The intent is to collect tax from people who are generating income (PROFIT) through sales. I've hear of this person. They were last seen riding into the sunset on their Unicorn. 🤣
DId you get that paperwork from the IRS about purchasing? over $600.00
So a friend of mine told me that if you purchase anything with pay pal and it is over $600.00 you will get a form from IRS and you will have to cut them a check.is this true? and does that mean I can't purchase from Ebay or any other audio site? say it ain't so.
Showing 2 responses by bigtwin
@socalml528 Revenue agencies generally look with great skepticism at claimed "business expenses". The test of a legitimate business is the expectation of earning a profit. Trying to write off expenses that exceed any profit earned is just asking for an audit. I have to guess that 99.9% of the members on these sites, when actually selling anything, are doing it at a loss. Keep all your original receipts for insurance and the tax department on the off chance you are ever asking to prove are not earning taxable income. Mostly this appears to be a tempest in a teapot. |