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Paying taxes on what you sell as of 1/1/2022

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When taxes are used to pay for the things we want, they are good- roads, bridges, military, law enforcement, healthcare, fire fighting, paramedics, etc. all is good.

If I buy, or sell an airgun and taxes are collected for these reasons, I am well served. I need these things. We need these things.

Tax payer money that is diverted for things that should be privately supported- art, dance, theater; is what pisses many people off.

I am happy to pay my taxes, when purchasing airguns. I am also happy to vote against anyone who wants to spend that tax money on stoopid stuff.

I think THAT is what we are talking about.


 
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I can just see the line of drug dealers outside IRS office waiting to pay income tax on all the drugs they sold…….hell the legal drug companies aren’t really paying tax even. What kind of crack are they smoking? Must know a good dealer. 


I don’t mind paying taxes but sales tax has to be illegal because it’s double taxation!!! 
 
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I agree, keep your receipts, as most of us are on the losing end, when selling airgun items. That said, it is not as dire as it would seem-

“PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year.”


https://www.paypal.com/us/webapps/mpp/irs6050w





Click to expand...

That is no longer correct. Any amount over $600 on any number of transactions (even just 1) will now generate a 1099K from Paypal. 
 
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I was always under the impression that if money changes hands for goods , taxes was to be paid. Now I just went through an audit by the feds and have no interest in dealing with those folks again. Paypal will soon catch on when they see a spike in F&F transactions , so figure an adjustment again in 3-4 months. Sucks , I sell quite a fair amount each year as I try to customize my hobby to my complete satisfaction , now here comes more regulatory bullpoop. Feds need to suck on it.
 
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Start using cryptocurrency. Monero (XMR) preferably.

If you value your privacy, freedom, and purchasing power, it is the only way.

All your financial institutions have been corrupted by the state and psychopaths - they would probably flag all of the transactions on this forum if they knew what they were for. Using FF is only a VERY temporary solution as PP will catch on and the feds will use it as a justification for further audits/intrusions in the future.

Start using alternative currencies and decentralized finance.

Matter of fact I'll start listing my ad prices in crypto and US$ to normalize it.

I currently have a D34 listed and the asking price is now $200+ shipping, or 1 XMR / 0.0053684647 BTC shipped.

Nico
 
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I'll call this reason 101 why I'll never use PP. As for the tax, unless it is an asset subject to capital gains, real estate, securities, etc, and you are not in the business of selling airguns, I can't see where selling hobby equipment presents a taxable transaction. That said, who knows what some bureaucrat might do with information received. Never get a third party involved in selling such personal items. Just my opinion.
 
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Been running an airgun business since June 2021, and finally went through all my numbers, to see where I stand. After nearly $30,000 in sales, I've only made about $2500, except that is actually just inventory. I have no cash to speak of, until these pellets sell.

Curious if the IRS wants to tax the $2,500 of pellets, or only after they sell. Guess I need to find an accountant.

Per hour, I'm not making very much at all. Pretty crazy! No margins, with Amazon dominating retail, and high fees on eBay.
 
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