I’m no accountant. So I have to pay taxes on selling used gear if I get a 1099 from them?
I'm not an accountant either. I take whatever 1099 I get and turn it in with all the other tax papers to the accountant. Let her tell me if it needs to be included or not takes the guess work away from me. In the long run, it's much less head ache to report a 255$ (or what ever much) than having to explain anything later on. I'll let y'all know what she said after I had the conversation.
"People sending money back and forth for their share of dinner don't have to worry about reporting such payments on their tax returns. However, the moment you begin accepting business payments on a P2P platform, you're responsible for reporting those earnings. "
Technically you are required to pay taxes on yard/garage sales as well, but fat chance I’m doing that.I’m no accountant. So I have to pay taxes on selling used gear if I get a 1099 from them?
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I'm no accountant either, usually use an online program to do my taxes. My PP transactions were just under $1200 for the year. Hopefully I can offset the "income" with the acquisition costs of the items i sold.
Only if their is gain involved. No need or requirement to report items used for personal use and then sold for a loss, or break even...like a yardsale....I’m no accountant. So I have to pay taxes on selling used gear if I get a 1099 from them?
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Only if their is gain involved. No need or requirement to report items used for personal use and then sold for a loss, or break even...like a yardsale....
according to my accountant, nothing. They are required by law to send you one. You are not required by law to report it if it was not originally purchased for resale to sell for profit...so essentially, you can ignore it...with a 1099 reported, what do you have to show to offset it?
Technically you are required to pay taxes on yard/garage sales as well, but fat chance I’m doing that.