Donate To Keep The Site Ad Free
Results 1 to 7 of 7

Thread: Tax infos

  1. #1
    Gunslinger herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest's Avatar

    Join Date
    May 2007
    Location
    Paris, France
    Posts
    12,923
    Country
    Country Flag
    Gender
    Gender

    Default 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?


    -----


    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
    ------------------------------------------------
    CLUB STEPHEN KING (french website about STEPHEN KING, since 1992) : on : Facebook | Twitter | Instagram
    ------------------------------------------------

  2. #2
    "I'm working on my sense of humor" Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an's Avatar

    Join Date
    Jun 2013
    Location
    “No matter how cynical you get, it is impossible to keep up” -Lily Tomlin
    Posts
    10,590
    Country
    Country Flag
    Gender
    Gender

    Default

    Quote Originally Posted by herbertwest View Post
    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?


    -----


    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
    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.
    "One day you're going to figure out that everything they taught you was a lie."

  3. #3
    Traveler MaryWenzelp is on a distinguished road

    Join Date
    Jan 2022
    Posts
    1

    Default

    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.

  4. #4
    Breaker Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode has a brilliant future Iwritecode's Avatar

    Join Date
    Mar 2008
    Location
    Northern Illinois
    Posts
    4,938
    Hearts are tough, she said, most times hearts don't break, and I'm sure that's right . . . but what about then? What about who we were then? What about hearts in Atlantis?

  5. #5
    Rabid Billybumbler amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013 has a reputation beyond repute amd013's Avatar

    Join Date
    Jan 2015
    Location
    Austin TX
    Posts
    2,619
    My Mood
    Fine
    Country
    Country Flag
    Gender
    Gender

    Default

    Quote Originally Posted by MaryWenzelp View Post
    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.
    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?
    Wanted:

    'Salem's Lot Portfolio #606


    Fairy Tale UK S/L

  6. #6
    Gunslinger herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest has a reputation beyond repute herbertwest's Avatar

    Join Date
    May 2007
    Location
    Paris, France
    Posts
    12,923
    Country
    Country Flag
    Gender
    Gender

    Default

    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?
    ------------------------------------------------
    CLUB STEPHEN KING (french website about STEPHEN KING, since 1992) : on : Facebook | Twitter | Instagram
    ------------------------------------------------

  7. #7
    "I'm working on my sense of humor" Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an seldom gets put on hold Br!an's Avatar

    Join Date
    Jun 2013
    Location
    “No matter how cynical you get, it is impossible to keep up” -Lily Tomlin
    Posts
    10,590
    Country
    Country Flag
    Gender
    Gender

    Default

    No. It used to be $20,000 and 200 transactions before they reported. Now it's $600 and they report it.
    "One day you're going to figure out that everything they taught you was a lie."

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts