Current Events > Anyone getting a 1099-K for selling online this year?

(+) Yeah! (+)

I'm not sure if I'll be able to do my own taxes for the first time ever.

I've been selling a lot of old stuff I had for years. No idea how to figure out the profits I've made if I don't remember how much I paid for some of it or have any records.

I guess we just make up numbers? I hope these governmnt clowns catch so much hell with fucked up taxes they just forget the whole thing next year.

There must be some mistake, the IRS is only going after the ultra wealthy.

They've moved onto the poor who are already struggling with this inflation.

I hear they'll be taking 15.3% out of your profits. So if your profits on eBay, Amazon, etc. were 3000 you owe over $450.

I just don't know how to figure out my profits with this old shit I'm selling.

is this a not so stealth brag topic like "oh yeah i sold so much i didnt keep track of it" or what

What I'm saying is you have to deduct the price you paid for stuff out of what's on the 1099-K to get the income. If you bought it 15 years ago and don't know what you paid or have records, then....

LeoRavus posted...

What I'm saying is you have to deduct the price you paid for stuff out of what's on the 1099-K to get the income. If you bought it 15 years ago and don't know what you paid or have records, then....

if youre selling something though shouldnt you have a general idea of what you paid which is part of the basis of what you sell it for to begin with? or did you just randomly sell stuff with no real thought behind it? i guess i could see the issue if you did the latter

Ferroseed posted...

if youre selling something though shouldnt you have a general idea of what you paid which is part of the basis of what you sell it for to begin with? or did you just randomly sell stuff with no real thought behind it? i guess i could see the issue if you did the latter

I have things I don't even remember buying, yet alone what I paid. I'm just basing my selling prices on what others are going for on eBay. I could be gaining or losing, but you have to keep your prices within what shit's currently selling for or let it sit there forever.