Ephraim Kibbey
Member
Just a word to the wise:
I have sold on GunBroker but I am more often a buyer.
I depend on the sellers.
This is important for any sellers and businesses that receive payment through Venmo, PayPal etc..
I just saw on the news that the new tax code for tax reporting in April has an added wrinkle (probably more than one!?!)
Last year an individual had to receive $20,000 or more from the cash app folks for them to be required to send you and the IRS a 1099-K reporting what you took in via their platform.
THIS YEAR THE CUT OFF IS $600!!!
That is just ONE nice replica!!!
That means any collector selling just one of their collection could get caught up in this new rule.
Furthermore the IRS has not yet figured out (according to the reporter) how to separate friendly exchanges like "here is the $10 I borrowed from you last week) from income.
Round and round we go!
I have sold on GunBroker but I am more often a buyer.
I depend on the sellers.
This is important for any sellers and businesses that receive payment through Venmo, PayPal etc..
I just saw on the news that the new tax code for tax reporting in April has an added wrinkle (probably more than one!?!)
Last year an individual had to receive $20,000 or more from the cash app folks for them to be required to send you and the IRS a 1099-K reporting what you took in via their platform.
THIS YEAR THE CUT OFF IS $600!!!
That is just ONE nice replica!!!
That means any collector selling just one of their collection could get caught up in this new rule.
Furthermore the IRS has not yet figured out (according to the reporter) how to separate friendly exchanges like "here is the $10 I borrowed from you last week) from income.
Round and round we go!