eBay tax reporting changes

No. When I go to Walmart and buy a TV if that TV is priced 179.99 that's the total. See this grocery store receipt as an example. No sales tax. Also, we don't have a state tax taken from our paycheck. Just federal. No pesky state tax to file at the end of the year. Also, no law requiring you to carry car insurance. And no law requiring you to wear a seat belt. As added bonuses to living here!

 

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One thing that few know about is that the IRS and State Revenue Departments will spend a $100 to catch a $1 debt. It doesn't sound right, but they want us to be afraid to hide income, because they will catch you if they see even an effort not to report a $1 of income.
I was a very poor college student, married with 2 children in 1973. My children were in a day care because my wife had to work to support me while I was in college. I had been honest in doing my taxes for many years. Well, in 1975, I got the dreaded malila envelope saying I had my tax return reviewed and that my deduction for child care was disallowed because to deduct child care both parents have to be gainfully employed. Although my wife was working a full time job, I was in school and was only working part-time. I was told that because I was only working part time, I did not qualify to have child care. I appealed, but lost. I had to pay another $600 in taxes. The next taxable year, full time college students qualified for child care. Now, that tells you how close they look at your returns and now, with computers, they are even more fastidious tax auditors are, especially if a president is giving away trillions of dollars. I have to pay about $3K each year in taxes. I am so thankful for the EIPs.

 

Ahhhh! New Hampshire. I think Texas and Louisiana didn't have sales tax and/or state income tax because of all the oil revenue. Is that correct?

 

LOL, you have no idea what it's like to live in a heavily taxed state like Calif. Over here they would love to tax how much air you breath.

 

Well that does it I think I am done with ebay the end of this year. Some of my coins I bought over 20 years ago and have no record. That also means you'll have to keep shipping receipts, sounds fun.
Where do we sell now, put an ad in the classifieds?

 

I wanted to read the whole thread but it's late, I'm tired and I'll just put my two cents in (for what it's probably not worth). I don't mind paying my fair share of taxes as long as they're put to good use. The key part of that is "as long as they're put to good use".

 

My wife is from California. I'm familiar. But I'll tell you, I came here from Illinois 5 years ago. Didn't even know there was a place with no state tax. I would have moved here at 18 if I knew all this. I just got a raise yesterday. I'm now making twice an hour what I made in Illinois 5 years ago and was pretty much topped out. When I left there I had one car load of stuff. I now own coins that I paid more for than an entire weeks illinois pay. I own coins that I paid more for than i paid for the car i drove here... I'm talking gross even, not take home. That's one state that I think should be top ten worst. I think I heard when they did census it was one of the top states that lost people.

 

Yea when I first came here I worked in Maine. About a year. It was a pay raise just switching jobs to NH. They were taking about 35 a week in state taxes. If you had no kids it was like 50 a week they take. It just sucks in this state when you are laid off for the winter like I am each year. The unemployment pay is lower because of the lack of state tax.

 

Flea markets! That's what I'm thinking.

 

In 1978, I had a job offer with the University of Southern California. I would be getting closer to half more income if I took the job. My parents and siblings lived in California, but I had been living in North Carolina for about 7 years. Anyway, after traveling on their freeways and saw the cost of a house (I bought my house with 1600 sqft for $34K and a house like it was over $100K in California.) I left California and when I flew into Raleigh-Durham Airport with all the trees, I decided, I would never live in California. They hounded me for about 2 weeks until I finally told them that I could never live in their state. My property tax in NC is $2,400.

 

I got my undergrad degree (computer science) in 1984. I thought seriously about getting a job in California, with California wages, and just living like a grad student while I worked it, socking away money so I could come back East and live like a king. Who knows what would've happened if I'd done it, but I'm happy with the life I built here.

 

I've always wondered for states with no income tax, how do they pay for public services and government? Money has to come from somewhere.

 

Part of my job was travelling to New Orleans. I was surprised when I bought some things at the grocery store. It's been a while, but North Carolina sales tax was about 4 cents (it's now 7 cents per dollar) When I question why no sales tax, I was told that the oil industry paid enough to support the state. I'm not sure how that goes, but I've not lost much in New Orleans.

 

That California house that cost $100,000. back in 1978 is now worth way over a million dollars and that house in North Carolina is still only worth $34,000.

 

Alaska get so much oil money that they flat-out pay a dividend to residents. They also have high BEER taxes.

Florida has tourists.

Nevada taxes alcohol and gambling, so they're all set.

South Dakota has high taxes on cigarettes and alcohol. It also has fairly high sales and property taxes.

Texas has high sales and property taxes.

Basically, they just find other ways to get their money. They also tend to underspend on public services, especially education and infrastructure.

 

The state of Nevada has no income tax because of gambling revenue from gamblers that come from my state of California. If California ever legalized major casino style gambling, Nevada would go broke

 

I only had that house for about 4 years until I took a job in Atlanta. I got $64K for the house. The house I bought in Atlanta cost me $94K. I only stayed in Atlanta 5 years. I sold that house for $110K. The house I bought in North Carolina cost me about $120K. After a year, my wife kicked me out so she hung with her high school sweetheart. That was the best time I ever had after all my children were grown and I got away from there. I don't want to sound like I was glad what happened to her. She married him and a year latter, he died from brain tumor or whatever and she was left out in the cold. I ended up marrying a lady that I knew when she was 18 and I was 21. She was dating a nice guy and would probably married him, but he was killed in Vietnam. Last year, she went to Utah for a memorial. I knew him too. I had 2 sisters and they were always bringing home some G.I.s from church to eat with us. I would have gone too, but I had 6 dogs at the time. ( I just lost one and another one is bad off.
Sorry, guys. The subject of coin collecting goes out to many venues. Thank you for all you help us with.

 

Fortune 500 companies set up dummy headquarters overseas and avoid paying US taxes on 2.6 trillion dollars, and our government thinks that their efforts are best put towards making sure that people pay taxes when buying/selling used items and collectables on Ebay? Am I crazy in thinking that there is something wrong with this picture?

I'm all for people paying their taxes, the extreme benefits of society would go away if we did not. However, collecting coins, baseball cards, fishing lures, etc, etc are hobbies that I do for fun. I use Ebay from time to time when selling a cull that I've upgraded, or when shifting my focus from one collection to another, but I never buy items with the intention of making money when I sell them. I have made money on various items, but if I have to compile paperwork and fill out extra tax forms, etc, etc to account for that, then it defeats the purpose of having accumulated the items to begin with (supposed to be fun).

Besides, any money that I ever make on a collectible just goes into buying other collectables. Would I be expected to pay taxes if I traded one coin for another? Why does it matter if there are Ebay transactions in between?

 

The problem is they overspend and are broke.
Now they want to dig deeper Into the pocket they already have their hand in and reach around to the other pocket calling it a transaction tax.
Your supposed to get a good feeling about the reach, but you dont.