$600 for Mom sending $ to a college kid. Paying the babysitter. Paying the lawn boy.
All tax consequences now - for those with a 'low social credit score.'
This is designed so they have an excuse to target ANY citizen, which will only apply to the Dems political opponents of course.
FUIRS
I’ve brought this up to people in the financial world who had no idea.
In my case, I sold a couple of items on eBay this year, totalling over $600, and then this summer sold a small camper through Facebook, a total of about $4500, and I sold each item for less than I paid for it.
Both will be sending me a 1099-K. When I brought this up to one financial advisor, he said, ‘just file it as a capital loss’.
Well, that’s fine if you’re filling 1040 long form and can find enough deductions to claim it. But if you’re doing short form, that’s just income. And you will pay taxes on it... again.
have em send it via western union or moneygram for cash pickup
Well I can see a time coming people just have to do whatever they have to beat the IRS out of every penny or simply stop paying, these people are pure evil.
For eBay sellers, the threshold for a 1099K used to be more than 200 transactions AND more than $20K. It had to be both.
Now it’s $600 and at least one transaction.
Many so-called Republicans voted for this.
BOHICA.
If the babysitter and lawn boy make more than $600 they should file a tax return.
This is going to nail the ebay, Fakebook, venmo, and other small business or casual businesses.
Many of the transactions will be personal transactions selling used items no longer needed at a loss.
Where I see this becoming a nightmare is for people who have businesses and sell used personal items on the side.
The IRS is bombarding people with letters right now. I have two unrelated tax court cases to file this week because the IRS failed to process the correspondance and went right to a 90 day Notice of Determination.
It’s getting ridiculous.
Coming soon, social credit score and armed guards at every corner. One needs to remember the beginning of the “pandemic” when Johns Hopkins was signing up contact tracers and their questionnaire was full communist,”for the greater good,” and,” China is the model country because of their great ability to track every citizen.”
Oh, and the best,(paraphrased) the constitution is null and void as freedoms do not apply in an emergency of this magnitude.
The arming of the IRS to squeeze the already enslaved is just a step. Look for Musk brain chips, and another emergency soon? You will own nothing and be happy?
You betcha.
Past time to trade and barter outside electronics.
Hubs sold an old amp and with shipping got over $600
Was notified by eBay it would be reported.
That is not a profit but we will get a 1099k
It is so ridiculous.
I will forward to our tax pro with a note. Not sure what he will do with it.
But you shouldn’t have to hire tax pros in America. Not for basic households run by literate people.
The law hasn’t changed, just an additional 80,000 armed federal agents to enforce it.
If you issue 1099s, please remind your independent contractors of this obligation to report that income, as the IRS has just announced that it is going to match every one of those 1099s to recipient personal filings.
It’s the law, but, does it really require excessive enforcement? Grant observed that the best way to get rid of a bad law is to enforce it. Meanwhile, people are going to suffer.
Yeh we’ll all be doing that. 😐
Obammy tried essentially the same thing but reversed it before it took effect. The decrepit old fool in the White House now is a Mean, vindictive sob who hates us.
This is so he can squeeze more money from the babysitter and the guy who chops wood and picks up a few extra bucks selling firewood.
Meanwhile he is going to squeeze our last cent with energy prices and inflation.
For a set of additional adjectives to apply to the decrepit old fool, send private message
Hmmm. I guess the gals who play the Poshmark game where they buy stuff at Goodwill for 5 bucks and then sell it on Poshmark for 50 bucks will get a 1099 surprise in the mail.
Crap like this makes me glad I’m retired.
Fluck them. We have 87,000 new armed IRS agents.
I mean to make damned sure none of them will show up at my place, or my neigbors place for that matter.
I intend to reveal every bit of income, and will make sure the commies now running the country have lots of money to follow their woke agenda.
Use cash.
Fedgov actually has record breaking tax receipts. I guess we need to pay more to keep the proxy war going…..
This is why they are trying, and will, eliminate the Physical Dollar.