Quote:
Originally Posted by MiamiMarlinsFan
You think flippers are going to accurately report their income for tax purposes? A better sentence might be “I’m begging to wonder how many flippers will be burned years from now when a small percentage of them get audited.”
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Once a 1099-k is issued it is much easier for the IRS to track. You can't make deductions unless you do a schedule C or D once the form is issued. Many people will ignore thinking online garage sale and get a huge bill from the IRS later in the year. I will enjoy the chaos!