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Taysir385 t1_j1gd9p3 wrote

Reply to comment by KapahuluBiz in IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps by TerpFlacco

> if you go to message boards for landlords,

Also a lot of hobbyist makers (Etsy, et al), collectibles merchants, and flippers.

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tokes_4_DE t1_j1gggnv wrote

Im a collector of a few things and this rule would have absolutely devasted the collectible markets im involved in. Good its being pushed back a year but unless the threshhold is changed to 10/20k as mentioned in the article its still going to ruin the hobby for hundreds if not thousands in my scenes. No one wants to start up and run a small business, reporting on everything they buy sell etc, figure out business deductions, just to buy and sell prints, enamel pins, pokemon cards, etc for fun. Figuring out / understanding taxes for all of it is not simple whatsoever.

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Boollish t1_j1hyej2 wrote

There's some sort of irony, however, in people flipping knockoff unlicensed merch complaining that they now need to follow the law.

As somebody with a few hobbies myself that are infested with flippers, I can't say I'm too mad at this change.

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tokes_4_DE t1_j1hzwdl wrote

Flippers suck, but the flippers in my scenes definitely will exceed the old rule of 20k sales / 200 transactions normally anyway. Meanwhile i have countless single items that would exceed this new rule of 600 dollars. I also have no documentation on all these items, since some are up to a decade old, so how tf do i prove if i sell a canvas painting for say 2k that i paid the same amount for it years ago (and taxes were paid on both the buying and selling side back then). If i cant prove i paid x amount for it, is it treated as pure profit in the business sense? And if so, that means paying a big chunk of taxes ontop of that. The whole thing is just extremely overthetop and is going to hurt hobbyists as much if not more than the flippers.

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