PSA.... Online Payments for Goods and Services will be reported to IRS in 22

[JLP83]

Just a heads up. If it has already been brought up then disregard.

Starting in January if you receive funds via goods and services on PayPal or a similar platform it will get reported to the IRS once you top $600. https://www.fox13news.com/news/federal-government-to-ask-for-taxes-on-app-transactions-over-600

 

[Sean the Nailer]

I see a lot of used books and utility trailers being sold in the near future.

 

[KZP]

So how does that work when you sell stuff at a loss? I thought you don't get charged tax when re-selling personal items for less then purchase price.

 

[JLP83]

So how does that work when you sell stuff at a loss? I thought you don't get charged tax when re-selling personal items for less then purchase price.

Better keep up with them receipts

 

[J.J.chago]

 

[Expert684]

F.J.B !!!!!!!!!!

 

[CaptArab]

The crypto exchanges that offer peer to peer are giddy like schoolgirls

 

[akmike47]

I’m offering 599 for AI rifles now

 

[JMGlasgow]

Taxation is theft

 

[W54/XM-388]

The government is desperate to try to take as much money as they can from the little guys because they can't dare tax the super rich, no matter what they blather on about in the media.

 

[TexPatriot]

F.J.B !!!!!!!!!!

Biden doesn't know when his butt needs wiping, much less how to implement a new tax law.

The NWO picked the most disposable, dispensable pos in their trash heap to be the messenger, if he can only read their message on the teleprompter.

 

[JMGlasgow]

The government is desperate to try to take as much money as they can from the little guys because they can't dare tax the super rich, no matter what they blather on about in the media.

They are desperate to take as much money as possible because they can't tolerate the middle class gaining ground on the elite class. Poor and hungry people are easier to control. We are a threat to their power.

 

[Franko]

This is a great pretext to steal from the poor and middle class. Sure you can fight the IRS audit (triggered by you selling some old junk you don't want anymore) but you can bet your ass the IRS is going to double down on the penalties if you do.

On the plus side the Republican party should be able to ride this horse directly into complete control of the House and Senate during the midterms...

 

[JMGlasgow]

You think the Republicans have ever met a tax they didn't like as well? They line their pockets as much as any other political party.

 

[acudaowner]

reported or not I am still going to buy what ever it is I am going to buy . powder , primers when and where I can find them , and bullets oh yes bullets and from time to time guns yea gun and lots of pop corn lots and lots of non buttered pop corn cause hay lama's love popcorn

 

[nn8734]

So how does that work when you sell stuff at a loss? I thought you don't get charged tax when re-selling personal items for less then purchase price.

Get a TIN and file a schedule C. You will need documentation for each piece of property sold where the buyer used PayPal G&S. That said, you can write off all expenses associated with it including acquisition, depreciation and loss on disposal (sale) assuming said property is/was used for “business purposes”

Disclosure: I am not a tax professional

 

[KZP]

Ignore my question. Just realized by the time I sell my stuff I will have made a 10,000% "profit" due to inflation.

 

[_Windrider_]

You think the Republicans have ever met a tax they didn't like as well? They line their pockets as much as any other political party.

The only difference between republicans and democrats is what they do with your money after they steal it.

 

[SilentStalkr]

This crap again? I thought this was tabled and they went back to the $10,000 rule.

 

[BytorJr]

Everything seems to be 600. Now taxes on ebay shit, how much you put in and withdraw from bank. Never mind it may be coins you've received from the countless other transactions of years...doesn't matter.

These idiots are out of control, and they are driving the economy further underground.

 

[Im2bent]

Well the good news is you can sell a Savage and not have to report the income.

 

[LawnMM]

I still accept silver coins and cash as payment

 

[Lawless]

Was increased to 10k aggregate. Still an invasion of privacy and hopefully will be eliminated in the near future.

Banks, financial firms ask White House to drop IRS reporting rule

The letter from 99 banking and financial groups called on the White House to find another means to close the tax gap — the difference between what people owe and what they pay.

nypost.com

 

[eca7891]

This crap again? I thought this was tabled and they went back to the $10,000 rule.

They did.

 

[Bender]

 

[vinniedelpino]

So how does that work when you sell stuff at a loss? I thought you don't get charged tax when re-selling personal items for less then purchase price.

They're going to issue a 1099k or equivalent. It's the same form merchant services providers (credit card processing companies) issue to business owners that accept cc as payment.

The 1099k reports gross receipts. The recipient enters any expenses they're taking against that income on their tax return. If you sold for $1000 and paid $1500, you have gross profit of $-500. Nothing to worry about tax-wise. Just make sure you report the $1500 as cost of goods sold. This is assuming you're treating the sale as income derived from a business.

I want to know how we're supposed to separate out ordinary income, long/short term cap gains and collectibles, since they have different tax rates. Ordinary income and short term gain tax rates vary depending on your income tax bracket, long term cap gains are taxed at 0%, 15% or 20% and collectibles at 28%. Then there's the net investment tax that comes into play on investment income, but not other ordinary income.

There's no legitimate reason why taxation in the US should be as complicated as it is. It's all smoke and mirrors to keep the layman from understanding just how much tax he's paying to the government.

 

[stello1001]

They're going to issue a 1099k or equivalent. It's the same form merchant services providers (credit card processing companies) issue to business owners that accept cc as payment.

The 1099k reports gross receipts. The recipient enters any expenses they're taking against that income on their tax return. If you sold for $1000 and paid $1500, you have gross profit of $-500. Nothing to worry about tax-wise. Just make sure you report the $1500 as cost of goods sold. This is assuming you're treating the sale as income derived from a business.

I want to know how we're supposed to separate out ordinary income, long/short term cap gains and collectibles, since they have different tax rates. Ordinary income and short term gain tax rates vary depending on your income tax bracket, long term cap gains are taxed at 0%, 15% or 20% and collectibles at 28%. Then there's the net investment tax that comes into play on investment income, but not other ordinary income.

There's no legitimate reason why taxation in the US should be as complicated as it is. It's all smoke and mirrors to keep the layman from understanding just how much tax he's paying to the government.

Time to start opening up business and selling all our shit at a loss, like we were already doing anyways.

Only difference now, is like you say, having to keep up with accounting and documentation of cost of goods in order to be able to prove and report the damn loss...

 

[vinniedelpino]

Time to start opening up business and selling all our shit at a loss, like we were already doing anyways.

Only difference now, is like you say, having to keep up with accounting and documentation of cost of goods in order to be able to prove and report the damn loss...

Go for it. You have at least two years before you have to worry about the hobby rules.

Ring up those losses, gentlemen.

Edit: It doesn't really work like that. If you buy new, use it for a while and sell it those losses would be personal losses, not business losses. You can't take those losses against the rest of your income.

 

[Steel+Killer]

I’m offering 599 for AI rifles now

I got AI AX I will sell you for 12 induvial $599 payments I will ship when the last payment is made.....

 

[JMGlasgow]

The challenge is getting people to learn their rights instead of letting the schools interpret their rights for them.

As the saying goes, it's easier for the government to take Rights away if you don't know you had them in the first place.

 

[Flyingbullseye]

Oh the sweet sweet deals we'll be looking at in the Post exchange from now until December 31

 

[jinxx4ever]

they'er goal is to wipe out the middle class, that's how socialism/marxism works

 

[TexPatriot]

Imagine in a alternative universe where the people just refuse everything. Anything and everything the gov says, mandates and legislates into law are just ignored and taxes go unpaid. In reality we have this power and we just choose not to use it. The challenge is getting people to understand that we do.

Imagine if a 100 sheep told a pair of border collies to FO or they'd stomp their asses. But that would go against the 'herd flock mentality.'

 

[TheGerman]

That's fine. That $640 transaction you sent me a 1099 for?

Well, I paid 1100$ for it at some point in cash, to some guy off of craigslist, way before any of this shit happened. Oh you want a receipt, well look at that - theres a napkin with some writing on it that I happened to have still!

So like, where's the tax refund on that $460 loss, faggots?


If everyone did this, this bullshit would be gone in a month.

 

[jinxx4ever]

450 vs 330 million , when the fuck are folks going to wake up

 

[Bender]

this is all designed to fail.


then they will walk in with the (((Answer))) to all the issues they caused in the first place.


every fukin time.

 

[vinniedelpino]

Imagine in a alternative universe where the people just refuse everything. Anything and everything the gov says, mandates and legislates into law are just ignored and taxes go unpaid. In reality we have this power and we just choose not to use it. The challenge is getting people to understand that we do.

Such a place exists. It’s called Puerto Rico, where approximately 25% of all economic activity is off the books and nobody gives a damn about the law, nor are they particularly fearful of the US federal govt.

Puerto Rico is now a shit hole with a few nice beaches. This was largely caused by crippling tax hikes.

Anarchy isn’t the answer. A comparatively small centralized government is. Power should lie with local and state governments instead. Kind of like how things were supposed to be here.

 

[adubeau]

This is a great pretext to steal from the poor and middle class. Sure you can fight the IRS audit (triggered by you selling some old junk you don't want anymore) but you can bet your ass the IRS is going to double down on the penalties if you do.

On the plus side the Republican party should be able to ride this horse directly into complete control of the House and Senate during the midterms...

The dumb fuckers won't do anything...

 

[TexPatriot]

The dumb fuckers won't do anything...

Both the Left and the Right are fused as one at the top with the same goal.

JFK, potentially one of our greatest presidents ever, warned us about it in '61 and they blew his head off for it.

 

[XTREM HTR16]

Might get back to the good old days of FTF cash transactions

 

[Kwe1982]

Just do multiple 599.00 transactions, lol.

I think their main goal is to collect a sales tax, getting some sort of income tax would just be collateral damage.

 

[Flyingbullseye]

Just to be clear as I've read differing thoughts else where. Does this pertain to any transaction that takes places this year or will go into effect come January 1 2022?

 

[AngryKoala]

USPS MO and don't deposit the money in your bank.

 

[jinxx4ever]

USPS MO and don't deposit the money in your bank.

yep, guys on here are going to have to learn to wait for payment to arrive by mail

 

[AngryKoala]

Just do multiple 599.00 transactions, lol.

I think their main goal is to collect a sales tax, getting some sort of income tax would just be collateral damage.

That's illegal unfortunately and can land you to getting your peepee spanked pretty badly.

 

[lash]

First off, yes I realize this is a six month old thread. This is a link to a very clear article for those who have any interest in understanding exactly how it will work:

1099-K Form Reporting Threshold Delay Announced For Tax Year 2023 - Intuit TurboTax Blog

The IRS announced another delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season.

blog.turbotax.intuit.com

Quick summary:
You will not be taxed for gifts or other non-business transactions. However, you will/should receive a 1099K for business/commercial transactions if they total $600 or more for the year. Not single transactions of $600 or more, total transactions equal to or exceeding $600 for the year.

And yes, it will effect your income taxes. That’s very much the point of this, collecting more taxes from both self-employed individuals and more sales taxes from buyers.

How else do you think that they will reduce federal debt? I think that was said already in this thread.