@Liquidated said:
I always find it amusing when people beat their chest about themselves paying fair share of taxes. Unsure if a paranoia of the IRS watching their posts or if engulfed if a full pitcher of kool-aid. As previously stated any 3rd party payment processor such as eBay, Etsy, Amazon, Paypal, or Square will issue a 1099k once receipts exceed $600 starting tomorrow morning 1-1-2022. Reporting an offsetting cost basis is not difficult, proving the cost basis during an audit could be. For those of you that do not enjoy being told how to think in regards to tax filing and wish to avoid receiving a 1099k the solution is simple. Use an consignor to sell or even an auction house that does not require a SSN. If any future attempts of the treasury lobbying to have banks report non payroll deposits become law this could become more difficult, but for the time being avoid selling directly and consign with a 3rd party. You can always later provide the cost basis if questioned regarding unreported income and no penalty if no tax is due. The biggest issue is the IRS is so backlogged that correspondence and resolution is taking 6 month to 2 years.
I'm not sure why you would criticize those of us who pay their taxes owed. And I'm also not sure why you would thump your chest about successful tax avoidance. You kind of have the virtue and vice confused.
Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.
What was once a high reporting threshold has been reduced, by inflation, to a low reporting threshold. Shame the IRS can't keep up with inflation. IRS reporting requirements that fail to keep up with inflation are one reason why the IRS is so backlogged.
@Timsdad said:
Basketball shoe flippers are going to be shocked next January.
Are those flippers for some new kind of water basketball? 😜
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
Ebay will be taking a big hit in 2022. Many sellers will just stop listing now which will end up hurting the buyers too since the bigger sellers will have much less competition.
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
"Money does not care about speeches on morality. Capital asks whether the rules will remain the same tomorrow. With inflation, people assume price is the problem, and propose regulation—but price is simply the message." - Martin Armstrong
@fiftysevener said:
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:
eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
@fiftysevener said:
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:
eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵
Do you post these ridiculous comments just to increase your number of posts? It's a shame you have no impulse control🙄
@fiftysevener said:
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:
eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵
Do you post these ridiculous comments just to increase your number of posts? It's a shame you have no impulse control🙄
Not everyone shares my brand of humor, but many do. Such is life.
100th pint of blood donated 7/19/2022 . Transactions with WilliamF, Relaxn, LukeMarshal, jclovescoins, braddick, JWP, Weather11am, Fairlaneman, Dscoins, lordmarcovan, Collectorcoins, SurfinxHI, JimW. God so loved the world that he gave his only begotten son, that who so believeth in him should not perish but have everlasting life.
@PerryHall said:
With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future.
Which is why they also wanted the $600 bank transaction reporting rule.
How is the bank involved or even aware of any cash transaction unless the seller deposits the cash into his account?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I do have an accountant and he told me to not get too excited. He said just keep your receipts if I have a profit tell him. Otherwise not to loose a lot of sleep.
I am a collector and don't do this to make money. I sometimes do by mistake.
My one concern is most of my receipts from over the years say things like 3 coins 5,000 dollars. Others say coin purchase 2,000.
My purchases through heritage are nicely documented. But always concerned that some day I am going to have to turn over my binder of receipts which often have my hand written notes as to which coins they are, and the irs is going to laugh at my records
@PerryHall said:
With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future.
Which is why they also wanted the $600 bank transaction reporting rule.
And why they are working to eliminate cash transactions all together.
Yes, if you get a 1099k it’s probably going to make your taxes a bit more complicated.
Yes, many of the people who get a 1099k probably should have been reporting the income already and have been avoiding it.
Just because you didn’t receive a 1099 in past years doesn’t mean you didn’t owe the tax in those years.
Most likely you will never have to justify your cost basis to an auditor. And if you do, unless you are dealing with a large sum of money or years of overly aggressive deductions you will probably be ok with a spreadsheet or some other proof mailed to the IRS with an explanation letter.
Most of you should also being reporting sales and use tax to your state for online purchases to out of state retailers but haven’t for years so NOW EBAY AND AMAZON have to collect it for you.
All those untraceable crypto transactions will be or are the next target.
The government will continue to come up with new and creative ways to catch all the new and creative ways people avoid taxes.
@fiftysevener said:
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:
eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵
Just commenting in line with the original thread about the IRS squeezing blood from turnips.
@fiftysevener said:
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
Law abiding taxpayers don't have a problem with the new rule. It doesn't change anything for them.
I used to be a law abiding taxpayer but it's now so complicated that I'm not sure anymore. Luckily Turbotax offers advice for a nominal fee.
@dbldie55 said:
So, for the tax experts. I had a car I lost $12,000 on (paid $12,000 and it was a lemon, Died while still owing over $6,000). Can I write this off?
Not unless it was a collectible car. Cars are consumables, they are expected to depreciate.
I ate a $12 steak yesterday. Today it's &%/<, can I write off the $12?
I suppose you could if you live and work on a ranch
Comments
Something I read, which certainly can be wrong & I would like to know if it's bad info:
In 2022 your bank, credit union will generate 1099 on each individual cash deposit above $600.
Is this true ?
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Why do you continually suspect many don't pay their fair share of taxes ? Feel free to pay more than is fair.
If I remember correctly....way back when, $600.00 in income was the threshold of having to file a tax return or not.
Are those flippers for some new kind of water basketball? 😜
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Deleted
Ebay will be taking a big hit in 2022. Many sellers will just stop listing now which will end up hurting the buyers too since the bigger sellers will have much less competition.
Bye bye Ebay!😎
The best part is even if you try to keep it under $600 they’ll still flag you for trying to evade the threshold 😂
BHNC #248 … 140 and counting.
Elections have consequences and likely most have forgotten that the Obama administration weaponized the IRS in one way to silence conservative non profit groups as Lois Lerner once admitted. There is no shame with the current administration breaking constitutional law now just as there was none then. Law abiding taxpayers be damned
poof!
"Money does not care about speeches on morality. Capital asks whether the rules will remain the same tomorrow. With inflation, people assume price is the problem, and propose regulation—but price is simply the message." - Martin Armstrong
Blatantly political, certain to get this thread closed. So might as well add a few more elements for the readers' enjoyment:
eBay sucks, PCGS sucks, nazis, CAC, illuminati, pandemic is a hoax, 2021 was a hoax, 2022 is a hoax. Get off my lawn, you kids! 😵
With this IRS $600 reporting rule, I'm guessing there will be a lot more cash transactions in the future.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
.
Do you post these ridiculous comments just to increase your number of posts? It's a shame you have no impulse control🙄
Not everyone shares my brand of humor, but many do. Such is life.
How is the bank involved or even aware of any cash transaction unless the seller deposits the cash into his account?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I do have an accountant and he told me to not get too excited. He said just keep your receipts if I have a profit tell him. Otherwise not to loose a lot of sleep.
I am a collector and don't do this to make money. I sometimes do by mistake.
My one concern is most of my receipts from over the years say things like 3 coins 5,000 dollars. Others say coin purchase 2,000.
My purchases through heritage are nicely documented. But always concerned that some day I am going to have to turn over my binder of receipts which often have my hand written notes as to which coins they are, and the irs is going to laugh at my records
And why they are working to eliminate cash transactions all together.
Yes, if you get a 1099k it’s probably going to make your taxes a bit more complicated.
Yes, many of the people who get a 1099k probably should have been reporting the income already and have been avoiding it.
Just because you didn’t receive a 1099 in past years doesn’t mean you didn’t owe the tax in those years.
Most likely you will never have to justify your cost basis to an auditor. And if you do, unless you are dealing with a large sum of money or years of overly aggressive deductions you will probably be ok with a spreadsheet or some other proof mailed to the IRS with an explanation letter.
Most of you should also being reporting sales and use tax to your state for online purchases to out of state retailers but haven’t for years so NOW EBAY AND AMAZON have to collect it for you.
All those untraceable crypto transactions will be or are the next target.
The government will continue to come up with new and creative ways to catch all the new and creative ways people avoid taxes.
My Ebay Store
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Deleted
I suppose anything's possible but I can't imagine the IRS being foolish enough to believe hassling people over garage sales is worth doing.
Just commenting in line with the original thread about the IRS squeezing blood from turnips.
I used to be a law abiding taxpayer but it's now so complicated that I'm not sure anymore. Luckily Turbotax offers advice for a nominal fee.
I suppose you could if you live and work on a ranch
Martin