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Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730140
11/29/22 04:48 PM
11/29/22 04:48 PM
Joined: Feb 2016
Posts: 2,898
Kentucky
ky_coyote_hunter Offline
trapper
ky_coyote_hunter  Offline
trapper

Joined: Feb 2016
Posts: 2,898
Kentucky
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
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Blaine County] #7730152
11/29/22 05:11 PM
11/29/22 05:11 PM
Joined: Dec 2008
Posts: 1,585
eastern washinghton
7
70sdiver Offline
trapper
70sdiver  Offline
trapper
7

Joined: Dec 2008
Posts: 1,585
eastern washinghton
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.


catch to date:

coon 1
mink 0
rats 0
beaver 1
yotes 7
Skunk 0
otter 0

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730166
11/29/22 05:24 PM
11/29/22 05:24 PM
Joined: Mar 2007
Posts: 34,072
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 34,072
McGrath, AK
I don't think it will amount to any big deal. Anyone doing business through some online platform is probably filing schedule C already. No big deal IMO. Any of the tax software platforms will handle it easily.

Here is a brief piece from H&R Block about it.


https://www.hrblock.com/tax-center/irs/forms/what-is-form-1099-k/


Mean As Nails
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730177
11/29/22 05:35 PM
11/29/22 05:35 PM
Joined: Aug 2012
Posts: 8,413
Arkansas
J
J Staton Offline
trapper
J Staton  Offline
trapper
J

Joined: Aug 2012
Posts: 8,413
Arkansas
I figure accounting firms pushed for such law. If better record keeping is required, that's what an accountant is for.


James 1: 19-20
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: J Staton] #7730180
11/29/22 05:41 PM
11/29/22 05:41 PM
Joined: Mar 2007
Posts: 34,072
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 34,072
McGrath, AK
Originally Posted by J Staton
I figure accounting firms pushed for such law. If better record keeping is required, that's what an accountant is for.



That's one reason I use a credit card for every expenditure. It automatically generates an electronic record that you can retrieve if you need it


Mean As Nails
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730182
11/29/22 05:43 PM
11/29/22 05:43 PM
Joined: Mar 2012
Posts: 257
Iowa
R
riverratdm Offline
trapper
riverratdm  Offline
trapper
R

Joined: Mar 2012
Posts: 257
Iowa
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 05:43 PM.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730184
11/29/22 05:50 PM
11/29/22 05:50 PM
Joined: Mar 2007
Posts: 34,072
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
W

Joined: Mar 2007
Posts: 34,072
McGrath, AK
There will be no tax if there is no gain.


Mean As Nails
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: white17] #7730251
11/29/22 07:14 PM
11/29/22 07:14 PM
Joined: Dec 2010
Posts: 9,946
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 9,946
Armpit, ak
Originally Posted by white17
There will be no tax if there is no gain.


How many times does this have to be repeated? smile


Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Dirt] #7730267
11/29/22 07:24 PM
11/29/22 07:24 PM
Joined: Mar 2010
Posts: 4,279
Oklahoma
Blaine County Offline
trapper
Blaine County  Offline
trapper

Joined: Mar 2010
Posts: 4,279
Oklahoma
Originally Posted by Dirt
Originally Posted by white17
There will be no tax if there is no gain.


How many times does this have to be repeated? smile


This is not new!


MOLON LABE
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730334
11/29/22 08:31 PM
11/29/22 08:31 PM
Joined: Dec 2006
Posts: 18,017
SEPA
L
Lugnut Offline
trapper
Lugnut  Offline
trapper
L

Joined: Dec 2006
Posts: 18,017
SEPA
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?

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730337
11/29/22 08:33 PM
11/29/22 08:33 PM
Joined: Dec 2006
Posts: 18,017
SEPA
L
Lugnut Offline
trapper
Lugnut  Offline
trapper
L

Joined: Dec 2006
Posts: 18,017
SEPA
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?

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Lugnut] #7730354
11/29/22 08:45 PM
11/29/22 08:45 PM
Joined: Mar 2010
Posts: 4,279
Oklahoma
Blaine County Offline
trapper
Blaine County  Offline
trapper

Joined: Mar 2010
Posts: 4,279
Oklahoma
Originally Posted by Lugnut
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.


MOLON LABE
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Blaine County] #7730359
11/29/22 08:52 PM
11/29/22 08:52 PM
Joined: Jul 2009
Posts: 2,237
Oregon
H
H2ORat Offline
trapper
H2ORat  Offline
trapper
H

Joined: Jul 2009
Posts: 2,237
Oregon
Originally Posted by Blaine County
Originally Posted by Lugnut
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?

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730363
11/29/22 08:54 PM
11/29/22 08:54 PM
Joined: Mar 2010
Posts: 4,279
Oklahoma
Blaine County Offline
trapper
Blaine County  Offline
trapper

Joined: Mar 2010
Posts: 4,279
Oklahoma
I do report trapping income. And I write off my trapping supplies.


MOLON LABE
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: white17] #7730378
11/29/22 09:13 PM
11/29/22 09:13 PM
Joined: May 2010
Posts: 9,420
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,420
mn north of blakely
Originally Posted by white17
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.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730379
11/29/22 09:14 PM
11/29/22 09:14 PM
Joined: May 2018
Posts: 7,855
SW Georgia
W
Wanna Be Offline
trapper
Wanna Be  Offline
trapper
W

Joined: May 2018
Posts: 7,855
SW Georgia
Didn’t watch the video…if I cash a $1200 check does my bank report it?

Last edited by Wanna Be; 11/29/22 09:14 PM.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Wanna Be] #7730384
11/29/22 09:17 PM
11/29/22 09:17 PM
Joined: Dec 2010
Posts: 9,946
Armpit, ak
D
Dirt Offline
trapper
Dirt  Offline
trapper
D

Joined: Dec 2010
Posts: 9,946
Armpit, ak
Originally Posted by Wanna Be
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?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: AntiGov] #7730385
11/29/22 09:18 PM
11/29/22 09:18 PM
Joined: Mar 2010
Posts: 4,279
Oklahoma
Blaine County Offline
trapper
Blaine County  Offline
trapper

Joined: Mar 2010
Posts: 4,279
Oklahoma
Originally Posted by AntiGov
Originally Posted by Blaine County
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.


MOLON LABE
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Dirt] #7730387
11/29/22 09:19 PM
11/29/22 09:19 PM
Joined: May 2018
Posts: 7,855
SW Georgia
W
Wanna Be Offline
trapper
Wanna Be  Offline
trapper
W

Joined: May 2018
Posts: 7,855
SW Georgia
Originally Posted by Dirt
Originally Posted by Wanna Be
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.

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730389
11/29/22 09:20 PM
11/29/22 09:20 PM
Joined: May 2010
Posts: 9,420
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,420
mn north of blakely
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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