(Topic ID: 320727)

Do you report pinball capital gains to the IRS?

By spidey

1 year ago


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  • 143 posts
  • 68 Pinsiders participating
  • Latest reply 1 year ago by iceman44
  • Topic is favorited by 1 Pinsider

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    Topic poll

    “Do you report pinball gains as taxable income?”

    • Yes 10 votes
      13%
    • Shhhhhhh! 56 votes
      71%
    • I prefer to trade games to avoid capital gains 13 votes
      16%

    (79 votes)

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    This topic is closed.

    There are 143 posts in this topic. You are on page 3 of 3.
    -1
    #101 1 year ago
    Quoted from chuckwurt:

    The extra 5k you got for selling a game over the cost you had into it? That money came from
    Someone else.

    Someone else that already paid income tax.

    #102 1 year ago
    Quoted from radium:

    Someone else that already paid income tax.

    But you didn’t. Guess where you money from you job comes from? If you have the same stance for that, then fair enough.

    #103 1 year ago
    Quoted from chuckwurt:

    But you didn’t. Guess where you money from you job comes from? If you have the same stance for that, then fair enough.

    I'm not sure I'm following this.

    Anything that is purchased was taxed, and the person who made said product was income taxed, as well as the person who bought it. (generally speaking)

    anything after that is double dipping

    #104 1 year ago
    Quoted from chuckwurt:

    But you didn’t. Guess where you money from you job comes from? If you have the same stance for that, then fair enough.

    About 80% of the money I make at my job comes from federal tax dollars, which means it is mostly deficit pork spending (ie virtual money we don't have) with a fraction of a penny from your pinball sale on top (thank you for that).

    #105 1 year ago

    So they changed the reporting rules that if you receive more than $600 in digital payments it generates at 1099 (down from $10,000 i think it was). I have to figure there is going to be millions of new 1099s that did not get created in past years. They need 87K more agents to shake down these people. The gig economy exploded during covid and the IRS wants their cut. Plus with all the spending the government has plans for, they have to pay for it some way.

    If you are going to get a 1099 look into creating a business and keep good records. Don't just ignore the 1099 which I bet a ton of people are going to do that sell on ebay and never received one before.

    Taxes suck, but the only reason you should be writing big checks to the IRS is if you are making money.

    #106 1 year ago
    Quoted from radium:

    About 80% of the money I make at my job comes from federal tax dollars, which means it is mostly deficit pork spending (ie virtual money we don't have) with a fraction of a penny from your pinball sale on top (thank you for that).

    That’s not how it works for pretty much everyone else though.

    All the money that I receive for my business comes from after tax dollars. Does that mean My business shouldn’t have to pay tax on the income?

    -1
    #107 1 year ago
    Quoted from Haymaker:

    4,461 firearms and about 5 million rounds of ammunition are what the IRS had in 2017. I can only imagine what its up to now in 2022.

    IBTL

    #108 1 year ago
    Quoted from barakandl:

    So they changed the reporting rules that if you receive more than $600 in digital payments it generates at 1099 (down from $10,000 i think it was). I have to figure there is going to be millions of new 1099s that did not get created in past years. They need 87K more agents to shake down these people. The gig economy exploded during covid and the IRS wants their cut. Plus with all the spending the government has plans for, they have to pay for it some way.
    If you are going to get a 1099 look into creating a business and keep good records. Don't just ignore the 1099 which I bet a ton of people are going to do that sell on ebay and never received one before.
    Taxes suck, but the only reason you should be writing big checks to the IRS is if you are making money.

    Most of those 1099s are filed electronically so I would think unless the individual doesn’t report it anywhere (just like if they didn’t report their W2), they won’t have to shake down anybody. Just send a notice and show what their refund or payment was adjusted by for the oversight.

    #109 1 year ago
    Quoted from chuckwurt:

    That’s not how it works for pretty much everyone else though.
    All the money that I receive for my business comes from after tax dollars. Does that mean My business shouldn’t have to pay tax on the income?

    Probably. We’re very generous with our tolerance for taxation here. Sales tax, corporate tax, it goes on and on. They’ve tried for a VAT tax for years, it’ll come. Death tax anyone? No amount is enough and we will never have a balanced budget again.

    Government employs around 15-20% of the total workforce, pays around 15-20% higher, and gets 10-15% less hours of work per employee.

    #110 1 year ago
    Quoted from chuckwurt:

    Most of those 1099s are filed electronically so I would think unless the individual doesn’t report it anywhere (just like if they didn’t report their W2), they won’t have to shake down anybody. Just send a notice and show what their refund or payment was adjusted by for the oversight.

    Problem is they want interest. I screwed up my healthcare deductions in 2020 and didn't get anything about it until 2022. I realize they are behind, but my taxes are easy comparatively and rather than just do that they sent me a letter and made me figure it out myself+interest.

    #111 1 year ago
    Quoted from radium:

    Probably. We’re very generous with our tolerance for taxation here. Sales tax, corporate tax, it goes on and on. They’ve tried for a VAT tax for years, it’ll come. Death tax anyone? No amount is enough and we will never have a balanced budget again.
    Government employs around 15-20% of the total workforce, pays around 15-20% higher, and gets 10-15% less hours of work per employee.

    I need to work for the government. I think they still have a great pension too.

    #112 1 year ago

    If you're going to quote me at least respond to what I actually said.
    The rich are like every other class of people, some are selfish A-holes, some are not.
    All humans do stupid things. Condemnation never helps any body.

    Funny I've never heard a one percenter condemn the poor for their stupid purchases. Why is that?

    Quoted from GregCon:

    "So you're defending the rich while simultaneously condemning the poor for buying the very things that make the rich rich.
    You've got everything upside down, inside out, and backwards.
    The rich depend on the ", can't live without them in fact. Neither can exist without the other.
    Sadly, you are the one who is upside down and backwards. There are no rich and poor people - only varying degrees of wealth and perspectives. The poorest person in the USA lives a life of luxury compared to the average poor person in India.
    But let's use those terms for a minute. The rich don't need to poor nearly as much as the poor need the rich. It's hardly a 50/50 relationship. If you don't believe me, bear in mind that every day more and more human functions are being replaced by robots and computers and machines. Those are all poor people being replaced - not rich people. Don't presume there is equality in every walk of
    life; there isn't, never was, and never will be. Thankfully, too.
    Poor people should be condemned when they do stupid things - like buying Nike shoes when they could buy much less costly shoes that are every bit as good. Like buying cigarettes. Being poor doesn't absolve anyone of personal responsibility or having to use their brains, no matter what TV tells us.
    I'm sure there are some 'misbehavers' among the rich - it would be impossible for there to not be. But it's a bromide of the worst sort to stereotype the rich as evil targets...most people who are wealthy either had it dumped in their lap or worked very hard for it. That's capitalism, and it's the backbone of success.
    The average rich person does far more for his fellow man than the average poor person.

    #113 1 year ago
    Quoted from chuckwurt:

    I need to work for the government. I think they still have a great pension too.

    Pay parity with the private sector used to be closer than it is now. Professionals like lawyers, doctors, and CPAs can make way more in the private sector. Hours vary. If you are a government attorney dealing with litigation deadlines, good luck trying to keep to a 40 hour work week. The benefits aren’t bad, but probably not better than what the best of the private sector has to offer.

    #114 1 year ago

    Yeah the intangible benefits of the private sector can be pretty great.

    #115 1 year ago
    Quoted from chuckwurt:

    I need to work for the government. I think they still have a great pension too.

    Life is better and more lucrative as a contractor! You'll still work with a lot of turkeys, but everything is a "love em and leave em" relationship. The important thing is to get clearances and certifications that make you a hot item. Just having a secret clearance is big.

    #116 1 year ago
    Quoted from Spelunk71:

    Pay parity with the private sector used to be closer than it is now. Professionals like lawyers, doctors, and CPAs can make way more in the private sector. Hours vary. If you are a government attorney dealing with litigation deadlines, good luck trying to keep to a 40 hour work week. The benefits aren’t bad, but probably not better than what the best of the private sector has to offer.

    I can back this up. I'm in the Government IT sector and pay parity has gotten worse and the benefits aren't nearly as good as when I first started. I'm in my mid 40's and I'm the youngest member of my team because everyone that's young can make way more money working in the private sector. It's almost impossible to fill vacant positions with younger talent, you usually have to snipe employees from other Agencies or hire contractors on a limited term basis. I really like my job though and I'm working towards a pension so I can't really complain but I just laugh whenever someone brings up how much better the Government sector has it.

    #117 1 year ago
    Quoted from barakandl:

    So they changed the reporting rules that if you receive more than $600 in digital payments it generates at 1099 (down from $10,000 i think it was). I have to figure there is going to be millions of new 1099s that did not get created in past years. They need 87K more agents to shake down these people. The gig economy exploded during covid and the IRS wants their cut. Plus with all the spending the government has plans for, they have to pay for it some way.
    If you are going to get a 1099 look into creating a business and keep good records. Don't just ignore the 1099 which I bet a ton of people are going to do that sell on ebay and never received one before.
    Taxes suck, but the only reason you should be writing big checks to the IRS is if you are making money.

    Yep, I had to do a 1099 for my ebay sales. I was tempted to ignore it but I was way too scared. Selling on ebay isn't my job or anything either, I've just been piecing out my video game collection. Paid a couple G in taxes. I'm lucky if I've broken even despite the values of the games being substantially higher than when I bought them throughout the years. It really sucks.

    #118 1 year ago
    Quoted from Haymaker:

    I was tempted to ignore it but I was way too scared.

    Do not do this. The IRS got a copy of your 1099 as well. Just like your W2. They don’t even need agents to catch you not filing them. Their computer softwares will catch it.

    #119 1 year ago
    Quoted from Haymaker:

    Yep, I had to do a 1099 for my ebay sales. I was tempted to ignore it but I was way too scared. Selling on ebay isn't my job or anything either, I've just been piecing out my video game collection. Paid a couple G in taxes. I'm lucky if I've broken even despite the values of the games being substantially higher than when I bought them throughout the years. It really sucks.

    Which is repugnant and completely against the entire spirit and purpose of the income tax. Unfortunately it's only going to get worse until the climate changes again... You can't ignore 1099's and you're completely screwed as a result, it's just not right.

    Jeff

    #120 1 year ago
    Quoted from mattster:

    So you're defending the rich while simultaneously condemning the poor for buying the very things that make the rich rich.
    You've got everything upside down, inside out, and backwards.
    The rich depend on the poor, can't live without them in fact. Neither can exist without the other.
    Imagine what would happen to the rich if the gov't stopped handing out money!

    Exactly,no matter how bad or good thing seem,everything is always in perfect balance.

    #121 1 year ago

    Q: Do you report pinball capital gains to the IRS?

    Yes. Yes I do. Of course.

    Good-Fellas-Hilarious (resized).jpgGood-Fellas-Hilarious (resized).jpg

    19
    #122 1 year ago
    aadebac0757506274c9eace39873cd33 (resized).jpgaadebac0757506274c9eace39873cd33 (resized).jpg
    #123 1 year ago
    Quoted from chuckwurt:

    Do not do this. The IRS got a copy of your 1099 as well. Just like your W2. They don’t even need agents to catch you not filing them. Their computer softwares will catch it.

    Not only that but it could trigger human eyes to want to dig through your info more and increases your audit likelihood score.

    "Give me a man and I will find the crime." Vyshinsky

    #124 1 year ago

    Seems like it's time for my next poll, "do you pay your state taxes on out of state purchases when the seller doesn't collect it?"

    #125 1 year ago

    Nice try Special Agent.

    Quoted from spidey:

    Just curious with all the game and mod flipping if anyone reports their gains as income to the IRS.
    It's not just new game "flippers" either, it's any old game you have that appreciates over time. You sell it at a profit. But do you report the gain?

    #126 1 year ago
    Quoted from chuckwurt:

    Yeah the intangible benefits of the private sector can be pretty great.

    There is the intangible benefit of working for “the people” in the public sector. Everyone loves and appreciates us so much.

    #127 1 year ago
    Quoted from GregCon:

    These are people who wear Nike shoes, drive 5 year old Infiniti's, text on Iphone 32's, eat at Chili's, and always have smokes and beer. No one talks about that injustice.

    When did Chili’s become a fancy and expensive place to eat at?

    #128 1 year ago

    The bigger tax issue some guys around here should be worried about is sales tax on NIB out of state pinball machine purchases.

    #129 1 year ago
    Quoted from AFM95:

    When did Chili’s become a fancy and expensive place to eat at?

    Yeah real ballers go to Sizzler.

    #130 1 year ago
    ralph (resized).jpgralph (resized).jpg
    #131 1 year ago
    Quoted from Zablon:

    Yeah real ballers go to Sizzler.

    I prefer Applebees on a date night, with the bourbon street steak and the oreo shake

    #132 1 year ago

    It’s more like…

    GOV’t: if you overpay, we’ll keep the extra. If you underpay, it’s prison.

    #133 1 year ago

    Chili’s…Applebees? I wish.
    Don’t know about you but IRS has me asking “How much for one rib?” most of the time.

    #134 1 year ago
    Quoted from GregCon:

    "So you're defending the rich while simultaneously condemning the poor for buying the very things that make the rich rich.
    You've got everything upside down, inside out, and backwards.
    The rich depend on the ", can't live without them in fact. Neither can exist without the other.
    Sadly, you are the one who is upside down and backwards. There are no rich and poor people - only varying degrees of wealth and perspectives. The poorest person in the USA lives a life of luxury compared to the average poor person in India.
    But let's use those terms for a minute. The rich don't need to poor nearly as much as the poor need the rich. It's hardly a 50/50 relationship. If you don't believe me, bear in mind that every day more and more human functions are being replaced by robots and computers and machines. Those are all poor people being replaced - not rich people. Don't presume there is equality in every walk of
    life; there isn't, never was, and never will be. Thankfully, too.
    Poor people should be condemned when they do stupid things - like buying Nike shoes when they could buy much less costly shoes that are every bit as good. Like buying cigarettes. Being poor doesn't absolve anyone of personal responsibility or having to use their brains, no matter what TV tells us.
    I'm sure there are some 'misbehavers' among the rich - it would be impossible for there to not be. But it's a bromide of the worst sort to stereotype the rich as evil targets...most people who are wealthy either had it dumped in their lap or worked very hard for it. That's capitalism, and it's the backbone of success.
    The average rich person does far more for his fellow man than the average poor person.

    I think the majority of America you’re describing prefer to be called “the poors”. It feels weird the first couple times you use it but you get used to it.

    #135 1 year ago
    Quoted from barakandl:

    So they changed the reporting rules that if you receive more than $600 in digital payments it generates at 1099 (down from $10,000 i think it was).

    Actually, the threshold used to be $20,000 in online payment processing transactions or 200 total transactions in one year. Realistically, It should be set to the same number as what the current poverty income level is in America as a way to make sure that those in the gig work environment that are doing it as their only source of income get taxed once they cross it.

    But in reality, the lowering of said threshold to $600/yr is a direct attack on the incomes of the vast majority of sellers on all app-based markets(eBay, OfferUp, Poshmark, Depop, Etsy, etc.) most all of whom are firmly in the middle class or lower. I guarantee all those Instagramming/TikTok-ing twenty-something girls who sell all their used designer brand clothes on these sites will get the 1099K and promptly toss it in the trash, then not even file their 1040EZ.

    #136 1 year ago

    Just think of what one agent could do by using Pinside to create $ for the IRS. Would have their salaries paid 5X over with just a few notices.

    #137 1 year ago

    Be careful what you post about pinball sales…….the eyes might be watching.

    #140 1 year ago

    Hope they work on getting me my refund. Still waiting!!

    #141 1 year ago

    I had one guy in Austin, a partner in a roofing company, ask us for help after he got an IRS audit letter.

    Very liberal, basically paid what he thought was fair and made up the rest. Blatant fraud. Roofing is a profitable business. He paid about $250k in taxes and really owed another $250k or so on top.

    “What were you thinking man”?

    “I just thought $500k in taxes wasn’t fair to me since I did all the work”. “And I wanted to buy a condo in Miami”.

    “What do you think the IRS is gonna say about that now”?

    “I don’t know man, am I in big trouble?”

    Lucky guy, his audit was scheduled for October, that was the year hurricane Harvey hit. Threw the entire gulf coast region into disarray.

    Received a letter right before saying they were just accepting his numbers.

    Poor guy was a recovering drug addict on the right path. Now he’s lost his partners and back into drugs

    #142 1 year ago

    Lois Lerner isn’t “fake news”.

    And the IRS is attempting to hire more competent auditors to go after wealthy taxpayers.

    IRS vs private industry as an tax person? They won’t get the crème of the crop let’s say.

    The lies they are spinning right now, won’t be affected if you make less than $400k. Lol

    I’m trying to hire another tax person right now. Paying above wages and benefits. Slim Pickens. Can’t imagine them finding 87k new workers with any sort of competence.

    There are 143 posts in this topic. You are on page 3 of 3.

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