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Re: Tax question
[Re: jwalker77]
#3221322
09/16/20 10:28 PM
09/16/20 10:28 PM
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Joined: Jan 2011
Posts: 38,489 N. Bama
257wbymag
Boo Boo Head
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Boo Boo Head
Joined: Jan 2011
Posts: 38,489
N. Bama
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Just get paid in cash. SSS
Quietly killing turkeys where youre not!!! My tank full of give a fraks been runnin on empty I'm the paterfamilias
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Re: Tax question
[Re: jwalker77]
#3221325
09/16/20 10:29 PM
09/16/20 10:29 PM
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Joined: Apr 2017
Posts: 15,410 Ourtown, AL
BCLC
Old Mossy Horns
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Old Mossy Horns
Joined: Apr 2017
Posts: 15,410
Ourtown, AL
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Did you write a receipt for the transaction? No receipt, never happened.
We’re not dead. We just smell that way. Dayum. - AC870
Yessir! I’m always gonna shoot what makes me happy and I want everyone else to do the same! If you shoot one be proud of it and don’t worry what anyone else thinks. - SJ22
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Re: Tax question
[Re: 257wbymag]
#3221332
09/16/20 10:35 PM
09/16/20 10:35 PM
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Joined: Jan 2014
Posts: 10,416 Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,416
Scottsboro, Al
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Just get paid in cash. SSS This. Even if you are paid by check or etc, just deposit it into your personal account and go on with life. Plenty of people do yard sales or flea marketing every weekend and they never get audited. Also, If someone is selling 3-400 worth of baseball cards per week, they have a hell of a collection.
The fool tells me his reasons; the wise man persuades me with my own.
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Re: Tax question
[Re: jwalker77]
#3221381
09/17/20 05:08 AM
09/17/20 05:08 AM
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Joined: Jul 2011
Posts: 34,574 Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 34,574
Boxes Cove
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Cash is best but if the buyer isn't sending you a 1099 or asks for your Social # , take a good check. If he's not in a business where he has to count them it doesn't matter for you or him. Folks get all bent out of shape not taking checks, if you don't have my SS # or gonna send me a 1099 I'll take one , but it better be a good one!
"Why do you ask"?
Always vote the slowest path to socialism.
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Re: Tax question
[Re: jwalker77]
#3221403
09/17/20 06:12 AM
09/17/20 06:12 AM
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Joined: May 2015
Posts: 6,363 On the X
TickaTicka
12 point
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12 point
Joined: May 2015
Posts: 6,363
On the X
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Venmo has become the new way to avoid taxes. Know lots doing it.
Public Land Owner
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Re: Tax question
[Re: jwalker77]
#3221429
09/17/20 07:14 AM
09/17/20 07:14 AM
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Joined: Dec 2015
Posts: 22,231 blount county alabama
jwalker77
OP
Pumpkin
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OP
Pumpkin
Joined: Dec 2015
Posts: 22,231
blount county alabama
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Cash is not an option. According to what I read about capitol gains taxes, for a married person filing jointly, up to $80000/year is 0% taxable. 15%-20% after that.
Last edited by jwalker77; 09/17/20 07:24 AM.
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Re: Tax question
[Re: TickaTicka]
#3221435
09/17/20 07:28 AM
09/17/20 07:28 AM
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Joined: Jan 2011
Posts: 5,804 Hoover, AL
M48scout
12 point
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12 point
Joined: Jan 2011
Posts: 5,804
Hoover, AL
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Venmo has become the new way to avoid taxes. Know lots doing it. I wouldn’t count on that. Anything electronic that’s conducted in any volume, the government will figure out a way to know about it, or force the electronic entity to tell them about it. Eventually.
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Re: Tax question
[Re: doekiller]
#3221437
09/17/20 07:34 AM
09/17/20 07:34 AM
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Joined: Nov 2011
Posts: 21,789 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,789
USA
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It would actually be a capital gain. Not if you own it less than a year. Then it’s ordinary income.
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Re: Tax question
[Re: Remington270]
#3221442
09/17/20 07:42 AM
09/17/20 07:42 AM
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Joined: Oct 2000
Posts: 6,139 Clay-Trussville area
Big Al
12 point
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12 point
Joined: Oct 2000
Posts: 6,139
Clay-Trussville area
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It would actually be a capital gain. Not if you own it less than a year. Then it’s ordinary income. If collected as a kid and sold when older, would not be short term. Collectibles like cards are taxed at a maximum of 28% I believe. Whether you report it on your income tax return or not depends upon your ethics and character.
"Said I never had much use for one; never said I didn't know how to use it". -Matthew Quigley in "Quigley Down Under"
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Re: Tax question
[Re: jwalker77]
#3221444
09/17/20 07:42 AM
09/17/20 07:42 AM
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Joined: Sep 2015
Posts: 39 B'Ham
Madd
spike
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spike
Joined: Sep 2015
Posts: 39
B'Ham
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Just make sure you are aware of the exceptions they list at the bottom of the article. Pretty sure baseball cards would be collectibles: "1. Rule exceptions. The capital gains tax rates in the tables above apply to most assets, but there are some noteworthy exceptions. Long-term capital gains on so-called “collectible assets” are generally taxed at 28%; these are things like coins, precious metals, antiques and fine art. Short-term gains on such assets are taxed at the ordinary income tax rate."
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Re: Tax question
[Re: Big Al]
#3221478
09/17/20 08:25 AM
09/17/20 08:25 AM
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Joined: Nov 2011
Posts: 21,789 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,789
USA
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It would actually be a capital gain. Not if you own it less than a year. Then it’s ordinary income. If collected as a kid and sold when older, would not be short term. Collectibles like cards are taxed at a maximum of 28% I believe. Whether you report it on your income tax return or not depends upon your ethics and character. Good points.
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