Rickresource Rickenbacker Forum

Big Brother.... http://www.freedomworks.org/newsroom/pr ... d=2571[url][/url]

Sound like the government wants to correlate back to reported income. All my sources of income are reported to the government by my employer and investment firms. I have to pay taxes on all sources of income. Seems fair to me.

Sounds like another reason for me not to sell anything on Ebay anymore.

Skimming for More tax money to mis-spend. The privacy issue may take precedence.

We all know there is an underground economy in this country. All that money is unreported and untaxed. Obviously the IRS decided there is enough unreported income in these categories to make it worth going after. As I pay taxes on 100% of my income, others (especially big business) partaking in a country that enables you to make as much as you can, should pay their fair share to support that system. Not that there isn't an immense amount of government spending that is waste or unnecessary.....

[politics off]

I buy stuff and sell stuff all the time, but it sure ain't a business. Most of the time for quite less than I bought it. Doesn't seem much like income.

charlyg wrote:I buy stuff and sell stuff all the time, but it sure ain't a business. Most of the time for quite less than I bought it. Doesn't seem much like income.

You're missing a tax deduction then Charly!

My contribution to the "cause".....

Everyone might want to note well which party Senator Dodd's from (the guy trying to get access to more of your money), and which one Dick Armey (the guy trying to prevent this) is from, both to see who's on the side of protecting one's privacy (and wallet), and who's trying to gain access to both! Obviously, there are folks from both parties like to do this sort of thing, but it's not all one sided as we might be sometimes lead to believe.

Personally, I find the whole concept of income tax distasteful; I'd prefer a consumption tax, but that's another discussion, I suppose.

I'd have to disagree with you on this one John Allg, amicably, of course , at least on the "fair share" concept. I DO think one should honestly report all of one's income, so long as income tax is the law of the land. "Paying one's fair share" however, is a nebulous concept, usually employed by those who want to get at more of our money, and employ all sorts of fancy arguments do define their version of "fair".

Those of us who sell things on Ebay don't necessarily do it for a living, but it's nice to make a buck or two from things we aren't using anymore.

Jdog; if I sell a guitar or amp for a profit, can I deduct the purchase price from the proceeds of the sale, and periodic maintenance that keeps it in good condition? Do I have to keep all of the receipts for this? I guess I won't be selling much on Ebay in the future.

Paul, don't get me wrong on taxes! Too darn many for too darn much the government shouldn't even be meddling in! Okay, let's amend the post to say "As I pay taxes on 100% of my income, others (especially big business) partaking in a country that enables you to make as much as you can, should pay their share to support that system." That is what I meant anyway.

Though I'm not tax accountant, selling an instrument and reporting the money would be a capital gain and yes you would deduct purchase price and costs incurred along the way. Don't take that to your Schedule D though without checking first!

Sounds good to me. I think you're probably right on deductions bit as well. Maybe Jdog will pipe in as well on that note.

Pleeeeeeeze................ DON'T START ME ON TAXES!!

Rant not started..............

I think that the Beatles and Cheap Trick pretty much covered our shared sentiments in song already!

I'm staying out of this one ... way too political for me!

johnallg wrote:Paul, don't get me wrong on taxes! Too darn many for too darn much the government shouldn't even be meddling in! Okay, let's amend the post to say "As I pay taxes on 100% of my income, others (especially big business) partaking in a country that enables you to make as much as you can, should pay their share to support that system." That is what I meant anyway.

Though I'm not tax accountant, selling an instrument and reporting the money would be a capital gain and yes you would deduct purchase price and costs incurred along the way. Don't take that to your Schedule D though without checking first!

Doesn't it have to be a gain to be a GAIN? I paid taxes on the income it took to buy the thing, selling it at less than you bought it for is not business, at least not for very long. PS - I am being amicable about this..... not trying to start anything..