Bad Paypal 1099

[Heirphoto]

Even if the IRS has delayed this for one more year you might want to check your state tax laws too. Maryland put it in effect for the 2021 tax year and several states have done the same (Virginia, Illinois, Massachusetts and Vermont) so best not to be surprised later.

 

[dericdesmond]

 

[NPT]

It shouldn't be that hard to do! ( ...says me, who has never organized any events except Community Watch meetings and cookouts )

1. Ask everyone who is interested in a Knife Swap Meet to send a message indicating their interest.
2. Group the replies according to geographic location.
3. Determine which geographic areas have enough interest - I would think to be practical you would need interest from 25-30 people to make sure that at least 10 or more will show up - but I am not an event planner, so what do I know?
4. Ask for two volunteers from each geographic area with enough respondents to be the coordinator/organizers for that area. That way if one organizer has an emergency, health or work issue that interferes, the remaining organizer can find another volunteer to continue event planning and execution.
5. The two organizers look at the geographic location of their area, and determine a central or strategic city/location for the swap meet. Then they figure out which two to three dates work for themselves - remember, they HAVE to be onboard and present! - then present those two dates to all the respondents and ask them to pick the date that works best for each respondent, and whether or not they are willing to commit to attend on those dates.
6. If enough respondents are willing to commit to a certain date and location, find a venue in that city/location and determine the cost of same. Sometimes certain civic/government (parks and recreation, community center, etc), organizations (Civitan, Ruritan, Chamber of Commerce, churches, etc) or other groups may have low cost facilities available for use (daily rental or user fee).
7. If a suitable, affordable venue is available, take the cost of the venue and divide it by the number of respondents who have committed to attend, and ask them for advance payment to secure the facility.
--- EXAMPLE: 12 respondents. City Parks and Recreation Dept has a facility available that can seat 20 people and still have room for at least 3 or 4 standard 8'x4' tables for $75/day. $75/12 respondents = $6.25 per respondent. There is room for at least 5 more attendees, so 5 more slots can be sold for $8 each. If they all 5 sell, $40 has been recovered. The organizers could keep $10 each for their trouble, and the other $20 could be used to purchase bottled water and sodas (coffee?) for the event.

I am using the bare minimum numbers above. The more knifeknuts who respond, the less each one has to pony up to pay for the venue. Of course, you might need a bigger venue.... so...?

WILD CARD: If you can get an organization to provide you with a venue for free, or super cheap - JUST DO IT!

The above is just an example, but it shouldn't be THAT hard to do... if someone is a good organizer and really wanted to do it.

If someone decides to do one in my area, I'll sign up.

Last year I discovered that there are a LOT of people on a FB group that I'm part of where the swap meets are generally held WAY out of our region. I asked if there was any interest in a NE swap meet. There was quite a bit. So, I planned it. I asked for commitments to attend at $25 a head, which included a portable potty (it was at my house), and a cookout lunch. I got about 25 people to say I'll come, but after the point of no return, all but about 10 backed out. Apparently, there were a lot of dogs to walk and Grandmas that needed sponge baths... Lesson learned.

 

[rje58]

Last year I discovered that there are a LOT of people on a FB group that I'm part of where the swap meets are generally held WAY out of our region. I asked if there was any interest in a NE swap meet. There was quite a bit. So, I planned it. I asked for commitments to attend at $25 a head, which included a portable potty (it was at my house), and a cookout lunch. I got about 25 people to say I'll come, but after the point of no return, all but about 10 backed out. Apparently, there were a lot of dogs to walk and Grandmas that needed sponge baths... Lesson learned.

I completely understand! I'm sorry that happened to you.

If you look back at my post, I stated "( ...says me, who has never organized any events...)"

and more importantly:

"7. If a suitable, affordable venue is available, take the cost of the venue and divide it by the number of respondents who have committed to attend, and ask them for advance payment to secure the facility."

How did things go for the 10-12 people (or so) who attended? Or did you have to cancel?

 

[NPT]

Nope, had the event. I was disappointed, and felt bad one of the guys came from KY to NH. But, people seemed to have a good time. I did ask for solid commitments, but no cash up front. Ultimately, I laid out about $200 ish, seeing as how there was no venue charge, (my house). I Got most of my money back, but it wasn't like was hoping for. Won't be doing that again.

My main point is that suspect that unless you have a well known and documented event, like Burning Man, you will get a lot of flakees. People are in general all talk and no action.

 

[rje58]

Nope, had the event. I was disappointed, and felt bad one of the guys came from KY to NH. But, people seemed to have a good time. I did ask for solid commitments, but no cash up front. Ultimately, I laid out about $200 ish, seeing as how there was no venue charge, (my house). I Got most of my money back, but it wasn't like was hoping for. Won't be doing that again.

My main point is that suspect that unless you have a well known and documented event, like Burning Man, you will get a lot of flakees. People are in general all talk and no action.

Understood. That's why I would say if you can't collect the necessary funds in advance - pass.

I wish there were a lot more swap meets, and knife get-togethers, though.

 

[NPT]

I'd hazard a guess that it might work out better if there was support and official blessings from an entity such a BF. Ultimately, the money I was risking wasn't a big deal. I was more disappointed that it wasn't the killer event I had built up in my head, LOL.

 

[sharpsteveo]

Interestingly, both Ebay and TurboTax now have current pages addressing this topic:

Do I have to report personal items that I sold at a yard sale?

You only need to report personal items that you sold if they were sold for more than what you originally paid. Let's say you purchased a vintage nut grinder for

ttlc.intuit.com

1099-K and Tax Withholding FAQs | Seller Center

Starting on Jan 1, 2022, IRS regulations require all businesses that process payments, including online marketplaces like eBay, to issue a Form 1099-K for all sellers who receive $600 or more in sales

pages.ebay.com

I'm not an accountant (etc.), but "selling personal items at a loss" sounds like most knife sales here. In that case, this would seem to be a minor filing chore with limited, if any, financial impact.

Folks capitalizing on hype to sell at a profit, and flippers, would have income to report (which was already the case).

I started selling off much of my collection, at a definitive loss, at the beginning of 2023. I've sold 94 knives for approx. $19k so far. I wonder if that amount would trigger the IRS to look at these sales. I only started keeping receipts the last 3 years, but started buying knives in October of 2015. I have email receipts from Bladehq, Knifecenter, etc. but they only go back to 2017.
I do my own taxes, they're very simple, but I guess I'm going to need to consult with a tax professional next year.

 

[DocJekl]

I started selling off much of my collection, at a definitive loss, at the beginning of 2023. I've sold 94 knives for approx. $19k so far. I wonder if that amount would trigger the IRS to look at these sales. I only started keeping receipts the last 3 years, but started buying knives in October of 2015. I have email receipts from Bladehq, Knifecenter, etc. but they only go back to 2017.
I do my own taxes, they're very simple, but I guess I'm going to need to consult with a tax professional next year.

We shouldn't have to prove "not income" to the government for selling our own sh.. er, stuff that was already taxed, that isn't real property like real estate, or stocks and bonds, etc.

 

[sharpsteveo]

I agree. The government squeezing every bit out of the little guys while the wealthy get away with murder. It's total b.s.

 

[toker]

I started selling off much of my collection, at a definitive loss, at the beginning of 2023. I've sold 94 knives for approx. $19k so far. I wonder if that amount would trigger the IRS to look at these sales. I only started keeping receipts the last 3 years, but started buying knives in October of 2015. I have email receipts from Bladehq, Knifecenter, etc. but they only go back to 2017.
I do my own taxes, they're very simple, but I guess I'm going to need to consult with a tax professional next year.

If you don't have the receipts, just print out a website page listing the MSRP of the knife and keep that proof. I'm guessing you didn't sell too many knives above MSRP, so you wouldn't have made any profit/income on those knives. Nothing wrong with consulting with a tax professional, but they're most likely going to give you the same advice.

 

[Heirphoto]

I started selling off much of my collection, at a definitive loss, at the beginning of 2023. I've sold 94 knives for approx. $19k so far. I wonder if that amount would trigger the IRS to look at these sales. I only started keeping receipts the last 3 years, but started buying knives in October of 2015. I have email receipts from Bladehq, Knifecenter, etc. but they only go back to 2017.
I do my own taxes, they're very simple, but I guess I'm going to need to consult with a tax professional next year.

Unless you live in one of the already "extra taxed" states and you stay under the $20K and 200 transactions you "should" not be getting a 1099, BUT, at least one other person on BF stated he does not live in one of the select states and did not go over $20k and still got a 1099

 

[sharpsteveo]

Unless you live in one of the already "extra taxed" states and you stay under the $20K and 200 transactions you "should" not be getting a 1099, BUT, at least one other person on BF stated he does not live in one of the select states and did not go over $20k and still got a 1099

Do you know if Florida is an extra taxed state?
And what does that mean? That I'm supposed to collect sales tax? Thanks for any info you can provide, appreciate it greatly.

 

[Peter Hartwig]

I’ve stopped buying knives lots of times.

Do you know if Florida is an extra taxed state?
And what does that mean? That I'm supposed to collect sales tax? Thanks for any info you can provide, appreciate it greatly.

I believe it applies in some states that have a state income tax, which Florida does not. When, or if the federal income tax kicks in for these sales we will all get a 1099 f.orm

 

[sharpsteveo]

Thanks.

 

[Thomas Linton]

We shouldn't have to prove "not income" to the government for selling our own sh.. er, stuff that was already taxed, that isn't real property like real estate, or stocks and bonds, etc.

Public officials should be honest. Then there is the real World.