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In Reply to: RE: Your liability to the IRS posted by E-Stat on March 30, 2025 at 08:23:04
tax on the same item which was sold and taxed multiple times before.
And it does depend of platform. Government own Postal Money order service does not force anybody to disclose anything regarding the payment purpose.
the previous admin's American Rescue legislation either radically lowering the reporting threshold to the IRS over time. With the end goal being $600.
For 2024, it's $5k. Is that a problem?
and he invited me for a fish & chips dinner to express his gratitude. He is a member of Victor's tribe :)
Income: $30K
Less Cost of Goods: $30K
Profit: $0Tax: $0
-Rod
Edits: 03/31/25
it is a red flag for IRS. Now they are going to dig deep into my dark empire of illicit activities involving drugs and girls..What I was thinking :?)
he didn't want to sell them himself!
Just completely lost interest in Hi-Fi and everything related to it.
are yours.
The gear is personal property, not business property subject to income reporting such as retail sales with cost-of-goods offsets. Nevertheless, if Wojciech reports the sale on Schedule D (proceeds of $30K) and also shows the original cost (of $30K), there is no profit or gain. This reporting would only be necessary if he sold the gear on a public reporting entity such as Paypal, an entity that issues 1099's. Otherwise it's just a one-off personal property sale.
Regardless, the net proceeds are ZERO. No tax consequence.
file the added form and retain a copy of original invoice until 2028 should any questions arise. :)
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