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Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Steven 49er] #7730392
11/29/22 09:24 PM
11/29/22 09:24 PM
Joined: Aug 2011
Posts: 39,544
james bay frontierOnt.
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Boco Offline
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Boco  Offline
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Posts: 39,544
james bay frontierOnt.
Originally Posted by Steven 49er
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


It is not hard to keep documentation.
I am still old school,when I sell anything I write out an invoice with the customers name and ph#,,Item and price,and send a copy with the goods when mailing.and keep a copy.When buying I always ask for receipt to claim against tax owed when buisness related.


Forget that fear of gravity-get a little savagery in your life.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Dirt] #7730394
11/29/22 09:26 PM
11/29/22 09:26 PM
Joined: Feb 2007
Posts: 1,638
S Illinois, former cheesehead
K
Kelly Offline
trapper
Kelly  Offline
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Joined: Feb 2007
Posts: 1,638
S Illinois, former cheesehead
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


How do we prove there is no gain on personal items 20-50 years old with no receipts?

Last edited by Kelly; 11/29/22 09:27 PM.

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: Finster] #7730396
11/29/22 09:28 PM
11/29/22 09:28 PM
Joined: Dec 2010
Posts: 9,946
Armpit, ak
D
Dirt Offline
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Dirt  Offline
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Joined: Dec 2010
Posts: 9,946
Armpit, ak
Is it groundhog day?


Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Steven 49er] #7730430
11/29/22 09:58 PM
11/29/22 09:58 PM
Joined: Nov 2007
Posts: 8,821
St. Cloud, MN
trapperkeck Offline
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trapperkeck  Offline
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Joined: Nov 2007
Posts: 8,821
St. Cloud, MN
Originally Posted by Steven 49er
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?

Short answer "yes".


"The voice of reason!"
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730463
11/29/22 10:21 PM
11/29/22 10:21 PM
Joined: May 2010
Posts: 9,424
mn north of blakely
S
Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
Posts: 9,424
mn north of blakely
But the real question is did I make any money?


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Steven 49er] #7730660
11/30/22 09:36 AM
11/30/22 09:36 AM
Joined: Dec 2010
Posts: 9,946
Armpit, ak
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Dirt Offline
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Dirt  Offline
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Joined: Dec 2010
Posts: 9,946
Armpit, ak
Originally Posted by Steven 49er
But the real question is did I make any money?


Maybe, but the government doesn't care. They need to redistribute wealth. Your neighbors approved this program. You may have too.


Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7730794
11/30/22 11:58 AM
11/30/22 11:58 AM
Joined: Feb 2021
Posts: 1,769
Interior Alaska
O
Oh Snap Offline
trapper
Oh Snap  Offline
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O

Joined: Feb 2021
Posts: 1,769
Interior Alaska
Next comingÖ.1099 on your overpaid tax return!


I love the smell of burning spruce---I love the sound of a spring time goose---I love the feel of 40 below---from my trapline I will never go!
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7731038
11/30/22 05:58 PM
11/30/22 05:58 PM
Joined: Dec 2006
Posts: 18,737
Sandhills Nebraska
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Gary Benson Offline
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Gary Benson  Offline
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Joined: Dec 2006
Posts: 18,737
Sandhills Nebraska
I opened a bank account today just so I wouldn't be charged $5 for cashing a check. The gal asked me if the person who wrote the check I was cashing withheld taxes. ?????? I told her the Govt doesn't need to know.

Last edited by Gary Benson; 11/30/22 05:59 PM.

Life ain't supposed to be easy.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Dirt] #7731046
11/30/22 06:15 PM
11/30/22 06:15 PM
Joined: May 2010
Posts: 9,424
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
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Joined: May 2010
Posts: 9,424
mn north of blakely
Originally Posted by Dirt
Originally Posted by Steven 49er
But the real question is did I make any money?


Maybe, but the government doesn't care. They need to redistribute wealth. Your neighbors approved this program. You may have too.


I didn't.

Inflation is insidious and the gubbemint knows it and is responsible for it. They also know the average Joe doesn't understand it. The average Joe thinks they made a profit if they buy a gun 30 years ago and sell it for 2x. The reality is they lost money in real terms and really lost money when uncle taxes the 25 percent.

Where is the wealth being redistributed too.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Gary Benson] #7731062
11/30/22 06:35 PM
11/30/22 06:35 PM
Joined: Feb 2021
Posts: 1,769
Interior Alaska
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Oh Snap Offline
trapper
Oh Snap  Offline
trapper
O

Joined: Feb 2021
Posts: 1,769
Interior Alaska
Originally Posted by Gary Benson
I opened a bank account today just so I wouldn't be charged $5 for cashing a check. The gal asked me if the person who wrote the check I was cashing withheld taxes. ?????? I told her the Govt doesn't need to know.


Sounds like thatís not all you opened
laugh


I love the smell of burning spruce---I love the sound of a spring time goose---I love the feel of 40 below---from my trapline I will never go!
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7731082
11/30/22 06:59 PM
11/30/22 06:59 PM
Joined: Dec 2006
Posts: 18,737
Sandhills Nebraska
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Gary Benson Offline
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Gary Benson  Offline
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G

Joined: Dec 2006
Posts: 18,737
Sandhills Nebraska
I'm fearful that youre right.


Life ain't supposed to be easy.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7731101
11/30/22 07:23 PM
11/30/22 07:23 PM
Joined: Mar 2014
Posts: 2,203
Central Texas
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Chancey Offline
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Chancey  Offline
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Posts: 2,203
Central Texas
Need a lot of money to fund proxy wars. Sophisticated weapons are expensive to make; especially when you give them away for free; and run out.

I think the powers that be think they can break the Bear this time by outspending them again; like they did in the Reagan years with Star Wars. I don't think the Bear has positioned itself in the same way as last time.

Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Steven 49er] #7731222
11/30/22 08:40 PM
11/30/22 08:40 PM
Joined: Dec 2010
Posts: 9,946
Armpit, ak
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Dirt Offline
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Dirt  Offline
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Joined: Dec 2010
Posts: 9,946
Armpit, ak
Originally Posted by Steven 49er


Where is the wealth being redistributed too.


Mostly the wealthiest demographic in the U.S. The retired people.


Who is John Galt?
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Chancey] #7731282
11/30/22 09:31 PM
11/30/22 09:31 PM
Joined: May 2010
Posts: 9,424
mn north of blakely
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Steven 49er Offline
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Steven 49er  Offline
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Joined: May 2010
Posts: 9,424
mn north of blakely
Originally Posted by Chancey
Need a lot of money to fund proxy wars. Sophisticated weapons are expensive to make; especially when you give them away for free; and run out.

I think the powers that be think they can break the Bear this time by outspending them again; like they did in the Reagan years with Star Wars. I don't think the Bear has positioned itself in the same way as last time.


Are proxy wars more expensive than non proxy wars. Both sides are under the thumb of the MIC.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: IRS Warns New $600 Threshold Coming Jan 1st! [Re: Finster] #7731294
11/30/22 09:44 PM
11/30/22 09:44 PM
Joined: Mar 2014
Posts: 2,203
Central Texas
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Chancey Offline
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Posts: 2,203
Central Texas
I honestly donít know which one is more expensive in the long run Steven.

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