In Reply to: Equipment sold online in 2022 will be taxable income! posted by mbnx01 on April 30, 2021 at 14:45:18:
From the attached link -
"What Does This Change Mean For You?
If you're a contractor or an entrepreneur or a company that uses e-commerce platforms like e-Bay to sell or resell products or services, the Payment Settlement Entity (think PayPal or your Credit Card Operator) involved between you and the e-commerce company would send you a 1099-K form.
You will have to read and validate the transactions and adjust your reports accordingly. What may be treated as an income by the merchant entity may not be an income for you. So, you have to be extra conscious about your 1099-K reports and maybe even get expert tax advice from a tax professional. "
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Follow Ups
- I don't know if a hobbyist would be required to pay such a tax. - Goober58 04/30/2120:58:26 04/30/21 (12)
- "expert tax advice from a tax professional" - mhardy6647 04:37:30 05/1/21 (4)
- We are fortunate that we seem to have much expert tax advice just right here at AA... - musetap 11:00:04 05/1/21 (3)
- RE: We are fortunate that we seem to have much expert tax advice just right here at AA... - rivervalley817 13:12:47 05/1/21 (2)
- Well... if I had anything better to do than... - musetap 13:49:48 05/1/21 (1)
- RE: Well... if I had anything better to do than... - rivervalley817 18:43:21 05/1/21 (0)
- RE: I don't know if a hobbyist would be required to pay such a tax. - rivervalley817 21:18:58 04/30/21 (5)
- Many here rapidly jumping to probably inaccurate conclusions. nt. - MWE 10:38:24 05/7/21 (1)
- RE: Many here rapidly jumping to probably inaccurate conclusions. nt. - rivervalley817 15:21:04 05/7/21 (0)
- RE: I don't know if a hobbyist would be required to pay such a tax. - troutbum 05:53:01 05/1/21 (1)
- RE: I don't know if a hobbyist would be required to pay such a tax. - rivervalley817 10:18:26 05/1/21 (0)
- RE: I don't know if a hobbyist would be required to pay such a tax. - Todd Krieger 21:49:20 04/30/21 (0)
- RE: I don't know if a hobbyist would be required to pay such a tax. - pictureguy 21:12:06 04/30/21 (0)