What a joke #letsgobrandon
“such as selling an old piece of furniture, according to accountants.”
This is just stupid.
So where is the line on the 1040 where I let the IRS know I was selling an old piece of furniture and that’s the reason I got a 1099-K??
I can’t justify being involved in the money-laundering going on now.
the reporting threshold to a single transaction over $600.
= = =
Other reports say is $600 accumulated per year.
Two viewpoints on this. First, if people are doing work and receiving payment, they need to declare that and pay taxes just like the rest of us. And I have a long history of 1098 income, so I am familiar with this. Second, it is a bit nosey to get into what personal items we buy and sell. None of their business.
The way I look at it, I’m not going to (and I didn’t) keep track of all that crap, and therefore am not going to report it. So that gives the IRS two options, if they are tracking it, I’m sure they’ll figure out how much I owe and send a bill for any balance of taxes due. And I will pay it then. Or if they are not tracking it, and it’s just an idle threat to get people to self report...well then, I guess I won’t be paying it.
Clearly more fake news. Dotard Joe promised on multiple occasions there would be no new taxes on anyone making less than $400,000/year.
Eff CONgress.
So if I buy your Harley-Davidson for $600 through PayPal, will the IRS be able to track the payment and charge me with a tax?
Wait.. this wasn’t previously required? I’ve always reported income regardless of the processor. Man I’m a sucker.
Only under a evil dictator like Joe Biden and a Dem Congress do we get a brand new burdensome and completely unfair pile of taxes...
Under his system - you have an old power tool you don’t need any longer - you sell online and get payment via Venmo or Paypal... and the total is over $600 (total) - it doesn’t matter that you paid over $1800 for the items a few years ago... it now becomes taxable income.
Sell your old car in a newspaper want ad - for cash or even a check - and no record and no taxes due on your part. But accept Venmo or Paypal - that amount is reported as taxable income.
He did the same with Crypto as well - I invested under $100 in crypto a year ago. My investment is down 50%. But - if I were to cash out right now - that is reported as income (despite having lost 50% - and the purchase was made with post-tax money).
How is this even legal or constitutional? Guess it takes someone getting harmed and having deep enough pockets to file a lawsuit?
Only criminals can be criminals
“crack down on Americans evading taxes”
Yet, if you come across the border illegally, you are rewarded with a check, cellphone, place to stay, bus ride anywhere in the country you wish, and enrolled into Social Security and Medicaid, which you didn’t help fund.
What a great country!
I hate to barter... and flea markets and yard sales are gonna boom. There was a market before pay sites, maybe this is an attack on pay sites.
Ebay made me give them my SS number because I sold over $600 but not as a single transaction. It was used odds and ends(one-off transactions) that totaled up to over $600. My paypal account is a business account and has been for years. Might be the difference.
Not my job …..
Soooooo.....
I buy a camera for $2000 in, say, 2016. Sell it in 2022 for $700. If I’m to declare the $700 as income, should I also declare the $1300 loss?
I am not a business - I just like to play around with newer photography gear.
But old Sh-t head criminal Joe gets his 10%.
I love how our government and it’s endless supply of bureaucrats constantly threaten the people of this country.