchases to IRS.

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Did you mean sales? Or are you implying that the IRS is tracking whether you paid sales taxes on you internet purchases? And if so, wouldn't that be a state tax issue?

My guess is that they want to see who can afford to buy 20k of books in a year in order to check the income of those and whether they did declare their taxes accurately or if they have additional (and maybe not declared) income?

No. It used to be $20,000 and 200 transactions before they reported. Now it's $600 and they report it.