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F2F Sales......CAUTION

cmaliszecmalisze Posts: 2,634
in Given To Fly (live)
I believe TM will now issue sellers a 1099 tax form when selling. 
This may be another hurdle for the F2F platform. 
Beware when selling as you may have to pay taxes on the sale. 

Comments

  • JOEJOEJOEJOEJOEJOE Posts: 10,656
    if you show the price originally paid as an expense, there is no tax effect
  • ninjadaveninjadave Jtown PA Posts: 151
    and only if your total sales are over $600 thru them will they issue the 1099 but yes, you have cost of the same unless you are in NY and selling at a profit then you will have to deal with it somehow...I'm a CPA and you can thank the "current" moron in charge for this. 
    ~ ninjadave ~
    2003 - State College 5/3
    2006 - Cleveland 5/20 and Pittsburgh 6/23
    2008 - Washington DC 6/22
    2009 - Philly Spectrum 10/28, 10/30 and 10/31
    2010 - Columbus 5/6 and Cleveland 5/9
    2011 - Philly [EV] 6/25 and PJ20 9/3-4
    2013 - Pittsburgh 10/11, Buffalo 10/12, Philly 10/21-22 and Baltimore 10/27
    2014 - Detroit 10/16
    2016 - Philly 4/28-29 and Philly [TotD] 11/5
    2020 - Baltimore 3/28
    2022 - Ottawa 9/3 and Camden 9/14
    2023 - Indianapolis 9/10
    2024 - Philly 9/7-9 and Baltimore 9/12
  • JOEJOEJOEJOEJOEJOE Posts: 10,656
    I am also a CPA.

    Do you really think the person in charge implemented the new 1099 requirements?
  • ninjadaveninjadave Jtown PA Posts: 151
    it was in the bill they passed in 2021 called the American Rescue Act and the last time I checked, the only way anything becomes LAW (GENERALLY) is when the President SIGNS the bill. Ya congress passed the bill, obviously, but he signed it. Since he wanted to look at every transaction over $600 IN EVERYONE'S BANK ACCOUNT, i guess I do put the blame on him on this one.....are you saying he has no input on the agenda?

    i was specific with my wording by saying the CURRENT moron....they are all morons if you want to know how I really think....
    ~ ninjadave ~
    2003 - State College 5/3
    2006 - Cleveland 5/20 and Pittsburgh 6/23
    2008 - Washington DC 6/22
    2009 - Philly Spectrum 10/28, 10/30 and 10/31
    2010 - Columbus 5/6 and Cleveland 5/9
    2011 - Philly [EV] 6/25 and PJ20 9/3-4
    2013 - Pittsburgh 10/11, Buffalo 10/12, Philly 10/21-22 and Baltimore 10/27
    2014 - Detroit 10/16
    2016 - Philly 4/28-29 and Philly [TotD] 11/5
    2020 - Baltimore 3/28
    2022 - Ottawa 9/3 and Camden 9/14
    2023 - Indianapolis 9/10
    2024 - Philly 9/7-9 and Baltimore 9/12
  • JOEJOEJOEJOEJOEJOE Posts: 10,656
    ninjadave said:
    it was in the bill they passed in 2021 called the American Rescue Act and the last time I checked, the only way anything becomes LAW (GENERALLY) is when the President SIGNS the bill. Ya congress passed the bill, obviously, but he signed it. Since he wanted to look at every transaction over $600 IN EVERYONE'S BANK ACCOUNT, i guess I do put the blame on him on this one.....are you saying he has no input on the agenda?

    i was specific with my wording by saying the CURRENT moron....they are all morons if you want to know how I really think....
    Of course he has input on the agenda, however, I don't think he was the one who actually suggested that there be more rigid tracking of income.

    I am sure there are many bills that are approved without him perusing them in full.
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