It’s almost like the Beatles saw this coming.
I’m aware of the situation. Have been for a year. When a alternate decision is made to have my 35+ years of collecting with over 30,000 comics considered “$0 inventory”; which is unreasonable, unfair, and ridiculous, then I’ll consider being reasonable, fair, and appropriate in return.
Sorry IRS - I didn’t keep my receipts as a kid from 1981. No one did 
And my inventory is not $0 because of it
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While the memes are funny let’s not derail ourselves too badly into stating what we do/do not like about the government or taxes. Let’s just discuss the facts of what needs to be done in regards to new laws as I’ve found some links quite helpful when we are on topic.
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Elect new lawmakers is 1A.
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You can just file schedule C as a sole proprietor, which is effectively the same as a single member LLC. Main difference is you won’t get liability protection like an LLC, but you won’t have to pay any fees or file any paperwork to get started.
Just pull up a schedule C on TurboTax or whatever, tally up the 1099s you receive, deduct costs, selling fees, bags/board and other supplies, grading fees and any other misc. costs and you’ll be taxed only on whatever profits remain at whatever tax bracket you’re in.
It’s annoying but it’s manageable.
You can still sell up to $599 on each platform.
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Most tax software these days has an “audit risk” assessment. Curious if filing it this way trips any flags in the program.
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The $600 limit triggers a 1099 being sent to the irs and yourself. You should be paying taxes on sales even if it’s under $600.
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Yup. But those that don’t now have had their threshold upon which they will be held accountable lowered relative to past years.
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There are certain expenses that you shouldn’t be listing, like office space in your home… stuff like that can trigger an audit. But standard expenses and supplies and a profit shouldn’t.
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I have to say that I generally try to follow every rule (and certainly any law) throughout my adulthood.
But I have to say this “well… your 35 years of inventory consisting of over 100 long boxes is considered $0 from a tax perspective since you did not retain the receipts” really really really steams me. It seriously pisses me off. 35 years and 100 boxes and they’re “$0 value” from a tax purchase price perspective?. I can’t deduct any purchase price from those 35 years of purchases? Seriously… anyone keep any receipts from the 1980’s? 1990’s? early 2000’s? I sure didn’t and now I suffer financially for not saving that receipt from (example) 1985. And no, not all my books were purchased for $0.30, $0.40, $0.50, $0.65, etc…
It’s a load of horse 
, it is unfair, it is unreasonable; and it is ridiculous.
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just wait till this time next year, when all the normies start getting 1099k in the mail. gonna be alot of anger
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You got that right.
I’m not so worried about those that are in the know and are aware of this b.s. We’ll adapt and plan accordingly.
But I feel awful for the hundreds of thousands of individuals who don’t know about this 1099K for over $600 of goods. They’re going to be unknowingly rooked in April of 2023. Selling junk in your garage, basement, and attic over $600 can be hazardous to your health and they won’t even know it.
my guess is alot of people will toss the 1099k in the trash
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I can assure you the IRS won’t.
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Funny story - my best friend sold a highly known Original Art cover through Heritage for $40K about 8 - 10 years ago. Was talking to him the other night about this $600 threshold and he informs me (never knew this) that he received a 1099 for that $40K sale of the cover and threw it in the garbage. LOL
Nothing ever came of it. He did not report it. I’m sure he’s just one lucky sonofagun for this instance, but I was a bit shocked to say the least
Def wouldn’t try that this time around. Government needs to get back that stimulus money. I can, however, see politicians possibly ‘forgiving’ or postponing enforcement of the new lower threshold if it’ll help them with voters.
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