Primarily Petroliana Shop Talk Forums Shop Talk Petroliana Forums General Petroliana Discussion Thoughts on reproductions & unreported income

As I write this, I am targeting the specific eBay sellers that turn dozens of reproductions into artificial aged signs and sell them as old.

How would the IRS view activity that have dozens of transactions, well documented, and is clearly "for profit" and not hobby related? Do you think they would want to be aware of thousands of dollars of unreported non hobby profits? Just some random thoughts as am scrolling past dozens of reproductions trying to find anything legit on eBay I was wondering if anyone out there in OG land has any additional insight or thoughts.

https://www.irs.gov/Individuals/How-Do-You-Report-Suspected-Tax-Fraud-Activity%3F

Only bad thing about that is .... Facebook sales and Craigslist sales could be next.. I hate seeing people getting ripped off and help curb it where I can.. But, If we take that course of action it might hurt us all in the long run. Just my 2 cents.

All electronic payments over 200 payments or 20,000 get a 1099k from pay pal apple pay , etc including Facebook ebay etsy etc sales fake or original dosnt mater some gift payments don't apply if it's really a gift not a sale. U can run but u can't hide from the tax man. India$??

I don't know maybe that's why some sellers have multiple names ?

Ya but you got to think all they have to do when they get there 1099 is say they didn't make any money or only made a little or lost and there in the clear no way to prove otherwise.

That's not how it works. If someone gets audited they better have documentation of all of their expenses.

You actually need both 200 payments AND $20,000 sales for Paypal to send a 1099.

Jim

Seeing how they are reducing IRS agents now, people are less likely unless their incomes are very high to get an audit. They seem to be going after corporations more and other groups. More money for the return of time.