Why are you specifically worried about the $600 limit? Even if they don’t report the income to the IRS, you’re still legally obligated to pay taxes on the money you made if it hits $600 or not.
The charity donations you can deduct from the tax bill though when all said and done.
I’m with @CRUZZER
Limit to $600. Just a random number that sounds good.
Maybe I did the same; maybe not.
$600… the threshold where the government cares/doesn’t care if you’re breaking the law!
oh I pay it all, I claimed my dividends from Stock that I got
Also got a nice fat raise a month ago.
1st time with Costco that I’m getting paid a Bonus check sometime in April…
My thing was I had a nice return this year but I need to claim dependents so I don’t owe at the current time, even if I have to pay some back later on, I’d rather put it in Savings myself and make interest on it rather than not being able to touch it the whole year and let the Government make interest on it instead of me.
People think getting a return is good, but why are you letting the Government make interest on your money?
If you want to sell books, sell away and pay taxes. It’s really not that big of a deal.
Well, you could be like me and end up paying taxes at the end of the year, because that feels REAL good. 
At least make interest on it though instead of the Government…
delayed…again… 
Doesn’t help me. I live in Maryland. We already have the threshold of $600
You should move…
The delay makes sense and raising it to 5k is a wise move so folks who sell a couple things online at a loss don’t get a 1099 with a $600 threshold. Somebody could sell an exercise bike and some other junk and get slapped with a form, would suck. Sorry your threshold is so low too, @Anthony.
The powers that be (both parties) don’t want an angry electorate getting 1099’s and owing “surprise” taxes during an election year. People in Congress want to stay there as long as possible to live off the hog (us taxpayers) and something like this would cause them to get ousted. It’s the game they play. Ever see a poor politician? They time things up based on the election cycle all the time.
I have been 1099’d for years anyway. I surpass the $20k selling threshold anyway.
Well… just like last year november - time to start listing like a crazy man instead of relying on cash sales only at small shows i setup at
I am going to do more small shows in the future. After doing the flea market recently I really did well.
I started thinking about this the other day…wondering if they’d once again punt for another year.
This was going to be a nightmare for so many, including the IRS. So many people were going to get 1099s that should not…
This isn’t anything new though. You’re suppose to report all income despite if a 3rd party is reporting to the IRS or not… If you haven’t paid taxes in the past on income because they didn’t report it, if you’re ever audited they’ll question every single deposit and you need to provide proof on what and where it came from, etc.
I knew a guy who got audited, it’s not fun. I think he aged about 10 years during the 6 month long process it took. Never give the IRS a reason to audit you, it’s life draining…
This topic has been bantered about quite frequently for a couple years at least.
I think it’s well established what should be done.
It is a welcome relief for those who are willing to play the game; knowing full well the impact if things go awry, in the unlikely scenario it does go awry. I will not say where I stand
That doesn’t matter. Telling people they should have been doing it all along doesn’t help them understand how to do it, nor prepare the IRS for the avalanche once it goes into effect.
You gotta spoon feed people when it comes to the tax code. People are not that smart…and have even much less patience, especially when it comes to suddenly being told they owe more taxes than they thought they did.
A phased approach is smart.
