1099 and YOU

[xpress34]

Yeah, thanks Democrats... Sneak a tax law onto page 737 of a HEALTH CARE BILL...

You know what... it's comments like these that keep me looking less and less at GUU.

The fact that NO MODS have done anything to edit it says volumes.

So if this forum is still open to political debates ( I am an Independent by the way - I won't register for either party) maybe all the Right Wingers will want to talk about the REPUBLICAN 'saviors' who have already admitted that they can't do the things they PROMISED to do if elected:

GOP Already Breaking Campaign Promises

"Well, that was fast. Republicans are already backpedaling on a number of provisions of their “Pledge to America,” including promises to cut spending and reform Congressional rules. The GOP had railed against Democrats’ strong-arm legislative tactics, pledging to send all bills through a full committee process and to “let any lawmaker—Democrat or Republican—offer amendments.” Yet with its very first act—health care reform repeal—it will break both pledges, Politico reports.

Republicans also haven’t put the constitutional citations they promised on any early bills, though they say they may add them later when the bill hits the floor. The GOP has also ditched a promise to publicly reveal who attends committee meetings, something that could be used against reps who play hooky. Oh, and that pledge to cut $100 billion in spending in the first year? They’ve admitted that’s not actually feasible, the AP reports, thanks to the vagaries of the budget cycle."

Everyone wants to rail on the Democrats, the Republicans, the Tea Party, etc... GUESS WHAT? They're all the same! Maybe they pedal different ideologies, but they're all snake oil salesmen selling you a line to get elected and then vote whatever way gets the most money in THEIR pockets. They don't give a damn about you or I.

That said, I don't care what anyone's issues are here with the Government. This is a GAME USED SPORTS MEMORABILIA FORUM.

If you want to state facts that affect us - such as this new bill on 1099s - that's fine, but the Political sidebars, snipes, opinions and such is BS and has NO PLACE on this site.

Sorry for the rant, but it just makes me sick that I can't even get away form political commentary on here.

Good day.

- Smitty

[sylbry]

You know what... it's comments like these that keep me looking less and less at GUU.

The fact that NO MODS have done anything to edit it says volumes.

So if this forum is still open to political debates ( I am an Independent by the way - I won't register for either party) maybe all the Right Wingers will want to talk about the REPUBLICAN 'saviors' who have already admitted that they can't do the things they PROMISED to do if elected:

GOP Already Breaking Campaign Promises

"Well, that was fast. Republicans are already backpedaling on a number of provisions of their “Pledge to America,” including promises to cut spending and reform Congressional rules. The GOP had railed against Democrats’ strong-arm legislative tactics, pledging to send all bills through a full committee process and to “let any lawmaker—Democrat or Republican—offer amendments.” Yet with its very first act—health care reform repeal—it will break both pledges, Politico reports.

Republicans also haven’t put the constitutional citations they promised on any early bills, though they say they may add them later when the bill hits the floor. The GOP has also ditched a promise to publicly reveal who attends committee meetings, something that could be used against reps who play hooky. Oh, and that pledge to cut $100 billion in spending in the first year? They’ve admitted that’s not actually feasible, the AP reports, thanks to the vagaries of the budget cycle."

Everyone wants to rail on the Democrats, the Republicans, the Tea Party, etc... GUESS WHAT? They're all the same! Maybe they pedal different ideologies, but they're all snake oil salesmen selling you a line to get elected and then vote whatever way gets the most money in THEIR pockets. They don't give a damn about you or I.

That said, I don't care what anyone's issues are here with the Government. This is a GAME USED SPORTS MEMORABILIA FORUM.

If you want to state facts that affect us - such as this new bill on 1099s - that's fine, but the Political sidebars, snipes, opinions and such is BS and has NO PLACE on this site.

Sorry for the rant, but it just makes me sick that I can't even get away form political commentary on here.

Good day.

- Smitty

You don't like a one sentence comment so you provide a few paragraph rant. Comical. How about just ignoring the comment?

If you (hobbyist) buy an item, sales or use tax is due. If you sell an item and make a profit, income tax is due (or capital gains if the item would qualify as an investment). The health care bill didn't change that. What may change is the issuance of 1099's to force you into paying tax on something you should have been voluntarily complying with in the first place.

[rj_lucas]

One critical point is whether these sales will be treated as ordinary income, or as capital gains. If treated as ordinary income, you'll be taxed at your marginal rate (e.g. 25%, 33%, etc. depending on your total income).

If treated as capital gains, if you've held the item for more than a year before selling you'll be able to take it as a long-term gain (currently taxed at 15%). In addition, if treated as capital gains, any losses from the sale of these items could be used to offset any gains from the sale of other items dollar for dollar.

Rick
rickjlucas@gmail.com

[cohibasmoker]

GUYS and GALS - NO POLITICS. Let's try to stick with this important issue (s) so this thread won't be deleted by the monitors.

Jim

flaa1a@comcast.net

[xpress34]

You don't like a one sentence comment so you provide a few paragraph rant. Comical. How about just ignoring the comment?

If you (hobbyist) buy an item, sales or use tax is due. If you sell an item and make a profit, income tax is due (or capital gains if the item would qualify as an investment). The health care bill didn't change that. What may change is the issuance of 1099's to force you into paying tax on something you should have been voluntarily complying with in the first place.

My point being, why couldn't that poster (or many others on other threads here) stick to the topic of the 1099 without having to insert a Political Commentary - one line or otherwise?

That said. the 1099 law very well could affect us as collectors/dealers, so it is pertinent to the hobby. The politico crap isn't and I'm tired or reading it here.

As far as the 1099's issue, I would like to know how many people here have voluntarily filed 1099s or paid local use taxes on each item they have purchased, sold or traded. My guess would be it is quite low.

The other issue is that once it becomes more widely known, there will be a back lash to it because it won't affect just GU / Sports Collectors - it will affect Comic Book Collectors, Entertainment Collector's, etc.

I understand the idea behind it, but it's effect on eBay will spill over to every other auction site as well as local governments having to hire employees to go door to door on Garage Sales every weekend and collecting taxes or dropping off forms, etc. OR requiring you to request a SALES Permit to have a Garage Sale so the local government can collect it's taxes.

No matter how you cut it, it's going to be a nightmare for both the government (to implement and oversee) and to the citizens to track and comply with.

Just my .02

- Smitty

[CampWest]

You know what... it's comments like these that keep me looking less and less at GUU.

The fact that NO MODS have done anything to edit it says volumes.

So if this forum is still open to political debates ( I am an Independent by the way - I won't register for either party) maybe all the Right Wingers will want to talk about the REPUBLICAN 'saviors' who have already admitted that they can't do the things they PROMISED to do if elected:

GOP Already Breaking Campaign Promises

"Well, that was fast. Republicans are already backpedaling on a number of provisions of their “Pledge to America,” including promises to cut spending and reform Congressional rules. The GOP had railed against Democrats’ strong-arm legislative tactics, pledging to send all bills through a full committee process and to “let any lawmaker—Democrat or Republican—offer amendments.” Yet with its very first act—health care reform repeal—it will break both pledges, Politico reports.

Republicans also haven’t put the constitutional citations they promised on any early bills, though they say they may add them later when the bill hits the floor. The GOP has also ditched a promise to publicly reveal who attends committee meetings, something that could be used against reps who play hooky. Oh, and that pledge to cut $100 billion in spending in the first year? They’ve admitted that’s not actually feasible, the AP reports, thanks to the vagaries of the budget cycle."

Everyone wants to rail on the Democrats, the Republicans, the Tea Party, etc... GUESS WHAT? They're all the same! Maybe they pedal different ideologies, but they're all snake oil salesmen selling you a line to get elected and then vote whatever way gets the most money in THEIR pockets. They don't give a damn about you or I.

That said, I don't care what anyone's issues are here with the Government. This is a GAME USED SPORTS MEMORABILIA FORUM.

If you want to state facts that affect us - such as this new bill on 1099s - that's fine, but the Political sidebars, snipes, opinions and such is BS and has NO PLACE on this site.

Sorry for the rant, but it just makes me sick that I can't even get away form political commentary on here.

Good day.

- Smitty

I hereby edit my comment to "Thanks Politicians for sneaking a tax law change..." I apologize for creating the impression that my comment was party-specific political in nature, when really I meant it as an indictment of the political system in general. I am actually pretty much non-partisan. Sorry for the frustration and confusion.