Posted on 01/06/2022 6:04:06 AM PST by Red Badger
Too much trouble to keep records? Then your basis is zero, peon. Pay up!
Correct!
Also, the sheeple just keep on accepting more & more chains and never do anything meaningful (for example what the citizens in Kazakhstan did recently) to roll back the excesses and dangers of big government
Less cost basis.
Our country’s government was framed so as to avoid the excesses and overbearing power of big government.
Yet neither party does a whit to restrain or control the its relentless growth. In fact, they promote it.
This garbage was part of the “Affordable” Health Care Act that 0bama and Roberts codified.
I know PayPal (which is pure trash) has been following this for years.
It was $20,000 AND 200 transactions.
What's interesting is that this new rule is actually mentioned deep within eBay's atrociously designed website, but to date they haven't sent out a bulk email informing sellers of this change, and they really should. Right now is when sellers should be making sure they are keeping records of their activity. But eBay knows they will lose business because of this, so they're keeping quiet. A lot people are going to get a nasty surprise next January when the 1099K forms go out.
Awww...but a lot of people going to yard sales etc. these days pay by these apps. And eventually whatever cash you make goes into a bank account at some point.
This is a good example of why they wanted that $600 amount in the BBB bill. It clarifies the final endpoint of the transactions.
Building the pieces, putting the pieces in different massive legislation so no one really understands what is happening to the tax code.
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