You know, I am amazed that the Govt just loves going after small potatoes.. folks literally just trying to make ends meet .. but the BIG guys, who can afford high priced tax atty's and bury their money in off shore accounts get to make millions and billions. I am on poshmark and havne't sold anything but I am just a low level reseller.
I am still confused about someone who is not a reseller but just listing and selling stuff around your house you no longer use. I did come in below the 5000.00. Most of my items were over 20 yrs old and I was lucky to break even.
If it's just personal stuff you are occasionally selling, that's considered personal rather than business. Although the IRS won't necessarily know that, so if it is above the threshold, you'll have to account for the items on your tax return. Usually the personal stuff is sold for less than you bought it for, so there won't be any tax. You just have to make that clear to the IRS.
$600 and 1 transaction will 100% start Jan 2025! you have had 4 years to GET adjusted to a lower threshold the LAW was passed in 2021 $600 and 1 transaction this was a PHASE in period sorry but 4 years to phase in this LAW $600 and 1 transaction is MORE then enough time for people to get use to it! either deal with it or go back to a brick and mortar 9-5 job self employment tax is Social Security and Medicare tax same tax that an employer at a 9-5 job will take out either weekly or bi weekly depending on how often you get paid at a 9-5 job there is NOT an option NOT to pay that tax its NOT OPTIONAL and it should NEVER have been OPTIONAL or DONE by the HONOR System 99.9% of sellers and gig workers are NOT HONEST and are tax cheats and tax evaders
@@notyourdadscpa NO the irs NEVER said 2024 was going to be $600 and 1 transaction the law was passed in 2021 to be $600 and 1 transaction IRS cant disobey the law so they decided to PHASE it in in 2022 it stayed at 20k and 200 transactions then in 2023 it stated at 20k and 200 as well in 2024 it went to $5k and 1 transaction and Starting in 2025 it will 100% be $600 and 1 transaction LIKE it should have been From the start in 2021 screw all the cry baby tax cheats and tax evaders let them jump ship and go back to a 9-5 job (thing is self employment tax is 1000% social security tax and Medicare tax same tax a 9-5 will take out of an employees check each week or bi weekly (depending on how often you get paid) so they cant escape this if they think they can stop selling and go to a 9-5 job your going to have to pay this tax EITHER WAY) the reason the law was passed Bipartisan (so Republicans democrats and Independents all voted YES on this) because the government finally woke up and realized HOW Many resellers and gig workers were GAMING THE SYSTEM and not paying into social Security and Medicare
@@bennystratton7734 so i buy a guitar for personal use, then decide to sell it and buy another guitar for personal use and now i am cheating taxes. funny right now the pixies where is my mind is playing in the background. did you ever wonder where your mind was/is.
@@chrisclassical7 Does not matter if you buy it for personal use or not if you buy it for $25 and sell if for $75 you made a profit and MUST report it no matter if you get a 1099k or not! and if don't make a profit then you need to prove it with receipts if you cant oh well so sad! again like i said Hobbyist is JUST an invalid excuse to cheat or evade taxes I can care less what you think or feel! "Hobbyist" should not even be an option period end of story! that is what you CLAIM! who are you that we should believe what you say and take you for your word!! prove it with Receipts or pull up your big boy britches and file your taxes like you should have been doing no matter if you get a 1099k or not it use to be on the honor system and 99.9% of resellers are like you dishonest tax cheats and tax evaders THANK god for this new law that was passed in 2021 and should have been implemented in 2022 NOT this CRAP phase in for the whinny cry babies!! let them all jump ship stop reselling and go back to working a 9-5 job! Period End of story! you don't like this Cold hard truth guess what i don't care!
btw you don't want to obey the law (or you want to complain about it) then go sell that item at a flea market where its harder to track Non Digital Payments! period End of story problem solved for you as an alleged hobbyist!
@@notyourdadscpa 5 years is LONG ENOUGH to PHASE IN this threshold those that have done it the right way for decades have nothing to worry about we didnt have anything to worry about in 2021 when the law was passed and we dont have anything to worry about in 2024 2025 or 2026 its the tax cheats and tax evaders that want to hide there income and have done so for years and deaceds that are not crapping there pants good reddens to them hope its a mass exodus like what should have happen in 2021 when the law Should have been 100% implement no need for a phase in for all the cry babies! SO NOPE NO KICKING this down the road you tax cheats and tax evaders have had LONG ENOUGH sorry 5 years is WAY TO LONG to phase in something!
Thank you for all the information! Already on your list to prepare my taxes.
I am glad they’ve lowered the threshold. It should run a lot of dodgy fly-by-nighters off of the platforms.
100% josh
I took the resellers tax academy a couple years ago - is this an updated course? I cannot remember how to access my account :/
Here's the link! courses.notyourdadscpa.com/login
Shoot us an email if you have any trouble
You know, I am amazed that the Govt just loves going after small potatoes.. folks literally just trying to make ends meet .. but the BIG guys, who can afford high priced tax atty's and bury their money in off shore accounts get to make millions and billions. I am on poshmark and havne't sold anything but I am just a low level reseller.
I am still confused about someone who is not a reseller but just listing and selling stuff around your house you no longer use. I did come in below the 5000.00. Most of my items were over 20 yrs old and I was lucky to break even.
If it's just personal stuff you are occasionally selling, that's considered personal rather than business. Although the IRS won't necessarily know that, so if it is above the threshold, you'll have to account for the items on your tax return. Usually the personal stuff is sold for less than you bought it for, so there won't be any tax. You just have to make that clear to the IRS.
why was everybody saying $600 this entire year?
That's what the IRS had been saying, but then they changed it to $5,000 as part of a plan to eventually bring it down to $600.
$600 and 1 transaction will 100% start Jan 2025! you have had 4 years to GET adjusted to a lower threshold the LAW was passed in 2021 $600 and 1 transaction this was a PHASE in period sorry but 4 years to phase in this LAW $600 and 1 transaction is MORE then enough time for people to get use to it! either deal with it or go back to a brick and mortar 9-5 job self employment tax is Social Security and Medicare tax same tax that an employer at a 9-5 job will take out either weekly or bi weekly depending on how often you get paid at a 9-5 job there is NOT an option NOT to pay that tax its NOT OPTIONAL and it should NEVER have been OPTIONAL or DONE by the HONOR System 99.9% of sellers and gig workers are NOT HONEST and are tax cheats and tax evaders
@@notyourdadscpa NO the irs NEVER said 2024 was going to be $600 and 1 transaction the law was passed in 2021 to be $600 and 1 transaction IRS cant disobey the law so they decided to PHASE it in in 2022 it stayed at 20k and 200 transactions then in 2023 it stated at 20k and 200 as well in 2024 it went to $5k and 1 transaction and Starting in 2025 it will 100% be $600 and 1 transaction LIKE it should have been From the start in 2021 screw all the cry baby tax cheats and tax evaders let them jump ship and go back to a 9-5 job (thing is self employment tax is 1000% social security tax and Medicare tax same tax a 9-5 will take out of an employees check each week or bi weekly (depending on how often you get paid) so they cant escape this if they think they can stop selling and go to a 9-5 job your going to have to pay this tax EITHER WAY) the reason the law was passed Bipartisan (so Republicans democrats and Independents all voted YES on this) because the government finally woke up and realized HOW Many resellers and gig workers were GAMING THE SYSTEM and not paying into social Security and Medicare
not hard to go over 5k as a guitar hobbyist.
don't use Hobbyist that is just an invalid excuse to evade or cheat taxes!
@@bennystratton7734 so i buy a guitar for personal use, then decide to sell it and buy another guitar for personal use and now i am cheating taxes. funny right now the pixies where is my mind is playing in the background. did you ever wonder where your mind was/is.
@@chrisclassical7 Does not matter if you buy it for personal use or not if you buy it for $25 and sell if for $75 you made a profit and MUST report it no matter if you get a 1099k or not! and if don't make a profit then you need to prove it with receipts if you cant oh well so sad! again like i said Hobbyist is JUST an invalid excuse to cheat or evade taxes I can care less what you think or feel! "Hobbyist" should not even be an option period end of story! that is what you CLAIM! who are you that we should believe what you say and take you for your word!! prove it with Receipts or pull up your big boy britches and file your taxes like you should have been doing no matter if you get a 1099k or not it use to be on the honor system and 99.9% of resellers are like you dishonest tax cheats and tax evaders THANK god for this new law that was passed in 2021 and should have been implemented in 2022 NOT this CRAP phase in for the whinny cry babies!! let them all jump ship stop reselling and go back to working a 9-5 job! Period End of story! you don't like this Cold hard truth guess what i don't care!
btw you don't want to obey the law (or you want to complain about it) then go sell that item at a flea market where its harder to track Non Digital Payments! period End of story problem solved for you as an alleged hobbyist!
Sounds like this Benny Stratton either works for the IRS, or is a male Karen.
So no word on whether they will kick the can down the road for 2025?
They announced the threshold would be $2,500 for 2025 and then finally $600 in 2026. So we'll see!
@@notyourdadscpa 5 years is LONG ENOUGH to PHASE IN this threshold those that have done it the right way for decades have nothing to worry about we didnt have anything to worry about in 2021 when the law was passed and we dont have anything to worry about in 2024 2025 or 2026 its the tax cheats and tax evaders that want to hide there income and have done so for years and deaceds that are not crapping there pants good reddens to them hope its a mass exodus like what should have happen in 2021 when the law Should have been 100% implement no need for a phase in for all the cry babies! SO NOPE NO KICKING this down the road you tax cheats and tax evaders have had LONG ENOUGH sorry 5 years is WAY TO LONG to phase in something!