Quote:
Originally Posted by touringmandan
So, if I am selling used parts that I originally bought with my taxed earnings, I have to pay income tax again on any money that I recover? It's bad enough that the sales tax is paid twice.
Sounds like the "double dip".
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Sure it is, dems don't think taxing once is enough. I read about it on one of the vintage bmx forums I belong too. Several of those guys are always buying and selling on eBay, part of the hobby.
One thing mentioned was the fact that you will be taxed on $600, but what if you paid a $1000 for it and sold at a $400 loss?
Clearly there is nothing clear about how they are going to do this.
But hey, unless you make X amount of $$ your taxes won't go up, yeah that will really happen..