burnthealbum Posted December 3, 2023 Share Posted December 3, 2023 6 hours ago, Shelby said: Y'all sound like you still raise your hand to speak. Just keep selling and lie duh. Seriously, I've had to start selling off, d/t health issues with my wife. Couple years back I hit 10k on ebay between records and my wife reselling makeup and got a 1099. Just didn't claim it, if they came calling was going to say it is a hobby and let the chips fall. Quote Link to comment Share on other sites More sharing options...
burnthealbum Posted December 3, 2023 Share Posted December 3, 2023 What really irked me was PayPal sent an email saying they were going to hold my funds because of increased activity. It wasn't an issue to increase the threshold but still worrisome. Quote Link to comment Share on other sites More sharing options...
Corgipants Posted December 4, 2023 Share Posted December 4, 2023 13 hours ago, burnthealbum said: What really irked me was PayPal sent an email saying they were going to hold my funds because of increased activity. It wasn't an issue to increase the threshold but still worrisome. I'm in the process of restoring an old VW, this has happened to me a few times buying parts from private sellers in the last year. Such a pain in the ass. Quote Link to comment Share on other sites More sharing options...
youspinmeround Posted December 4, 2023 Share Posted December 4, 2023 On 12/2/2023 at 11:17 PM, faaip de oiad said: At the moment I can't trim the fat, not selling til next year. I reached about $1000 this summer and stopped coz of that stoopid law. This sucks coz I like to upgrade my old stuff with better copies, pressings or colors. I do that a lot...¯\_(ツ)_/¯ Did you read the article? The threshold has been eliminated for 2023. 21 hours ago, Shelby said: Y'all sound like you still raise your hand to speak. Just keep selling and lie duh. You can also fill out the appropriate form to offset the 1099. You cant claim a loss but you can claim a net of 0 to offset the 1099 burnthealbum and faaip de oiad 2 Quote Link to comment Share on other sites More sharing options...
stl_ben Posted December 4, 2023 Share Posted December 4, 2023 I'm not a tax advisor but yes claim a net 0, don't just not fill out the 1099. You will get a bill in the mail later with fees and penalties for being delinquent (that are possibly more than what you owed). faaip de oiad and burnthealbum 1 1 Quote Link to comment Share on other sites More sharing options...
ethanpricington Posted December 4, 2023 Share Posted December 4, 2023 On 12/2/2023 at 9:41 AM, robotfactory said: So what do you use or plan to use? I've been selling to my local shop a lot more for store credit. Since I was primarily using Discogs money to just buy more records anyways, i figure, why not help my shop out and get some moolah in the process. They're also really reasonable with they're offers mostly, so I'm good with it. Quote Link to comment Share on other sites More sharing options...
faaip de oiad Posted December 5, 2023 Share Posted December 5, 2023 On 12/4/2023 at 8:04 AM, youspinmeround said: Did you read the article? The threshold has been eliminated for 2023. This great. That means i can have extra cash for the holidays. 👍 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.