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.

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.

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/

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

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?

There will be no tax if there is no gain.

How many times does this have to be repeated?

This is not new!

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.

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.

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?

I do report trapping income. And I write off my trapping supplies.

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

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.

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.

Hard to do when I don’t keep money in savings, unless they check my skivvies drawer I should be good, lol.

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?