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Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7729509
11/28/22 10:54 PM
11/28/22 10:54 PM
Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
G
Gary Benson Offline
trapper
Gary Benson  Offline
trapper
G

Joined: Dec 2006
Posts: 21,536
Sandhills Nebraska
They will never have enough or cut spending, and will always expect you to pay more. You need to cut back, not them. **** them.


Life ain't supposed to be easy.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Starbits] #7729517
11/28/22 10:57 PM
11/28/22 10:57 PM
Joined: Jan 2007
Posts: 25,425
Georgia
warrior Offline
trapper
warrior  Offline
trapper

Joined: Jan 2007
Posts: 25,425
Georgia
Originally Posted by Starbits
This is going to shaft a lot of people. If you ignore this it will generate a automatic tax audit (they need something for those 87,000 new agents to do). My daughter regularly borrows $3-400 in cash from me to buy hay for her horses, and then repays me using Zelle. Now Zelle is going to send a 1099k telling the IRS how much my daughter paid me back. Unless I can get Zelle to not issue the 1099k (good luck with that) I will have to then convince the IRS not to tax that amount (won't that be fun). While it will be easier to convince my daughter to change her ways it will only take twice during the year before I am forced to deal with the IRS.


Not just zelle. Lots of small businesses, sideline gigs, etc use apps like square, venmo, cashapp.

I use square mostly to make it easier for my clients to "put it on the card" aka spend more. Cash or check only would hurt my revenue stream. Though I have seen an increasing number of clients paying with cash. Maybe they know something.


[Linked Image]
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7729936
11/29/22 12:00 PM
11/29/22 12:00 PM
Joined: Mar 2010
Posts: 5,922
2A Sanctuaries-W. OK & N. NM
Blaine County Offline
trapper
Blaine County  Offline
trapper

Joined: Mar 2010
Posts: 5,922
2A Sanctuaries-W. OK & N. NM
I hate taxes. I pay my taxes. I pay way more in taxes than I will ever get back. Again, I hate taxes and hate supporting the waste--including the deadbeats.

However, what a lot of people are advocating above is tax evasion. Just because you get paid in cash or just because the Feds did not capture Venmo transactions or whatever before does not the change the fact that it was still tax evasion if you did not report it. If you or your business received income, it was taxable before this law or after.

I hate taxes. I do not like any law that increases taxes or the power of the IRS. I like laws that cut taxes, spending, waste and welfare. But I also hate tax cheats.

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7729986
11/29/22 01:01 PM
11/29/22 01:01 PM
Joined: Feb 2007
Posts: 1,687
S Illinois, former cheesehead
K
Kelly Offline
trapper
Kelly  Offline
trapper
K

Joined: Feb 2007
Posts: 1,687
S Illinois, former cheesehead
I bought things over the years with after tax money. Now in retirement I find that those things are no longer needed so I sell them. If that sale was done thru eBay or you got paid via PayPal or other pay services, if at the end of the year those things add up to $600 or more you will get a 1099 for whatever the yearly total is. The IRS considers amounts on 1099 as income.

Why is that me, a retired person with no business, selling things I’ve acquired over the years with after tax money now required to pay tax on this so called income? Selling personal items should not be considered income, never was before.

I attribute this to the same mentality that the president says, ban all semi automatic guns, which will/can include shotguns and Ruger 10/22’s or banning guns with magazines over 10 rounds, which would include my Winchester pump model 61 tube fed 22 cal. Just plain crazy and illogical!


Enjoy Mother Nature's Glory, everyday!

Once one opens the mind to the plausible, the unbelievable becomes possible!

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Kelly] #7729992
11/29/22 01:06 PM
11/29/22 01:06 PM
Joined: Feb 2015
Posts: 10,468
Iowa
T
trapdog1 Offline
trapper
trapdog1  Offline
trapper
T

Joined: Feb 2015
Posts: 10,468
Iowa
Originally Posted by Kelly
I bought things over the years with after tax money. Now in retirement I find that those things are no longer needed so I sell them. If that sale was done thru eBay or you got paid via PayPal or other pay services, if at the end of the year those things add up to $600 or more you will get a 1099 for whatever the yearly total is. The IRS considers amounts on 1099 as income.

Why is that me, a retired person with no business, selling things I’ve acquired over the years with after tax money now required to pay tax on this so called income? Selling personal items should not be considered income, never was before.

I attribute this to the same mentality that the president says, ban all semi automatic guns, which will/can include shotguns and Ruger 10/22’s or banning guns with magazines over 10 rounds, which would include my Winchester pump model 61 tube fed 22 cal. Just plain crazy and illogical!

There are more ways to waste taxpayer funds than there are current taxes being paid. Prime example, the Department of Education.
So be quiet and pay up like a good citizen!

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Blaine County] #7729995
11/29/22 01:14 PM
11/29/22 01:14 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 11,135
Armpit, ak
Originally Posted by Blaine County
I hate taxes. I pay my taxes. I pay way more in taxes than I will ever get back. Again, I hate taxes and hate supporting the waste--including the deadbeats.

However, what a lot of people are advocating above is tax evasion. Just because you get paid in cash or just because the Feds did not capture Venmo transactions or whatever before does not the change the fact that it was still tax evasion if you did not report it. If you or your business received income, it was taxable before this law or after.

I hate taxes. I do not like any law that increases taxes or the power of the IRS. I like laws that cut taxes, spending, waste and welfare. But I also hate tax cheats.


If I pay taxes for the government to give to other people, doesn't that mean I am an enabler? My religion forbids me to turn perfectly capable people into parasites. You just keep enabling! At least you have your hate to comfort you.


Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7729997
11/29/22 01:21 PM
11/29/22 01:21 PM
Joined: Aug 2011
Posts: 45,263
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 45,263
james bay frontierOnt.
They should get rid of all taxes and make everything user pay.
Vote with your wallet.
Get back to the good old feudal system.

Last edited by Boco; 11/29/22 01:24 PM.

Forget that fear of gravity-get a little savagery in your life.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7729999
11/29/22 01:23 PM
11/29/22 01:23 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 11,135
Armpit, ak
"Taxes When You Sell Things Online
Find out what your tax reporting obligations are if you sell something online.
By Stephen Fishman, J.D.
The income tax laws work exactly the same way when you sell something online--whether in an online auction or otherwise--as when you sell an item in the physical world. If you sell at a gain--that is, you get more than you paid for the item--you have income. If you sell an item for less than you paid for it, you have a loss. How this income and loss is treated depends on what type of online seller you are."


Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730001
11/29/22 01:26 PM
11/29/22 01:26 PM
Joined: Aug 2011
Posts: 45,263
james bay frontierOnt.
B
Boco Offline
trapper
Boco  Offline
trapper
B

Joined: Aug 2011
Posts: 45,263
james bay frontierOnt.
You should get money back Dirt,unless you pay yourself too little to procure your raw materials.
Are you not tax exemt as a subsitence person?
Here if you are strictly living off the land with no other income you can apply to be tax exempt.
They used to pass out the forms at our trappers council meetings for those trappers who lived year round in the bush on their traplines and who lived off the land

Last edited by Boco; 11/29/22 01:31 PM.

Forget that fear of gravity-get a little savagery in your life.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Dirt] #7730012
11/29/22 01:53 PM
11/29/22 01:53 PM
Joined: Jun 2015
Posts: 4,951
rogers city mi.
J
jeff karsten Offline
trapper
jeff karsten  Offline
trapper
J

Joined: Jun 2015
Posts: 4,951
rogers city mi.
Originally Posted by Dirt
"Taxes When You Sell Things Online
Find out what your tax reporting obligations are if you sell something online.
By Stephen Fishman, J.D.
The income tax laws work exactly the same way when you sell something online--whether in an online auction or otherwise--as when you sell an item in the physical world. If you sell at a gain--that is, you get more than you paid for the item--you have income. If you sell an item for less than you paid for it, you have a loss. How this income and loss is treated depends on what type of online seller you are."

Great if you have the sales reciept from feb. 3, 1979 otherwise every penny is income Of course in a cashless society records would exist for eternity


olden tyred
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730020
11/29/22 02:06 PM
11/29/22 02:06 PM
Joined: Jan 2014
Posts: 20,914
North East Kansas
Marty Offline
trapper
Marty  Offline
trapper

Joined: Jan 2014
Posts: 20,914
North East Kansas
Cashless life is coming.


E
'Honey Badger Militia'
Sleep, the anti woke adote.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Marty] #7730025
11/29/22 02:10 PM
11/29/22 02:10 PM
Joined: Feb 2016
Posts: 3,520
Kentucky
ky_coyote_hunter Online content
trapper
ky_coyote_hunter  Online Content
trapper

Joined: Feb 2016
Posts: 3,520
Kentucky
Originally Posted by Marty
Cashless life is coming.

How soon do you see that being ushered in Marty?
No doubt they want the control.


Member - FTA
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: jeff karsten] #7730027
11/29/22 02:13 PM
11/29/22 02:13 PM
Joined: Dec 2010
Posts: 11,135
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 11,135
Armpit, ak
Originally Posted by jeff karsten
Originally Posted by Dirt
"Taxes When You Sell Things Online
Find out what your tax reporting obligations are if you sell something online.
By Stephen Fishman, J.D.
The income tax laws work exactly the same way when you sell something online--whether in an online auction or otherwise--as when you sell an item in the physical world. If you sell at a gain--that is, you get more than you paid for the item--you have income. If you sell an item for less than you paid for it, you have a loss. How this income and loss is treated depends on what type of online seller you are."

Great if you have the sales reciept from feb. 3, 1979 otherwise every penny is income Of course in a cashless society records would exist for eternity


IF you get audited you may have to supply receipts.

"Ideally you would have receipts or records to document the cost basis of the items, for the cost-of-goods-sold:
However, if the items were inherited then you need to use the fair market value on the date they were inherited.
If you don't have receipts (as for items that were bartered or exchanged, or if receipts are not available) then you can use the fair market value when they were acquired.
The fair market value needs to be determined consistently, and according to accounting principles.
For more information, see IRS Publication 551, Basis of Assets."

Last edited by Dirt; 11/29/22 02:23 PM.

Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730030
11/29/22 02:13 PM
11/29/22 02:13 PM
Joined: Apr 2017
Posts: 2,283
PA
L
lumberjack391 Offline
trapper
lumberjack391  Offline
trapper
L

Joined: Apr 2017
Posts: 2,283
PA
Im pretty sure its been 600 for a long time. Why is everybody getting worked up?

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730046
11/29/22 02:35 PM
11/29/22 02:35 PM
Joined: Aug 2010
Posts: 10,787
Asheville, NC
C
charles Offline
trapper
charles  Offline
trapper
C

Joined: Aug 2010
Posts: 10,787
Asheville, NC
If you sell something and get a 1099, you still have a cost basis. If you sell it for less than you paid new, and never claimed depreciation, why would you owe any tax?

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: charles] #7730080
11/29/22 03:41 PM
11/29/22 03:41 PM
Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
Posts: 11,293
East-Central Wisconsin
You won't, but many never keep good records on tangible purchases. The other aspect of this is it may move a lot of tax payers into filing a schedule C which would minimize a lot of tax. Also when selling on line or otherwise there are lines for items that are bought for resale and thus the original purchase cost can be subtracted from any gain and or added to any loss. may force many to be better record keepers or create a lot more concerns for those who choose not to report.

Bryce

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: ky_coyote_hunter] #7730113
11/29/22 04:57 PM
11/29/22 04:57 PM
Joined: Jan 2014
Posts: 20,914
North East Kansas
Marty Offline
trapper
Marty  Offline
trapper

Joined: Jan 2014
Posts: 20,914
North East Kansas
Originally Posted by ky_coyote_hunter
Originally Posted by Marty
Cashless life is coming.

How soon do you see that being ushered in Marty?
No doubt they want the control.


It has been here for some things already but they need to make the dollar digital first or maybe a new digital currency...I am sure they have it planned out.


E
'Honey Badger Militia'
Sleep, the anti woke adote.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730132
11/29/22 05:39 PM
11/29/22 05:39 PM
Joined: Dec 2006
Posts: 29,750
williamsburg ks
D
danny clifton Offline
"Grumpy Old Man"
danny clifton  Offline
"Grumpy Old Man"
D

Joined: Dec 2006
Posts: 29,750
williamsburg ks
Cash isnt going anywhere. Too much money being made in the "illegal" narcotics trade.


Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730133
11/29/22 05:39 PM
11/29/22 05:39 PM
Joined: Feb 2016
Posts: 3,520
Kentucky
ky_coyote_hunter Online content
trapper
ky_coyote_hunter  Online Content
trapper

Joined: Feb 2016
Posts: 3,520
Kentucky
Yep Marty, Sporting Venues, Disneyland, etc....Already refusing cash payments - All bad, IMO.

Hope your right Danny, we need the cash option.


Member - FTA
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: ky_coyote_hunter] #7730136
11/29/22 05:44 PM
11/29/22 05:44 PM
Joined: Jan 2011
Posts: 1,137
Surry county, NC
G Hose Offline
trapper
G Hose  Offline
trapper

Joined: Jan 2011
Posts: 1,137
Surry county, NC
Originally Posted by ky_coyote_hunter
Yep Marty, Sporting Venues, Disneyland, etc....Already refusing cash payments -

All bad, IMO.

Hope your right Danny, we need the cash option.


If I go to a place an they don’t take cash, I don’t do business with them.
[Linked Image]

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