jason88 Posted January 30 Share Posted January 30 I have not met the selling threshold, but I imagine at some point they were preemptively asking for SS# when they thought they needed it? Things changed perhaps and maybe some of us were selling during different policy windows on their platform so some got asked for it and others didn't. Who knows. Quote Kronos 2 73, Nautilus 88, Matrixbrute, Logic, Pianoteq, NI Komplete Link to comment Share on other sites More sharing options...
MathOfInsects Posted January 30 Share Posted January 30 I am confused. OP indicated he was hit with a 1099-K for a keyboard selling for a couple of thousand. All the remaining posts seem to indicate that is not the threshold (yet), and that as of now, the cut-off is 20K. What is going on? Was the "few thousand" of the OP actually 20 of those thousands, or is there something else in play? Quote Now out! "Mind the Gap," a 24-song album of new material. www.joshweinstein.com Link to comment Share on other sites More sharing options...
Mark Schmieder Posted January 31 Share Posted January 31 I was premature; I received my 1099-K form from eBay today. I guess they reported everything before Congress delayed the enactment of the new rules, yet again. When I do my taxes, I'll do what I did the past two years, and write an explanatory note to the IRS that I am saving them money by not declaring losses. Some of the posters are confused because they think these rules are about people's amortization or resale of business deductions. It is 100% unrelated to that. This was a simple money grab, akin to instituting a VAT in the USA. But lobbying our representatives has helped kill it for three years in a row, except for paperwork. I forget the exact threshold, but it doesn't take much to meet it. I think $600, or 20 sales of any value? I often resell books or comics, also at a loss. I'm not a business, and I don't claim any business expenses. I did for a few years when I made $10K+ at music, and I did the proper Schedule C etc. To reiterate, this isn't about that, but it can be confusing as you may have to fill those same forms to offset 1099-K, as though you were a business. The mechanisms were already in place for people to be honest about reporting business losses and gains. The new online sale rules are ignorant. 1 Quote Eugenio Upright, 60th Anniversary P-Bass, USA Geddy Lee J-Bass, Yamaha BBP35, D'angelico SS Bari, EXL1, Select Strat, 70th Anniversary Esquire, LP 57, Eastman T486, T64, Ibanez PM2, Hammond XK4, Moog Voyager Link to comment Share on other sites More sharing options...
Polkahero Posted January 31 Share Posted January 31 1 hour ago, Mark Schmieder said: I was premature; I received my 1099-K form from eBay today. I guess they reported everything before Congress delayed the enactment of the new rules, yet again. When I do my taxes, I'll do what I did the past two years, and write an explanatory note to the IRS that I am saving them money by not declaring losses. Some of the posters are confused because they think these rules are about people's amortization or resale of business deductions. It is 100% unrelated to that. This was a simple money grab, akin to instituting a VAT in the USA. But lobbying our representatives has helped kill it for three years in a row, except for paperwork. I forget the exact threshold, but it doesn't take much to meet it. I think $600, or 20 sales of any value? I often resell books or comics, also at a loss. I'm not a business, and I don't claim any business expenses. I did for a few years when I made $10K+ at music, and I did the proper Schedule C etc. To reiterate, this isn't about that, but it can be confusing as you may have to fill those same forms to offset 1099-K, as though you were a business. The mechanisms were already in place for people to be honest about reporting business losses and gains. The new online sale rules are ignorant. Got mine today too! I'm running a business, though so no big deal. MACRS depreciation will write off most of the 1099 amount. Yep, I went to school for accounting although I'm not a CPA. I guess that threshold must vary by state, OP. That sucks. 1 Quote '57 Hammond B-3, '60 Hammond A100, Leslie 251, Leslie 330, Leslie 770, Leslie 145, Hammond PR-40 Trek II UC-1A Alesis QSR Link to comment Share on other sites More sharing options...
Macsaint777 Posted January 31 Share Posted January 31 On 1/28/2024 at 11:20 AM, Paul Woodward said: Stick to Facebook Marketplace for selling... Well... I GOT A 1099 FROM THEM..oddly, it came from PayPal. 1 1 Quote I have gear. Don't we all? Some is old, some is new. Ask me what I've got and I'll tell you. Link to comment Share on other sites More sharing options...
Docbop Posted January 31 Share Posted January 31 Tax you when you buy it and tax you when you sell it makes no sense. Someone cue up George Harrison. 1 Quote Link to comment Share on other sites More sharing options...
AnotherScott Posted January 31 Share Posted January 31 1 hour ago, Docbop said: Tax you when you buy it and tax you when you sell it makes no sense. Sales tax when you buy it. Income tax if you sell it for more than it cost you. (But a pain to document.) 1 Quote Maybe this is the best place for a shameless plug! Our now not-so-new new video at https://youtu.be/3ZRC3b4p4EI is a 40 minute adaptation of T. S. Eliot's "Prufrock" - check it out! And hopefully I'll have something new here this year. ;-) Link to comment Share on other sites More sharing options...
kpl1228 Posted January 31 Share Posted January 31 On 1/27/2024 at 11:30 AM, MrVegas said: This is embarrassing. I have been a CPA for a very long time. I'm not a tax expert but I'm somewhat familiar with basic tax law. I was dumbfounded today when I received a Form 1099-K from Reverb. Did you receive it as a message, an email, or as a letter? I sold stuff too but received nothing in the mail. Quote Roland RD-2000, Yamaha Motif XF7, Mojo 61, 2 Invisible keyboard stands (!!!!!), 1939 Martin Handcraft Imperial trumpet "Everyone knows rock music attained perfection in 1974. It is a scientific fact." -- Homer Simpson Link to comment Share on other sites More sharing options...
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