@thyname:
Don't know if you got my answer to your query (01-11-2022 7:36 PM), before it was so rudely cancelled.
Once again:
https://www.investopedia.com/terms/c/capitalloss.asp
Paypal Changes for 2022
If I understand this correctly, Paypal, along with all on-line payment sources like Venmo, etc. will now be sending out 1099 forms for all payments totaling $600 you receive in 2022 for goods or services. The only way around this is to use Paypal friends and family for payment which eliminates any buyer protections. Is everyone aware of this?
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Some people have a really skewed and fact free notion of how things work. Most of it sounds like a grade school level rationalization of a desire to gaslight people. Good luck with that. Maybe a career writing for right wing news is in order as they have a willing and uncritical following that will eat that crap up. All the best, |
Thanks @rodman99999, I wish these qualify as capital loss, but I am afraid this is too good to be true. More likely a personal item kinda thing, that you cannot take a tax loss for, or a hobby classification. Hopefully a CPA can chime in here. Thank you though |
@thyname- "More likely a personal item kinda thing, that you cannot take a tax loss for, or a hobby classification." Read the second paragraph under, "Who Will Receive Form 1099-K in the Future?", of the article below*. If you are 1099ed: you're being considered in business, to one degree or another. If you're being taxed on the sale of ANY asset, the initial cost of the asset (as well as sales fees, shipping, etc) should be deducted to determine your tax liability, unless you just like paying something you don't owe. Any business I've ever conducted, has been taxed account to profit/loss statements (Schedule C). * https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022 Here's what the current administration would LIKE to do: |
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