Paypal Changes for 2022

Yes they will report and send you a 1099k but for personal items you most likely bought it for a similar price or maybe even more so no gain, no tax.

Notice how Amazon and Ebay now charge the buyer sales tax?

This was not the case before but stems from the Wayfair vs south Dakota ruling in 2018.

For sites that do not collect sales tax I imagine states could use this form to collect thier share.

AND you will pay sales tax always but only the buyer pays. 

That's where this new ruling will get it's money. 

Imagine paying 8% more for everything you buy on Agon?

It seems like this is to help get a little more revenue from cottage type businesses, but will be another way the IRS can flag any one of us. This is just a quick search of the taxes we already pay...

1. Air Transportation Taxes
2. Biodiesel Fuel Taxes
3. Building Permit Taxes
4. Business Registration Fees
5. Capital Gains Taxes
6. Cigarette Taxes
7. Court Fines
8. Disposal Fees
9. Dog License Taxes
10. Drivers License Fees
11. Employer Health Insurance Mandate Tax
12. Employer Medicare Taxes
13. Employer Social Security Taxes
14. Environmental Fees
15. Estate Taxes
16. Excise Taxes On Comprehensive Health Insurance Plans
17. Federal Corporate Taxes
18. Federal Income Taxes
19. Federal Unemployment Taxes
20. Fishing License Taxes
21. Flush Taxes
22. Food And Beverage License Fees
23. Franchise Business Taxes
24. Garbage Taxes
25. Gasoline Taxes
26. Gift Taxes
27. Gun Ownership Permits
28. Hazardous Material Disposal Fees
29. Highway Access Fees
30. Hotel Taxes (these are becoming quite large in some areas)
31. Hunting License Taxes
32. Import Taxes
33. Individual Health Insurance Mandate Taxes
34. Inheritance Taxes
35. Insect Control Hazardous Materials Licenses
36. Inspection Fees
37. Insurance Premium Taxes
38. Interstate User Diesel Fuel Taxes
39. Inventory Taxes
40. IRA Early Withdrawal Taxes
41. IRS Interest Charges
42. IRS Penalties
43. Library Taxes
44. License Plate Fees
45. Liquor Taxes
46. Local Corporate Taxes
47. Local Income Taxes
48. Local School Taxes
49. Local Unemployment Taxes
50. Luxury Taxes
51. Marriage License Taxes
52. Medicare Taxes
53. Medicare Tax Surcharge On High Earning Americans Under Obamacare
54. Obamacare Individual Mandate Excise Tax
55. Obamacare Surtax On Investment Income
56. Parking Meters
57. Passport Fees
58. Professional Licenses And Fees (another form of taxation)
59. Property Taxes
60. Real Estate Taxes
61. Recreational Vehicle Taxes
62. Registration Fees For New Businesses
63. Toll Booth Taxes
64. Sales Taxes
65. Self-Employment Taxes
66. Sewer & Water Taxes
67. School Taxes
68. Septic Permit Taxes
69. Service Charge Taxes
70. Social Security Taxes
71. Special Assessments For Road Repairs Or Construction
72. Sports Stadium Taxes
73. State Corporate Taxes
74. State Income Taxes
75. State Park Entrance Fees
76. State Unemployment Taxes (SUTA)
77. Tanning Taxes
78. Telephone 911 Service Taxes
79. Telephone Federal Excise Taxes
80. Telephone Federal Universal Service Fee Taxes
81. Telephone Minimum Usage Surcharge Taxes
82. Telephone State And Local Taxes
83. Telephone Universal Access Taxes
84. The Alternative Minimum Tax
85. Tire Recycling Fees
86. Tire Taxes
87. Tolls
88. Traffic Fines
89. Use Taxes
90. Utility Taxes
91. Vehicle Registration Taxes
92. Waste Management Taxes
93. Water Rights Fees
94. Watercraft Registration & Licensing Fees
95. Well Permit Fees
96. Workers Compensation Taxes
97. Zoning Permit Fees
98. The tube amp you bought in the heat of summer and sold in the fall! 

@secretguy @jond 

Ok Mr. Do Right, give me a friggin’ break…paying taxes is one thing, this nonsense is a blatant overreach by the govt. I get destroyed in taxes, I’d like to know what snow globe you two are living in. 

@taxguy

I heard about this tax change on YouTube and immediately thought of a couple points:

• Gov is wanting to increase revenue - this is about expanding control
• This will affect mostly low & middle class (tax the ’side-hustle’)
• Gov is prepping for (cashless) digital currency future

My question to you... If audio gear (or anything else we sell) generates one of these 1099’s, does depreciation need to be factored in? That could significantly reduce/eliminate the value of the original cost - resulting in the entire transaction being taxable gain. Example: In 2016, I buy a new amp for $3000. Depreciation schedule for electronics is short (think maybe only a couple years), so in 2022, that item is likely fully depreciated. I sell it in 2022 for $4000 (due to it’s popularity and inflation). Can the gain be offset by the original cost in this case?

@nonoise Americans are always on the lookout for government tyranny, because patriots and government are usually at odds with each other. Governments endeavour to control, while patriots endeavour toward freedom. Example: The 2nd US constitutional amendment provides the right to be free of governmental infringement to maintaining a weaponized civilian militia specifically for the purpose of defending against tyrannical government. US founding fathers had the foresight to prepare for this by making it the 2nd amendment (just after free speach) - that’s how important it is.

This is a nothingburger. How many people routinely make money on their audio sales?