Is this the end of buying/selling parts?
- Tom Keating
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- Location: Jacksonville,Florida
Is this the end of buying/selling parts?
Tom Keating
1964 356C Sunroof
1964 356C Sunroof
- Cliff Murray
- 356 Fan
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- Location: 30 miles west of Phila. PA
Re: Is this the end of buying/selling parts?
Shocking! Our government wants more money from us to pay for their pointless mismanaged wasteful spending? Shocking!
If they expect tax money from me for the parts that I buy or sell privately they will need to show up at my house with the S.W.A.T. team.
If they expect tax money from me for the parts that I buy or sell privately they will need to show up at my house with the S.W.A.T. team.
1957 Speedster
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
- Cliff Murray
- 356 Fan
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- Joined: Mon Apr 07, 2014 11:18 am
- Location: 30 miles west of Phila. PA
Re: Is this the end of buying/selling parts?
The IRS has some other new rules. Drug dealers, burglars, pimps, prostitutes, and others engaged in illegal activities are now required to disclose that information and pay income tax on those "earnings". I am sure they will get lots of takers for that. What seems unfair is that the IRS will not allow deductions for condoms, bullets, crowbars, or any other expense items needed to successfully compete in the crime industry. Think I am kidding? Look it up.
1957 Speedster
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
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- 356 Fan
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Re: Is this the end of buying/selling parts?
Just tell people to send funds Friends and Family. That doesn’t get reported. But yeah, another day in America, cut taxes on the rich and corporations and raise them on the little guy.
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Re: Is this the end of buying/selling parts?
The 'American Rescue Plan Act"...lol-- It always get worse before it gets better--Vote in 2022 like your life depends on it.
1963 T6 couple #212891, motor #*KD*P*730464
- Cliff Murray
- 356 Fan
- Posts: 930
- Joined: Mon Apr 07, 2014 11:18 am
- Location: 30 miles west of Phila. PA
Re: Is this the end of buying/selling parts?
+1Pete Indelicato wrote: ↑Thu Dec 30, 2021 12:26 pm The 'American Rescue Plan Act"...lol-- It always get worse before it gets better--Vote in 2022 like your life depends on it.
1957 Speedster
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
- Doug Darrah
- 356 Fan
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- Tag: PARTS IS PARTS :>)
- Location: Beautiful SW Florida/APL Wisconsin
Re: Is this the end of buying/selling parts?
it's out of control...Guy's want to be girls and vice versa...Illegals have more rights than those born or followed the steps to become LEGAL Americans here in the use to be "Good old USA" ....inflation out of control and now the Party in control decides to steal money from the hard working USA citizens to help pay for more illegals to receive a FREE Check on us, nuff said.
- Don Gale
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Re: Is this the end of buying/selling parts?
Not to worry. You can always deduct the cost of the sale by factoring inventory storage cost, PayPal fees, packaging, shipping, transportation to the shipping facility, etc. I sell BMW m30 valve train spraybar banjo bolts for an average net profit of $ 0.01 per bolt. So far, I've never accumulated a net profit over $600 in any given year. "Can't go broke making a profit".
1958 356A 1600 Super Sunroof Coupe
former 1966 Euro 912 Sunroof
former 1978 Intermeccanica Speedster w/'68 912
Member Since 1983, #4039
"Nostalgia isn't what it used to be"
former 1966 Euro 912 Sunroof
former 1978 Intermeccanica Speedster w/'68 912
Member Since 1983, #4039
"Nostalgia isn't what it used to be"
- Doug McDonnell
- 356 Fan
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- Location: Augusta,Michigan
Re: Is this the end of buying/selling parts?
IRS Audit rate was 0.2% in 2020. And 44% of the Audits were of people with low enough income to use the Earned Income Tax Credit. If you are rich enough you just "borrow" from your 401K. Viola NO tax owed, Nuff said.
1965 356C 2000 BMW 740i Sport 1967 Honda CL77 There is never enough time to do it right, but always enough time to do it over.
- Mark Roth
- 356Talk Moderator
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- Location: Houston, Texas
Re: Is this the end of buying/selling parts?
Doug,
You can't borrow from your 401K for living expenses. The very rich can borrow against their stock holdings with an interest only loan at a low rate. Stock appreciation would offset the interest so overall they are ahead and no tax. Even roll the interest payment into a bigger loan. In one company I have stock in, Kinder Morgan, the CEO gets over $250,000,000 (that's million!) a year in dividends from the company and pays capital gains tax rates on that income. 23.8% No state income tax in Texas. Richest 0.1% get richer.
All,
Ebay is a major platform for fencing stolen merchandise. Looks like the 1099-K will be a major PITA for occasional sellers. I found this on the TurboTax website. Hope it helps.
posted
February 4, 2021 7:45 AM
last updated February 04, 2021 7:45 AM
1099-K from Paypal and I don't have a business
I have received PayPal money transfer from a friend which I transferred back to him via MoneyWise later. It was just borrowed money and not an income. It was recorded as payment by PayPal and now I have 1099-K. How do I enter this in TurboTax online?
22 3,244
1 Best answer
Hal_Al
Level 15 Hal_Al
Level 15
February 4, 2021 9:22 AM
Q. Is there a way to do it without claiming it as an income?
A. Yes. You have to use a workaround in TurboTax.
Notice that there is no specified place, in TurboTax (TT) for a 1009K. That's because you are supposed to know what the income is for.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income
- On the next screen, click yes
- On the next screen, you'll get blanks to enter the amount and a description. It will go on line 8 of Schedule 1 as "Other Income". Suggestion for description: erroneous income on 1099K
When that's done, do it again (a 2nd entry). This time make it a negative entry; put a minus sign (-) in front of the amount. Suggestion for description: erroneous income on 1099K offset
View solution in original post
You can't borrow from your 401K for living expenses. The very rich can borrow against their stock holdings with an interest only loan at a low rate. Stock appreciation would offset the interest so overall they are ahead and no tax. Even roll the interest payment into a bigger loan. In one company I have stock in, Kinder Morgan, the CEO gets over $250,000,000 (that's million!) a year in dividends from the company and pays capital gains tax rates on that income. 23.8% No state income tax in Texas. Richest 0.1% get richer.
All,
Ebay is a major platform for fencing stolen merchandise. Looks like the 1099-K will be a major PITA for occasional sellers. I found this on the TurboTax website. Hope it helps.
posted
February 4, 2021 7:45 AM
last updated February 04, 2021 7:45 AM
1099-K from Paypal and I don't have a business
I have received PayPal money transfer from a friend which I transferred back to him via MoneyWise later. It was just borrowed money and not an income. It was recorded as payment by PayPal and now I have 1099-K. How do I enter this in TurboTax online?
22 3,244
1 Best answer
Hal_Al
Level 15 Hal_Al
Level 15
February 4, 2021 9:22 AM
Q. Is there a way to do it without claiming it as an income?
A. Yes. You have to use a workaround in TurboTax.
Notice that there is no specified place, in TurboTax (TT) for a 1009K. That's because you are supposed to know what the income is for.
In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in Home & Business)
- Wages & Income
Scroll down to:
-Less Common Income
-Misc Income, 1099-A, 1099-C
- On the next screen, choose – Other reportable income
- On the next screen, click yes
- On the next screen, you'll get blanks to enter the amount and a description. It will go on line 8 of Schedule 1 as "Other Income". Suggestion for description: erroneous income on 1099K
When that's done, do it again (a 2nd entry). This time make it a negative entry; put a minus sign (-) in front of the amount. Suggestion for description: erroneous income on 1099K offset
View solution in original post
Mark Roth
65 C Cab (Black/black)
65 C Cab (Black/black)
- Wes Bender
- 356 Fan
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- Location: Somewhere in the Gadsden Purchase, USA
Re: Is this the end of buying/selling parts?
When you buy stuff, keep ALL the receipts. You might need them later to establish a basis.
Some days it's just not worth chewing through the restraints.....
- Cliff Murray
- 356 Fan
- Posts: 930
- Joined: Mon Apr 07, 2014 11:18 am
- Location: 30 miles west of Phila. PA
Re: Is this the end of buying/selling parts?
I have been saving receipts for decades. I have them filed by supplier, not the vehicle. If faced with an audit I will say they all apply to whatever car is in dispute and they will just have to prove me wrong. Visit me in prison.Wes Bender wrote: ↑Fri Dec 31, 2021 2:06 pm When you buy stuff, keep ALL the receipts. You might need them later to establish a basis.
1957 Speedster
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
1959 Sunroof
1960 Devin D Porsche racer
1963 GS2133 Coupe
1967 911S
2003 575M
Various vintage motorcycles
- Adam Wright
- Classifieds Monitor
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- Joined: Wed Mar 12, 2008 1:00 am
- Tag: KTF
Re: Is this the end of buying/selling parts?
This isn't new, Paypal has been sharing info with the IRS for years. They came after me a few years ago because they connected my Paypal to my social, not my business so they said I was only half reporting, except my brother was reporting the other half and paying the taxes on it. I worked it out but it was obvious they had full access to how much I was making, and wanted their cut, which ironically they already had.
www.unobtanium-inc.com
Check out my Barn Find column in the Registry magazine, always looking for good stories.
Check out my Barn Find column in the Registry magazine, always looking for good stories.
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- 356 Fan
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Re: Is this the end of buying/selling parts?
80,000 new agents
Of course, the IRS will have 80,000 new agents and the bank account information of taxpayers so taxpayers will be at a disadvantage even if they understand the law. The IRS has proven unwilling or unable to protect taxpayer data. They like to go after people with a R next to voting? If the real men don't stand up, the whole world is under China control.
Of course, the IRS will have 80,000 new agents and the bank account information of taxpayers so taxpayers will be at a disadvantage even if they understand the law. The IRS has proven unwilling or unable to protect taxpayer data. They like to go after people with a R next to voting? If the real men don't stand up, the whole world is under China control.
- Doug McDonnell
- 356 Fan
- Posts: 6084
- Joined: Sat Apr 05, 2008 8:21 am
- Location: Augusta,Michigan
Re: Is this the end of buying/selling parts?
80,000 new agents? What are you smoking? Budget Cuts Have Reduced Enforcement Staff by 31 Percent Since 2010Thomas Eberlin wrote: ↑Mon Jan 10, 2022 1:14 pm 80,000 new agents
Of course, the IRS will have 80,000 new agents and the bank account information of taxpayers so taxpayers will be at a disadvantage even if they understand the law. The IRS has proven unwilling or unable to protect taxpayer data. They like to go after people with a R next to voting? If the real men don't stand up, the whole world is under China control.
Last edited by Doug McDonnell on Mon Jan 10, 2022 1:51 pm, edited 1 time in total.
1965 356C 2000 BMW 740i Sport 1967 Honda CL77 There is never enough time to do it right, but always enough time to do it over.