Want to buy or sell something? Check the classifieds

PPFF and the IRS

02 nighttrain

New in Town
Messages
22
Location
Laughlin, Nevada
this is what the article says, "As of 2022, all third-party payment processors in the United States, including Venmo and Cash App, must report payments of more than $600 a year received for goods and services."
now I'm not putting myself out there as an expert or an alarmist, but the way I see it if you're audited for any reason you might have to produce documentation (like if you sold real estate). if you couldn't come up with receipts for how much you paid for the jacket, or whatever you sold, the IRS could disallow all or part of the basis of your sale and make you pay tax on your profits. i know this sounds ridiculous but read the Washington Post article or ask your accountant. friends, I'm just the messenger and it's great to be a part of this group!
 

Guppy

I'll Lock Up
Messages
4,111
Location
Cleveland, OH
Hard to figure depreciation. Flat ten percent a year? It's just breaking in!
I think an estimated "fair market value" is reasonable. Good quality leather jackets tend to hold their value over time. They lose a lot of their retail value as soon as they're sold as new, but then they don't depreciate all that much after that.
 

Staff online

Forum statistics

Threads
102,982
Messages
2,923,021
Members
49,891
Latest member
Zignice
Top