mtn personal goal thread: Sell $1,000 of my E36 M3.

Ebay with buy-it-now pricing + offers is how I move stuff.

I like getting rid of stuff Im not utilizing and trading that for something I can use...MONEY.

HUSTLE!

ProDarwin said:

NOHOME said:

  

 

Derail if I may?

 

 

Additionally, that $1000 is not income (for most people).  Its (99% of the time) stuff being sold at a loss.

My point exactly....you would have to keep financial records of some kind to prove it to the IRS.

I believe that tax code is based on "guilty until proven innocent" rather than the other way around?

Not really.  You'd have to get audited, then they might ask for more documentation. I can't imagine anyone getting audited for selling $1000 with of stuff in Facebook.  Especially as , like I mentioned before there is no record of what actually sold or the selling price - they could only report these are items you listed.

FYI: The IRS delayed that $600 reporting rule until next year.

Also, Zelle is refusing to report any transactions, claiming they aren't a financial instituion and thus exempt:  

https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs

In reply to calteg :

It's also not tied to "sales" as it is "gross transactions", at least in the original wording of the bill. Gross transactions defined as transactions that show the movement of over $600 through the course of the year. So paying rent, bills, getting a $600 stimulus check, if it all adds up to over $600, congratulations here's a flag to show you may need more scrutiny. Because so many billionaires that bought the lobbyists that designed the tax code hide their money in miniscule transactions and that's how the IRA (seems fitting for the IRS) will catch them.

Sheer blowback from people who actually read the bill instead of the headlines and op-eds may have changed it, but let's be realistic, when has the government ever stopped trying to berkeley its citizens in every possible way?