Real Money Trades

Discussion in 'The Veterans' Lounge' started by Smak, May 1, 2017.

Thread Status:
Not open for further replies.
  1. Aghinem Augur

    Actually, if you sold me a car for $10,000 - you would only have to report the income if you paid less than $9,400 for the vehicle and made a profit; otherwise - the IRS is not interested with income being reported from vehicle sales due to depreciation. You can report it for kicks and giggles, but its not necessary.
  2. Nennius Curmudgeon

    Out of curiosity, and because EQ has a few players in the EU, are there any tax laws in the EU that might affect this idea?
  3. NameAlreadyInUse #CactusGate

    I am not a tax professional, but I think you might be confusing revenue and income. The $10,000 sale price is the revenue. If you bought the car for $9,400, then your capital gain (a form of income) would be $600, minus any sale expenses. If you bought the car for $10,000 or more, there is 0 gain and nothing to report.

    Capital gains would be reported on Schedule D on Form 1040.

    You are usually required to report a source of income, even if it is only $50 (assuming you are required to file in the first place). This is regardless of whether or not a 1099 was required or issued, but most people probably only report the income for which there is a paper trail for. Generally, the 1099 isn't filed by the person who earned the income, it is filed by the party who paid the income. It's essentially a way of forcing tax payers to report on each other, keeping everybody straight.

    At least, I think that's kinda how it works.
  4. NameAlreadyInUse #CactusGate

  5. RadarX Augur

    We're going to go ahead and close this up as there are absolutely no plans to do this at this time. As a reminder we provide no support for accounts participating in this so you complete such transactions at your own risk.
Thread Status:
Not open for further replies.