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<p>[QUOTE="Jim-P, post: 7414613, member: 118020"]That IRS report linked to the NYtimes article is a hard read. I'm sure if I tried to read it after lunch I would fall asleep. No mention of gig economy or people working under the table, just lumps the biggest group of evaders as nonfarm proprietors.</p><p><br /></p><p>The IRS should tap into USPS transactions to help them identify who might need a closer look. Anyone that does substantial web-based or mail-order business doesn't waste time waiting in line at the PO. A very large number of Click-N-Ship transactions without complementing amount of capital gain indicated on Form 1040 could be a flag. And since the 1099-K includes shipping costs but doesn't show them, the USPS numbers could also be considered an offset to 1099-K Box 1 payment passthroughs.</p><p><br /></p><p>Not so much with coins but I sold a few new old stock antique car parts on ebay such as wheel opening moldings and body side moldings. A substantial amount of the total cost captured on the 1099-K actually went to shipping expenses. I'll still report internet sales income to the IRS, but it will be nowhere near the amount shown on the 1099-K.[/QUOTE]</p><p><br /></p>
[QUOTE="Jim-P, post: 7414613, member: 118020"]That IRS report linked to the NYtimes article is a hard read. I'm sure if I tried to read it after lunch I would fall asleep. No mention of gig economy or people working under the table, just lumps the biggest group of evaders as nonfarm proprietors. The IRS should tap into USPS transactions to help them identify who might need a closer look. Anyone that does substantial web-based or mail-order business doesn't waste time waiting in line at the PO. A very large number of Click-N-Ship transactions without complementing amount of capital gain indicated on Form 1040 could be a flag. And since the 1099-K includes shipping costs but doesn't show them, the USPS numbers could also be considered an offset to 1099-K Box 1 payment passthroughs. Not so much with coins but I sold a few new old stock antique car parts on ebay such as wheel opening moldings and body side moldings. A substantial amount of the total cost captured on the 1099-K actually went to shipping expenses. I'll still report internet sales income to the IRS, but it will be nowhere near the amount shown on the 1099-K.[/QUOTE]
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