 On Line Selling Deduction Returns, Congress Restores $20K Deduction |
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| 914Sixer |
 Jul 25 2025, 06:09 AM
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914 Guru  Group: Members Posts: 9,203 Joined: 17-January 05 From: San Angelo Texas Member No.: 3,457 Region Association: Southwest Region 
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No longer worry about selling stuff on line for the first $20k.
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| GregAmy |
Jul 25 2025, 06:42 AM
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Advanced Member Group: Members Posts: 2,518 Joined: 22-February 13 From: Middletown CT Member No.: 15,565 Region Association: North East States
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QUOTE(914Sixer @ Jul 25 2025, 07:09 AM)  No longer worry about selling stuff on line for the first $20k. Uuum....that only reverts the 1099-K reporting requirement. You're still required, by law, to report the income on your tax return (that was never changed). Note that the IRS has the ability to review your banking records, quite easily in fact. That's why Zelle was waivered from these tighter 1099-K requirements. - Certified tax preparer... |
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| mate914 |
Jul 25 2025, 07:13 AM
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Matt Group: Members Posts: 876 Joined: 27-February 09 From: Eagles mere, PA Member No.: 10,102 Region Association: North East States
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Yay, will take the win! Next for the chopping block......
QUOTE(914Sixer @ Jul 25 2025, 08:09 AM) No longer worry about selling stuff on line for the first $20k. |
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| sixaddict |
Jul 25 2025, 06:59 PM
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Senior Member Group: Members Posts: 960 Joined: 22-January 09 From: Panama City Beach, FL Member No.: 9,961 Region Association: South East States
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| rick 918-S |
Jul 26 2025, 02:41 PM
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#5
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Hey nice rack! -Celette Group: Members Posts: 21,028 Joined: 30-December 02 From: Now in Superior WI Member No.: 43 Region Association: Northstar Region 
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Can I report the loss when I sell used parts i stored for years too. Seriously who in their mind would report an occasional sale of used stuff they no longer have use for. (IMG:style_emoticons/default/screwy.gif) glad there is finally some common sense back in town.
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