THE IRS HAS TAKEN MY TRANSACTIONS VIA PAYPAL AND IDENTIFIED THEM AS TAXABLE INCOME
I had multiple transactions here and at US Audio Mart in 2019 and yesterday received a letter from the IRS stating the transactions were "Taxable Income" anyone else ever experience that with Paypal and now what? Fighting the IRS is not something I look forward to!
Just wondering how much could the tax on the profits of two Primalunas a pair of Klipsch and some Jolida piece be? I get that it sucks but if you can't prove your loss just pay up. Maybe if the IRS had actual funding they wouldn't need to go after audiophiles.
It happened to me. I would like to know why, if I buy a component or speakers ect. at a local hifi shop, pay sales tax, and then sell that item later on, how is recouping some of the money I paid for the item (at a loss) considered income and what happened to the tax I paid at the time of purchase?
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