Re: [meteorite-list] 1099s coming?
Hi Richard, so you'll get a positive input from me: World will keep spinning around. Say I, from a country with a duestax yoke more than twice as heavy as in USA and with a Kafkaesque bureaucracy, the country with - lonely world record - with more than 70,000 single and different tax regulations. I don't know, in the countries I know there is a distinction between private sales and commercial sales regarding taxation. Hence between collectors sales and small (and normal) business sales. With different exemption levels. Little example, in Germany, there it is decisive for a sale reckoned among business (meteorite dealer) or private activity (meteorite collector): The intention to make a profit, the frequency a seller sells items, the time-span between a good was acquired and sold. Hence, if you throw here and there a meteorite into ebay, then it's a tax-free private sale, relatively independently from the result. As well if you sell your whole collection at once, which you have built up over the years or which you have found in your attic. On the other hand, if you set up every two weeks a meteorite on ebay or if you use the 1-AD-per-week-rule on the list; if you buy a meteorite on a show or from a dealer, planning to slice it and to sell some of the slices (and let it be only for refinance your collection) or if you buy a specimen to resell it the same year, then it is a business activity and the profit is added to your income, on which you have to pay your common taxes. (and if you have a turnover of more than 23.400$ meteorites sold per year, you have to pay value-add-tax on your sales if you have an annual profit of 31.400$, you have to pay also business tax). In Switzerland, I heard, it's easier, there you have simply a free allowance of a certain height, wherein you can declare sales of collectibles. On everything more, you have to pay tax. How the regulations are and whether there are similar distinctions in USA - I don't know them, but I'm curious. Does anyone know them? If yes, then I guess, that new regulation won't be that dramatic, but only a little inconvenience for the private ebay seller, to print out another sheet of paper, just like he prints the address label of the buyer. The professional seller however, is already documenting each of his sales, hence no change for him/her. Phony 250,000$ meteorites, Linton, I guess, won't disappear. Such meteorites become taxable only if they are really sold and not when they're offered. And honestly, when such a lunar or Martian with alien blood cells found in the backyard of the offerer ever was sold? Well, and in the end, I think it would be somewhat unfair, if your hot dog seller has to pay on each sold hot dog all the taxes, but a meteorite collector, who sells meteorites for generating money and profit none, wouldn't it? Skol! Martin -Ursprüngliche Nachricht- Von: meteorite-list-boun...@meteoritecentral.com [mailto:meteorite-list-boun...@meteoritecentral.com] Im Auftrag von Richard Montgomery Gesendet: Samstag, 15. Januar 2011 02:15 An: 'Meteorite-list List' Betreff: [meteorite-list] 1099s coming? Hello List... Potential legislation mandating the issuance of 1099s to all documented transactions, and obviously those tied with a digital/cyber signature, has promted me to write this. I don't know the bill's name, but we've all heard about it, and the implications. From what I understand, transactions between any and all entities that exceed $600/year and/or each transaction will mandate the generation of the issuance of a 1099 to all parties. I woke up to this fact when I heard that eBay will potentially be issuing mandated tax-consequence 1099s to all who participate at that level. I can't imagine the nightmare logistics, but can certainly imagine the impact of on-line transactions if this legislation is actually passed. It stands to reason that all cyber transactions will be subject to this imposition, including private trades and sales though this very List. So, naturally, I'm putting the subject to us all to consider. I hope to get some input, positive and/or negative, to whether my issues are valid. So, please chime in. Fortunately, through this List I've made some contact with people I trust, although haven't yet met. Please advise... -Richard Montgomery __ Visit the Archives at http://www.meteoritecentral.com/mailing-list-archives.html Meteorite-list mailing list Meteorite-list@meteoritecentral.com http://six.pairlist.net/mailman/listinfo/meteorite-list __ Visit the Archives at http://www.meteoritecentral.com/mailing-list-archives.html Meteorite-list mailing list Meteorite-list@meteoritecentral.com http://six.pairlist.net/mailman/listinfo/meteorite-list
Re: [meteorite-list] 1099s coming?
i believe the 1099 rule included in the new health care bill is already in the process of being revised. Don't Panic Douglas Adams A Hitchhiker's Guide to the Galaxy enjoy the weekend. stay warm and take care susan - Original Message - From: Martin Altmann altm...@meteorite-martin.de To: meteorite-list@meteoritecentral.com Sent: Saturday, January 15, 2011 6:12 AM Subject: Re: [meteorite-list] 1099s coming? Hi Richard, so you'll get a positive input from me: World will keep spinning around. Say I, from a country with a duestax yoke more than twice as heavy as in USA and with a Kafkaesque bureaucracy, the country with - lonely world record - with more than 70,000 single and different tax regulations. I don't know, in the countries I know there is a distinction between private sales and commercial sales regarding taxation. Hence between collectors sales and small (and normal) business sales. With different exemption levels. Little example, in Germany, there it is decisive for a sale reckoned among business (meteorite dealer) or private activity (meteorite collector): The intention to make a profit, the frequency a seller sells items, the time-span between a good was acquired and sold. Hence, if you throw here and there a meteorite into ebay, then it's a tax-free private sale, relatively independently from the result. As well if you sell your whole collection at once, which you have built up over the years or which you have found in your attic. On the other hand, if you set up every two weeks a meteorite on ebay or if you use the 1-AD-per-week-rule on the list; if you buy a meteorite on a show or from a dealer, planning to slice it and to sell some of the slices (and let it be only for refinance your collection) or if you buy a specimen to resell it the same year, then it is a business activity and the profit is added to your income, on which you have to pay your common taxes. (and if you have a turnover of more than 23.400$ meteorites sold per year, you have to pay value-add-tax on your sales if you have an annual profit of 31.400$, you have to pay also business tax). In Switzerland, I heard, it's easier, there you have simply a free allowance of a certain height, wherein you can declare sales of collectibles. On everything more, you have to pay tax. How the regulations are and whether there are similar distinctions in USA - I don't know them, but I'm curious. Does anyone know them? If yes, then I guess, that new regulation won't be that dramatic, but only a little inconvenience for the private ebay seller, to print out another sheet of paper, just like he prints the address label of the buyer. The professional seller however, is already documenting each of his sales, hence no change for him/her. Phony 250,000$ meteorites, Linton, I guess, won't disappear. Such meteorites become taxable only if they are really sold and not when they're offered. And honestly, when such a lunar or Martian with alien blood cells found in the backyard of the offerer ever was sold? Well, and in the end, I think it would be somewhat unfair, if your hot dog seller has to pay on each sold hot dog all the taxes, but a meteorite collector, who sells meteorites for generating money and profit none, wouldn't it? Skol! Martin -Ursprüngliche Nachricht- Von: meteorite-list-boun...@meteoritecentral.com [mailto:meteorite-list-boun...@meteoritecentral.com] Im Auftrag von Richard Montgomery Gesendet: Samstag, 15. Januar 2011 02:15 An: 'Meteorite-list List' Betreff: [meteorite-list] 1099s coming? Hello List... Potential legislation mandating the issuance of 1099s to all documented transactions, and obviously those tied with a digital/cyber signature, has promted me to write this. I don't know the bill's name, but we've all heard about it, and the implications. From what I understand, transactions between any and all entities that exceed $600/year and/or each transaction will mandate the generation of the issuance of a 1099 to all parties. I woke up to this fact when I heard that eBay will potentially be issuing mandated tax-consequence 1099s to all who participate at that level. I can't imagine the nightmare logistics, but can certainly imagine the impact of on-line transactions if this legislation is actually passed. It stands to reason that all cyber transactions will be subject to this imposition, including private trades and sales though this very List. So, naturally, I'm putting the subject to us all to consider. I hope to get some input, positive and/or negative, to whether my issues are valid. So, please chime in. Fortunately, through this List I've made some contact with people I trust, although haven't yet met. Please advise... -Richard Montgomery __ Visit the Archives at http://www.meteoritecentral.com/mailing-list-archives.html Meteorite-list mailing list Meteorite-list@meteoritecentral.com http://six.pairlist.net
Re: [meteorite-list] 1099s coming?
The new 1099 rules are not set to start until 2012 and before that the IRS still needs to issue its proposed regulations and hold public hearings. http://money.cnn.com/2010/05/05/smallbusiness/1099_health_care_tax_change/ So I agree with Susan; don't panic until we know what the rules are. Another interesting rule change which does go into effect this year is the 1099-K (which was part of the 2008 stimulus). Which affects merchants using paypal if they have more than $2 in payment AND have more than 200 transactions in a year. http://blog.auctionbytes.com/cgi-bin/blog/blog.pl?/pl/2010/9/1283997077.html - YvW On Sat, Jan 15, 2011 at 6:52 AM, batkol bat...@sbcglobal.net wrote: i believe the 1099 rule included in the new health care bill is already in the process of being revised. Don't Panic Douglas Adams A Hitchhiker's Guide to the Galaxy enjoy the weekend. stay warm and take care susan - Original Message - From: Martin Altmann altm...@meteorite-martin.de To: meteorite-list@meteoritecentral.com Sent: Saturday, January 15, 2011 6:12 AM Subject: Re: [meteorite-list] 1099s coming? Hi Richard, so you'll get a positive input from me: World will keep spinning around. Say I, from a country with a duestax yoke more than twice as heavy as in USA and with a Kafkaesque bureaucracy, the country with - lonely world record - with more than 70,000 single and different tax regulations. I don't know, in the countries I know there is a distinction between private sales and commercial sales regarding taxation. Hence between collectors sales and small (and normal) business sales. With different exemption levels. Little example, in Germany, there it is decisive for a sale reckoned among business (meteorite dealer) or private activity (meteorite collector): The intention to make a profit, the frequency a seller sells items, the time-span between a good was acquired and sold. Hence, if you throw here and there a meteorite into ebay, then it's a tax-free private sale, relatively independently from the result. As well if you sell your whole collection at once, which you have built up over the years or which you have found in your attic. On the other hand, if you set up every two weeks a meteorite on ebay or if you use the 1-AD-per-week-rule on the list; if you buy a meteorite on a show or from a dealer, planning to slice it and to sell some of the slices (and let it be only for refinance your collection) or if you buy a specimen to resell it the same year, then it is a business activity and the profit is added to your income, on which you have to pay your common taxes. (and if you have a turnover of more than 23.400$ meteorites sold per year, you have to pay value-add-tax on your sales if you have an annual profit of 31.400$, you have to pay also business tax). In Switzerland, I heard, it's easier, there you have simply a free allowance of a certain height, wherein you can declare sales of collectibles. On everything more, you have to pay tax. How the regulations are and whether there are similar distinctions in USA - I don't know them, but I'm curious. Does anyone know them? If yes, then I guess, that new regulation won't be that dramatic, but only a little inconvenience for the private ebay seller, to print out another sheet of paper, just like he prints the address label of the buyer. The professional seller however, is already documenting each of his sales, hence no change for him/her. Phony 250,000$ meteorites, Linton, I guess, won't disappear. Such meteorites become taxable only if they are really sold and not when they're offered. And honestly, when such a lunar or Martian with alien blood cells found in the backyard of the offerer ever was sold? Well, and in the end, I think it would be somewhat unfair, if your hot dog seller has to pay on each sold hot dog all the taxes, but a meteorite collector, who sells meteorites for generating money and profit none, wouldn't it? Skol! Martin -Ursprüngliche Nachricht- Von: meteorite-list-boun...@meteoritecentral.com [mailto:meteorite-list-boun...@meteoritecentral.com] Im Auftrag von Richard Montgomery Gesendet: Samstag, 15. Januar 2011 02:15 An: 'Meteorite-list List' Betreff: [meteorite-list] 1099s coming? Hello List... Potential legislation mandating the issuance of 1099s to all documented transactions, and obviously those tied with a digital/cyber signature, has promted me to write this. I don't know the bill's name, but we've all heard about it, and the implications. From what I understand, transactions between any and all entities that exceed $600/year and/or each transaction will mandate the generation of the issuance of a 1099 to all parties. I woke up to this fact when I heard that eBay will potentially be issuing mandated tax-consequence 1099s to all who participate at that level. I can't imagine the nightmare logistics, but can
[meteorite-list] 1099s coming?
Hello List... Potential legislation mandating the issuance of 1099s to all documented transactions, and obviously those tied with a digital/cyber signature, has promted me to write this. I don't know the bill's name, but we've all heard about it, and the implications. From what I understand, transactions between any and all entities that exceed $600/year and/or each transaction will mandate the generation of the issuance of a 1099 to all parties. I woke up to this fact when I heard that eBay will potentially be issuing mandated tax-consequence 1099s to all who participate at that level. I can't imagine the nightmare logistics, but can certainly imagine the impact of on-line transactions if this legislation is actually passed. It stands to reason that all cyber transactions will be subject to this imposition, including private trades and sales though this very List. So, naturally, I'm putting the subject to us all to consider. I hope to get some input, positive and/or negative, to whether my issues are valid. So, please chime in. Fortunately, through this List I've made some contact with people I trust, although haven't yet met. Please advise... -Richard Montgomery __ Visit the Archives at http://www.meteoritecentral.com/mailing-list-archives.html Meteorite-list mailing list Meteorite-list@meteoritecentral.com http://six.pairlist.net/mailman/listinfo/meteorite-list
[meteorite-list] 1099s coming?
Hi Richard, All, I don't know about private trades and sales but it seems like everyone loses including ebay. Maybe more sales off ebay and payment with money orders... On the other hand, maybe phony meteorites on ebay with an asking price of $250,000 will disappear. Carl2 __ Visit the Archives at http://www.meteoritecentral.com/mailing-list-archives.html Meteorite-list mailing list Meteorite-list@meteoritecentral.com http://six.pairlist.net/mailman/listinfo/meteorite-list
