Submitted by TerpFlacco t3_zttcoz in news
Boollish t1_j1hyej2 wrote
Reply to comment by tokes_4_DE in IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps by TerpFlacco
There's some sort of irony, however, in people flipping knockoff unlicensed merch complaining that they now need to follow the law.
As somebody with a few hobbies myself that are infested with flippers, I can't say I'm too mad at this change.
tokes_4_DE t1_j1hzwdl wrote
Flippers suck, but the flippers in my scenes definitely will exceed the old rule of 20k sales / 200 transactions normally anyway. Meanwhile i have countless single items that would exceed this new rule of 600 dollars. I also have no documentation on all these items, since some are up to a decade old, so how tf do i prove if i sell a canvas painting for say 2k that i paid the same amount for it years ago (and taxes were paid on both the buying and selling side back then). If i cant prove i paid x amount for it, is it treated as pure profit in the business sense? And if so, that means paying a big chunk of taxes ontop of that. The whole thing is just extremely overthetop and is going to hurt hobbyists as much if not more than the flippers.
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