Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730140
11/29/22 05:48 PM
11/29/22 05:48 PM
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Joined: Feb 2016
Posts: 3,573 Kentucky
ky_coyote_hunter
trapper
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trapper
Joined: Feb 2016
Posts: 3,573
Kentucky
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Same here G Hose, the non acceptance of cash is a deal breaker....Agreed, it's spelled right out on that paper bill as you have shown.
Member - FTA
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Blaine County]
#7730152
11/29/22 06:11 PM
11/29/22 06:11 PM
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Joined: Dec 2008
Posts: 1,751 eastern washinghton
70sdiver
trapper
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trapper
Joined: Dec 2008
Posts: 1,751
eastern washinghton
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So let’s say I sell a reloading press 650.00 that I own transaction thru PayPal.Do I owe taxes on the proceeds even tho I bought the press for 650.00 and paid my sales tax? I say no but I’ll be getting a 1099 from PayPal.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730177
11/29/22 06:35 PM
11/29/22 06:35 PM
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J Staton
Unregistered
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J Staton
Unregistered
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I figure accounting firms pushed for such law. If better record keeping is required, that's what an accountant is for.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730182
11/29/22 06:43 PM
11/29/22 06:43 PM
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Joined: Mar 2012
Posts: 309 Iowa
riverratdm
trapper
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trapper
Joined: Mar 2012
Posts: 309
Iowa
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So I work and get paid , have to pay taxes. Take the money and buy a car or truck and pay taxes. Then pay yearly registation taxes every year. Now I sell it and have to pay taxes on the money I get back out of it?
Last edited by riverratdm; 11/29/22 06:43 PM.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: white17]
#7730251
11/29/22 08:14 PM
11/29/22 08:14 PM
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Joined: Dec 2010
Posts: 11,198 Armpit, ak
Dirt
trapper
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trapper
Joined: Dec 2010
Posts: 11,198
Armpit, ak
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There will be no tax if there is no gain. How many times does this have to be repeated?
Who is John Galt?
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730334
11/29/22 09:31 PM
11/29/22 09:31 PM
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Joined: Dec 2006
Posts: 20,061 SEPA
Lugnut
trapper
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trapper
Joined: Dec 2006
Posts: 20,061
SEPA
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Here’s what is new:
When the American Rescue Plan Act passed in 2021, it drastically dropped the 1099-k requirements for 2022 from $20,000 (and 200 transactions) to $600 from any one platform.
Eh...wot?
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730337
11/29/22 09:33 PM
11/29/22 09:33 PM
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Joined: Dec 2006
Posts: 20,061 SEPA
Lugnut
trapper
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trapper
Joined: Dec 2006
Posts: 20,061
SEPA
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The American Rescue Plan Act…what a hot, steaming pile of camel crap!
A nice way of saying that big brother is digging even deeper into your pocket so he can increase wasteful spending on even more ridiculous, unnecessary things.
Eh...wot?
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Lugnut]
#7730354
11/29/22 09:45 PM
11/29/22 09:45 PM
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Joined: Mar 2010
Posts: 5,946 2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
Posts: 5,946
2A Sanctuaries-W. OK & N. NM
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Here’s what is new:
When the American Rescue Plan Act passed in 2021, it drastically dropped the 1099-k requirements for 2022 from $20,000 (and 200 transactions) to $600 from any one platform. We are aware. Income was still income pre 2021--whether reported or unreported.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Blaine County]
#7730359
11/29/22 09:52 PM
11/29/22 09:52 PM
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Joined: Jul 2009
Posts: 2,462 Oregon
H2ORat
trapper
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trapper
Joined: Jul 2009
Posts: 2,462
Oregon
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Here’s what is new:
When the American Rescue Plan Act passed in 2021, it drastically dropped the 1099-k requirements for 2022 from $20,000 (and 200 transactions) to $600 from any one platform. We are aware. Income was still income pre 2021--whether reported or unreported. Did you report your 600 trapping income? or how about the 3 times you hauled a couple tons of scrap iron?
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: white17]
#7730378
11/29/22 10:13 PM
11/29/22 10:13 PM
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Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
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There will be no tax if there is no gain. What if a person doesn't have proper documentation, will the gubbemint take my word for it I paid x amount for something I sold? I don't want to pay for everything with a card, it's none of anyone's business what I buy. The world so needs a decentralized means currency
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730379
11/29/22 10:14 PM
11/29/22 10:14 PM
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Joined: May 2018
Posts: 10,917 SW Georgia
Wanna Be
trapper
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trapper
Joined: May 2018
Posts: 10,917
SW Georgia
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Didn’t watch the video…if I cash a $1200 check does my bank report it?
Last edited by Wanna Be; 11/29/22 10:14 PM.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Wanna Be]
#7730384
11/29/22 10:17 PM
11/29/22 10:17 PM
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Joined: Dec 2010
Posts: 11,198 Armpit, ak
Dirt
trapper
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trapper
Joined: Dec 2010
Posts: 11,198
Armpit, ak
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Didn’t watch the video…if I cash a $1200 check does my bank report it? No but the IRS will get a 1099 INT reporting your $1.96 you earned on the interest in your savings account.
Who is John Galt?
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: AntiGov]
#7730385
11/29/22 10:18 PM
11/29/22 10:18 PM
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Joined: Mar 2010
Posts: 5,946 2A Sanctuaries-W. OK & N. NM
Blaine County
trapper
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trapper
Joined: Mar 2010
Posts: 5,946
2A Sanctuaries-W. OK & N. NM
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I do report trapping income. And I write off my trapping supplies. Sure you do It's the law and it's good business. I also write supplies off as farming expenses. Also legal and also good business. Do you even trap? Never seen a trapping post from you.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Dirt]
#7730387
11/29/22 10:19 PM
11/29/22 10:19 PM
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Joined: May 2018
Posts: 10,917 SW Georgia
Wanna Be
trapper
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trapper
Joined: May 2018
Posts: 10,917
SW Georgia
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Didn’t watch the video…if I cash a $1200 check does my bank report it? No but the IRS will get a 1099 INT reporting your $1.96 you earned on the interest in your savings account. Hard to do when I don’t keep money in savings, unless they check my skivvies drawer I should be good, lol.
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Re: IRS Warns New $600 Threshold Coming Jan 1st!
[Re: Finster]
#7730389
11/29/22 10:20 PM
11/29/22 10:20 PM
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Joined: May 2010
Posts: 10,481 mn north of blakely
Steven 49er
trapper
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trapper
Joined: May 2010
Posts: 10,481
mn north of blakely
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Another question. If I bought a Remington 700 in 1995, paid 450 dollars for it and sold it today for $1000 dollars is there a tax liability?
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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