Impact of new tax laws for 2022

Didn’t see a thread in this… direct me to it, if so…

**First the possibly necessary disclaimer**
(Nothing here should be taken as legal or financial advice, and honestly, if you haven’t figured that out yet, and you’re here on this forum, this is your notice. I, nor anyone here, is establishing a provider-client relationship by discussing this stuff, so hire your own guy and discuss it with him/her if you’re serious.)

I just heard about this, and have been personally expecting something like it for a while. I haven’t dived-in to the laws yet, but from a very high-level (wide-view) understanding, new tax laws (in the US) will require online sellers to be classified as either businesses (1099 self-employed) of hobbyists (1099 not-self employed). This makes sense because yata, yata, tax laws, yata… Also, there is a much lower threshold for mandatory reporting (now it really sounds like a crime. :laughing: )

The Question I’m trying laboriously to get to here is: How do you all think this change will affect the seller market? Prices? Maturing of the hobby?

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I’m sure there’s gonna be some shots heading my way, for starting this, so I’m wearing my flack jacket. I’ve prepared my ego for the possible punishment.

After selling for many years myself, I still plan to sell, but will now re-asses my costs and margins, etc. 1099 is nothing new to me, but for many, it is.
I can imagine an exodus of small sellers, and an increase of prices for mid to high level sellers because of supply, but also costs. Perhaps this would be a benefit to the hobby, as newer, and less caring sellers won’t bother…? Maybe smaller sellers may come back as they see prices rise and their uncertainty about how to proceed dwindles…?

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Be like Gary, don’t pay taxes

If you’re looking to discuss the impact of new tax laws on the market, best place to do that is here: www.elitefourum.com/t/the-giant-english-market-thread/27424/1

We have a few threads on tax laws, but the overarching conclusion is that you need to talk to a professional, not a pokemon forum: www.elitefourum.com/t/new-proposed-threshold-for-sales-is-600-instead-of-20k/32043/1

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