Facebook now collecting tax information

[WFO Speedracer]

So I have bought and sold on Facebook marketplace for a while now, mostly because it lists stuff close to you and everone uses it, they always aked if it sold on Facebook or somewhere else, I always wondered why, now on my new Facebook account they wanted all your my information.

I am not comfortable with this. mostly I sell skis on there, the taxes are collected by the state when you register the ski, always have been, that;'s the way it works, I wonder if this may be the death knell for Facebook Marketplace.

Doesn't Facebook have enough personal information on you already , think about that for a minute and get back to me.

 

[WFO Speedracer]

Here is my thinking if you are selling parts that you bought and paid for, that is not income , it's liquidating assets, your personal wealth did not change so why is it taxed ?

I can see it if you are buying supplies to make products to sell;, but yeah they have gone ridiculous, BTW this last load of horsecrap they pushed through is what paid for all those new IRS agents.

 

[Quinc]

I always change mine to "did not sell" so according to facebook I have never sold anything. And when I get a message asking me if I bought something from someone I always put no. Maybe craigslist will become popular again.

 

[WFO Speedracer]

I use Searchtempest, you can set it to search Craigslist, Ebay and now Facebook all at once.

 

[fastgtfairlane]

This shouldn't be a surprise to anyone. Our gubbment has been telling us their plans for years, we just don't listen. It doesn't matter what side you fall on because at the end of the day, they're both just either side of the same eagle.

 

[WFO Speedracer]

So apparently the threshold for submitting 1099 forms on income has been changed, it used to be $20,000 or 200 transaactions. now it's been dropped to $600, yes that was not a typo, if you make $600 selling goods or services online, Ebay, Etsy, Facebook or Craigslist your Government want a piec of it.

If there are any American Indians out there that would like to run for any elected office this year with a platform of reducing government you have my vote !

 

[Big Kahuna]

Dont do the transaction through FB then there is no record of it. Not that difficult!

 

[Mike W]

I always change mine to "did not sell" so according to facebook I have never sold anything. And when I get a message asking me if I bought something from someone I always put no. Maybe craigslist will become popular again.

Same here. None of fascistbooks business.

There is a good reason the current administration is pushing all this crap through. They don’t care because they stole one election, they will do it again.

 

[WFO Speedracer]

Same here. None of fascistbooks business.

There is a good reason the current administration is pushing all this crap through. They don’t care because they stole one election, they will do it again.

Dictatorships always do whatever they have to stay in power, peons be damned.

 

[WFO Speedracer]

Q: Will I have to pay taxes when sending and receiving money on PayPal and Venmo - what exactly is changing?​

Beginning January 1, 2022, the Internal Revenue Service (IRS) implemented new reporting requirements for payments received for goods and services, which will lower the reporting threshold to $600 for the 2022 tax season, from 2021’s threshold of $20,000 and 200 transactions. Here’s some more detail:

• 1099-K Threshold Change:
  • This new Threshold Change is only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, etc.
  • This change was introduced in the American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), like PayPal and Venmo, to report goods and services transactions made by customers with $600 or more in annual gross sales on 1099-K forms. Currently, a 1099-K is only required when a user receives more than $20,000 in goods and services transactions and more than 200 goods and services transactions in a calendar year.

 

[Quinc]

People I know and trust get the friends and family "repaying you for lunch" 800$

 

[WFO Speedracer]

One item of interest I picked up on, if you sell an item or ski for that matter for less than you paid for it it does not count as income, has anyone here actually buit a ski sold it and made a profit ? Of course regardless of how much you lost selling the item you don't get to take the loss on your taxes , see haw that

Who is going to police and how , this is my question, I know I have parts I have held on to for ten years or more, hell I don't even know what I paid for them, I do know I bought them and stored them for ten years plus, space cost money and storage ain't free. !

 

[waxhead]

Does this mean if I make a loss on my personal ski its now a tax deduction. How about if I buy parts for it. they should be a cost right ??? You guys should not have voted Biden in. OK the last part was tongue in check we all know you didn't vote him in

 

[WFO Speedracer]

You don't have to tell me about six years ago the guy I was in business with decided to get a couple of guys in to help him clean up, if you ever saw the place you would understand because this guy was the biggest packrat I have ever seen, well they hepled clean up alright, I ended up having about $15,000 worth of parts go missing Seadoo superchargers, jet pumps, exhaust pipes, about ten aftermarket exhaust systems , everthing from cylinders and ATV heads you name it gone in a flash.

The kicker is I can't caount that as a loss, the only way I can count it as a loss if if I buy a part to replace it with I can count that, so yeah I know, trust me I know. It's ok though now everything I buy is to replace missing parts.