#tax
Tax strategies, planning, and compliance for individuals and businesses
NAR's $52.25 million Tuccori settlement, approved April 10, 2026, doesn't change buyer-agent commission rules — it makes the August 2024 Sitzer/Burnett practice changes permanent, so agents must book gross commission across multiple funding sources rather than treating deposits as a single income line.
Starting tax year 2026, the OBBBA limits gambling loss deductions to 90% of winnings. Breakeven gamblers may owe IRS tax on phantom income from the 10% gap.
Peer-to-peer garage and driveway storage income is usually reported on Schedule E rather than Schedule C, is taxable even without a 1099-K, and requires tracking gross bookings, platform fees (commonly 4.9% + $0.30 per transaction), and prorated home costs separately from personal expenses.
Paid newsletter revenue on Substack, Ghost, or beehiiv is Schedule C self-employment income — owing 15.3% SE tax, quarterly estimates once you owe over $1,000, and facing a new 90% cap on hobby-expense deductions in 2026. Here's how the 1099-K thresholds, the 13–19% effective platform-fee cost, and the deduction rules actually work for writers.
Canada repealed the federal Underused Housing Tax for 2025 onward on March 26, 2026, but the repeal is not retroactive — US owners of Canadian property still owe UHT returns, penalties, and interest for 2022–2024, and BC's Speculation and Vacancy Tax, Vancouver's Empty Homes Tax, and Toronto's Vacant Home Tax remain in force.
The federal 1099-K threshold is back at $20,000 and 200 transactions, but reselling profit is taxable either way. How Poshmark and Depop sellers should handle hobby-vs-business classification, the nondeductible personal-use loss rule under IRC Section 165(c), cost of goods sold, and reconciling income across platforms that report gross vs. net.
Stock photo and video royalties from platforms like Adobe Stock and Shutterstock are almost always Schedule C income subject to 15.3% self-employment tax — not passive royalties. This guide covers the hobby-vs-business test, reconciling multi-platform 1099s, deducting gear via Section 179 ($2,560,000 limit) or 100% bonus depreciation, and when quarterly estimated payments kick in.
The 2026 IRS 1099-K threshold for platforms like eBay, StockX, and Whatnot is back to $20,000 and 200 transactions, but sneaker and trading card resellers still owe tax on profit below that line — here's how to nail cost basis, inventory tracking, and the hobby-vs-business test.
Boatsetter and GetMyBoat report gross transaction volume on Form 1099-K, not your net payout, so record the full charter price as revenue and the platform commission as a separate expense — and track bareboat versus captained bookings separately, since adding a captain shifts income from Schedule E to Schedule C self-employment tax.
A $150,000 CNC lathe bought at auction and fully expensed under 100% bonus depreciation can generate roughly $37,500 in first-year tax savings at a 25% effective tax rate, but only if the buyer's premium, sales/use tax, and rigging costs are correctly capitalized into cost basis first.
DAC7 requires platforms like Etsy, Airbnb, and Upwork to collect and report seller data to EU tax authorities whenever a US seller's activity touches an EU customer or property, with goods sellers exempt below 30 transactions and €2,000 per year.
Finland's 2025 VAT reform raised the small-business exemption to €20,000 but eliminated the sliding-scale relief that used to soften the jump to full VAT liability at €30,000, so crossing €20,000 now means owing VAT on 100% of turnover with no phase-in.
