UPDATED IRS: Massive New Tax Grab
12-01-2022, 08:35 PM
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#61
Originally Posted By HMFIC_BROWSIN⏩
But can you prove what you paid for whatever you are selling?This makes no sense, because if you sold an item you paid more for several years earlier, then you can't pay tax on it....
And I agree that it doesn't make any sense.
I sort of get it that they want to go after people who are making a living by reselling merchandise [or selling "services"] and are not reporting that income. Which was likely the idea to start with having the reporting kick in at $20,000.
I can imagine instances where people are selling personal items which were not purchased with the aim of earning a profit that pass $20,000, e.g. an expensive watch maybe.
Who has receipts for everything that they own?
Really it does seem like a stop gap until they can put CBDC in action which they are actively working on. They want to be sure to get every single penny from every transaction - buying, selling, renting, etc.
And if you aren't really making a profit then I guess too bad for you sucker.
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12-01-2022, 08:36 PM
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#62
- HairyWBush
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Originally Posted By ImpressiveGainz⏩
it's just like when you file taxes at the end of the year, and STILL HAVE TO PAY EVEN MORE. the IRS does need to be dissolve; them and the entire fuking NWO democrat partyI sold a bunch of crap on ebay earlier this year to clean out the closets and they sent me an email about this...I figured it out and I will probably end up making negative money after I file taxes. The IRS needs to be nuked into oblivion.
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12-01-2022, 08:37 PM
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#63
12-01-2022, 08:41 PM
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#64
- Xplicit_Mindz
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1. Friends and family payments do not actually matter, nor does Cashapp. You will get a 1099-K.
2. eBay, PayPal (owns Venmo), Cashapp, Etsy, Mercari, ******** Marketplace, OnlyFans, Chaturbate, Shopify, Square, etc will be sending you a 1099-K for transactions over $600.
3. If you had a deposit to any bank account over $600 that is not from a payroll system, your bank will be notifying the IRS.
4. If you are a reseller with a single-member LLC/sole proprietorship, or who can provide proof that it is a business with be allowed to fill out a Schedule C for deductions. However, you may be subject to self-employment tax.
5. The profit is taxed. Collectibles are subject to capital gains tax at a rate of 28% if you have held them for over a year and sold them for profit. Buy for $100, sell for $500, and you will pay tax on the $400 difference.
6. If you owned the item for less than a year, you will pay the tax rate for the bracket in which you exist.
7. Filling out a Schedule C will automatically trigger a manual review of your taxes.
8. Correct, they will not go after you for tax on $600. You might not get caught the first year or even the second year, but they wait until they build a solid case based on your financial reporting. You will catch a notice, a second notice, and a third notice, then your wage and taxes will be garnished.
9. Thanks Biden.
Source -
Federal Employee
Reseller business on eBay for 21 years with an LLC.
2. eBay, PayPal (owns Venmo), Cashapp, Etsy, Mercari, ******** Marketplace, OnlyFans, Chaturbate, Shopify, Square, etc will be sending you a 1099-K for transactions over $600.
3. If you had a deposit to any bank account over $600 that is not from a payroll system, your bank will be notifying the IRS.
4. If you are a reseller with a single-member LLC/sole proprietorship, or who can provide proof that it is a business with be allowed to fill out a Schedule C for deductions. However, you may be subject to self-employment tax.
5. The profit is taxed. Collectibles are subject to capital gains tax at a rate of 28% if you have held them for over a year and sold them for profit. Buy for $100, sell for $500, and you will pay tax on the $400 difference.
6. If you owned the item for less than a year, you will pay the tax rate for the bracket in which you exist.
7. Filling out a Schedule C will automatically trigger a manual review of your taxes.
8. Correct, they will not go after you for tax on $600. You might not get caught the first year or even the second year, but they wait until they build a solid case based on your financial reporting. You will catch a notice, a second notice, and a third notice, then your wage and taxes will be garnished.
9. Thanks Biden.
Source -
Federal Employee
Reseller business on eBay for 21 years with an LLC.
12-01-2022, 08:42 PM
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#65
Originally Posted By AWSbruh⏩
Do you have toll roads where you live? We have them here.Lol if you think the IRS will come after you for 600 dollars
If you don't have a toll tag then they mail you an invoice which you have 30 days or less to pay. If it isn't paid then they send you another invoice, only now with a penalty fee. And they can just keep adding to the penalty fee.
So the tax that you might owe on what you have received payment for may not even be that much, but it doesn't matter.
If they get a 1099 from ebay or etsy or where ever and you don't file it and include it in your tax return then they fine you. And they increase the fine over time. Then probably charge interest on top because the IRS are sweethearts like that.
You shouldn't owe $580 in tax on a sale of $600, but if you "intentionally disregard" the 1099 that the IRS received against you then they will fine you $580.
And they don't have to "go after" you, they can just take that money out of any refund you may be due to receive the following year.
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12-01-2022, 08:45 PM
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#66
12-01-2022, 08:45 PM
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#67
- MustardTiger17
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Originally Posted By lockdev⏩
I like the optimism but nope. Tour's overTake that 1%ers!
Fuk you rich fuks that make over $600 selling your used treadmills and recliners.
In all cereal, Democrats done goofed.
First the rail lines, and now this.
I think the few braindead people that still vote left are waking up to the fact that the Democrats are really their enemy.
Fuk you rich fuks that make over $600 selling your used treadmills and recliners.
In all cereal, Democrats done goofed.
First the rail lines, and now this.
I think the few braindead people that still vote left are waking up to the fact that the Democrats are really their enemy.
Not in the AM
12-01-2022, 08:48 PM
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#68
- coast2coastam
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Not that long ago you didn't even have to pay sales tax on online purchases. That slipped by without anyone noticing.
12-01-2022, 08:52 PM
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#69
Originally Posted By OptimusTrajan⏩
I quit using ebay back when they started asking for all this info. Have been selling all my stuff on OfferUp. Sure, its slower but less hassle. Plus I am over shipping stuff and having people complain about shipping costs.Back to craigslist and fb market. RIP ebay.
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12-01-2022, 08:56 PM
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#70
- DeadlyStriker
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So now let's ask this question.
Who isn't this hurting?
Who benefits from this?
We basically have two choices. Find more unique ways to avoid this new problem, or just become the institutions that this doesn't affect. There is always a workaround. You just have to be willing enough to search for it and utilize it.
Find a lipowitcz or greenberg.
Who isn't this hurting?
Who benefits from this?
We basically have two choices. Find more unique ways to avoid this new problem, or just become the institutions that this doesn't affect. There is always a workaround. You just have to be willing enough to search for it and utilize it.
Find a lipowitcz or greenberg.
12-01-2022, 08:57 PM
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#71
Originally Posted By DeadlyStriker⏩
gotta send more money to the tribe and Jewlensky, #200MoreTrillion #PayUpGoyimSo now let's ask this question.
Who isn't this hurting?
Who benefits from this?
We basically have two choices. Find more unique ways to avoid this new problem, or just become the institutions that this doesn't affect. There is always a workaround. You just have to be willing enough to search for it and utilize it.
Find a lipowitcz or greenberg.
Who isn't this hurting?
Who benefits from this?
We basically have two choices. Find more unique ways to avoid this new problem, or just become the institutions that this doesn't affect. There is always a workaround. You just have to be willing enough to search for it and utilize it.
Find a lipowitcz or greenberg.
12-01-2022, 09:07 PM
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#72
- Flyinfingaz
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Straight from ebay
“ No need to worry—you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you sold the bike for would not be subject to income tax.”
So you’re only getting taxed on profit. Just keep the receipts or bank statements for the things you’ve purchased and later sold on ebay to show you didnt make a profit if for some reason Bidens IRS comes knocking.
“ No need to worry—you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you sold the bike for would not be subject to income tax.”
So you’re only getting taxed on profit. Just keep the receipts or bank statements for the things you’ve purchased and later sold on ebay to show you didnt make a profit if for some reason Bidens IRS comes knocking.
12-01-2022, 09:10 PM
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#73
- InstantLoser
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Originally Posted By CoolKnees⏩
Why do you think they hired 80k new agents which they are arming/training with firearms.Good luck enforcing this. Brb IRS gonna sue me for $600 fuk off.
"That boulder is too large. I could lift a smaller one."
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12-01-2022, 09:11 PM
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#74
- 1hardgainer
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Originally Posted By Flyinfingaz⏩
The problem is most people sell old items from their garage/closets so the receipts of their purchases are long gone.Straight from ebay
“ No need to worry—you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you sold the bike for would not be subject to income tax.”
So you’re only getting taxed on any profit. Just keep the receipts or bank statements for the things you’ve purchased and later sold on ebay to show you didnt make a profit if for some reason Bidens IRS comes knocking.
“ No need to worry—you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you sold the bike for would not be subject to income tax.”
So you’re only getting taxed on any profit. Just keep the receipts or bank statements for the things you’ve purchased and later sold on ebay to show you didnt make a profit if for some reason Bidens IRS comes knocking.
"For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life." (John 3:16)
https://www.youtube.com/watch?v=Wh1VU-_OF98
12-01-2022, 09:12 PM
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#75
- blissful88
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Sounds like the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants... in a video game of course
*Tolerance is the lube that slides the dildo of dysfunction into the ass of civilized society*
*We didn't deserve snailsrus*
As always: not medical advice but medical opinion crew
12-01-2022, 09:13 PM
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#76
Originally Posted By Flyinfingaz⏩
But do you have receipts still for everything you already own? I don't.Straight from ebay
“ No need to worry—you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you sold the bike for would not be subject to income tax.”
So you’re only getting taxed on profit. Just keep the receipts or bank statements for the things you’ve purchased and later sold on ebay to show you didnt make a profit if for some reason Bidens IRS comes knocking.
“ No need to worry—you only pay taxes on profits. You won’t owe any taxes on something you sell for less than what you paid for it. For example, if you bought a bike for $1,000 last year and then sold it on eBay today for $700, that $700 you sold the bike for would not be subject to income tax.”
So you’re only getting taxed on profit. Just keep the receipts or bank statements for the things you’ve purchased and later sold on ebay to show you didnt make a profit if for some reason Bidens IRS comes knocking.
Originally Posted By InstantLoser⏩
Why do you think they hired 80k new agents which they are arming/training with firearms.
Haven't seen you post in a while.
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12-01-2022, 09:16 PM
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#77
- Flyinfingaz
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Originally Posted By 1hardgainer⏩
Yeah thats true. But anything recent will be in any Bank app you use on your phone. Bank statements are easy to search.The problem is most people sell old items from their garage/closets so the receipts of their purchases are long gone.
Republicans wont do **** like always to fix this so just gotta play the game now in Bidens America.
12-01-2022, 09:19 PM
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#78
12-01-2022, 09:22 PM
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#79
- akferd
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Biden's America Mafia
And to think there was a time when Americans went to war over a tea tax. Now we're getting taxed to sell property we already paid tax on.
Edit: coincidentally, the weekly covid payment from uncle sam were also $600. Lmao.
And to think there was a time when Americans went to war over a tea tax. Now we're getting taxed to sell property we already paid tax on.
Edit: coincidentally, the weekly covid payment from uncle sam were also $600. Lmao.
12-01-2022, 09:22 PM
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#80
- Workout4ever
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no taxation without representation
12-01-2022, 09:27 PM
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#81
Originally Posted By katya422⏩
Now that you mention it, this would work towards deplatforming alternative news media channels without blatant censorship.I don't know about waitresses.
But this would hit people getting money from Only Fans and Patreon right?
But this would hit people getting money from Only Fans and Patreon right?
BTW, does Zelle transactions count also?
300 Forever
12-01-2022, 09:36 PM
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#82
- VegasLifter26
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lol @ anyone voting democrat
(these are my opinions i am not a licensed broker by trade)
12-01-2022, 09:42 PM
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#83
- mulletwarrior
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- mulletwarrior
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I mean, I haven't looked into what OP is saying, but it doesn't sound like this is a new law or anything. Its an income tax. If you sell something for more than you paid for it and make a profit, generally speaking, that is income to you and taxable.
Sounds like this is an issue of enforcement. Really hard for the IRS to track if you are making income off of selling used chit. But it sounds like per the OP, this is exactly what they are trying to do.
Sounds like this is an issue of enforcement. Really hard for the IRS to track if you are making income off of selling used chit. But it sounds like per the OP, this is exactly what they are trying to do.
mo e
12-01-2022, 09:52 PM
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#84
Originally Posted By mulletwarrior⏩
Oh that lawnmower you got 5 years ago that you sold for $2k recently, yeah you gotta fukking file for that. Don't care that you're only selling cos you have to move and you're gonna lose money. Just pay your taxes. Be the good plebe without recourse or resources that we know you are. LOL at you. Yeah we know you don't have a receipt hehehe. Just bend over and take it.I mean, I haven't looked into what OP is saying, but it doesn't sound like this is a new law or anything. Its an income tax. If you sell something for more than you paid for it and make a profit, generally speaking, that is income to you and taxable.
Sounds like this is an issue of enforcement. Really hard for the IRS to track if you are making income off of selling used chit. But it sounds like per the OP, this is exactly what they are trying to do.
Sounds like this is an issue of enforcement. Really hard for the IRS to track if you are making income off of selling used chit. But it sounds like per the OP, this is exactly what they are trying to do.
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12-01-2022, 10:09 PM
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#85
- elterrible987
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Originally Posted By CoolKnees⏩
they are talking about if you sell stuff on ebay ectGood luck enforcing this. Brb IRS gonna sue me for $600 fuk off.
and yes they will enforce it pretty easy. the apps and sites will send the 1099k copies to the IRS and if you dont send matching data they will legit go after you and eventually end up garnishing your wages and ruining your credit
12-01-2022, 10:11 PM
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#86
- elterrible987
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Originally Posted By mulletwarrior⏩
20 years ago it was the wild west and there were no tracking. then they did the 200 /20,000 dollars rule so that people running side businesses still had to pay but normal people could sell their used chit without hassle.I mean, I haven't looked into what OP is saying, but it doesn't sound like this is a new law or anything. Its an income tax. If you sell something for more than you paid for it and make a profit, generally speaking, that is income to you and taxable.
Sounds like this is an issue of enforcement. Really hard for the IRS to track if you are making income off of selling used chit. But it sounds like per the OP, this is exactly what they are trying to do.
Sounds like this is an issue of enforcement. Really hard for the IRS to track if you are making income off of selling used chit. But it sounds like per the OP, this is exactly what they are trying to do.
12-01-2022, 10:13 PM
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#87
Originally Posted By iabs⏩
I don't know.Now that you mention it, this would work towards deplatforming alternative news media channels without blatant censorship.
BTW, does Zelle transactions count also?
BTW, does Zelle transactions count also?
I used to pay my rent using Zelle. And I have sent and received money from family with PayPal.
BRB have to file a form if the grandparents send junior more than $600 via PayPal in a single calendar year because birthday/Christmas/graduation gifts are now reported via 3rd party payment processor to the IRS.
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12-01-2022, 10:14 PM
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#88
- conics
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Glad I don’t sell any sht
I don't check my CP, IDC about reps/negs
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12-01-2022, 10:16 PM
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#89
Originally Posted By 1hardgainer⏩
This. Or say you buy your kid a bike on craigslist for $250 cash. No receipt. Kid outgrows it a couple years later. You sell it for $200. Now you gotta pay $60 income tax on that $200 “profit”. So you lost $110 on a bicycle.The problem is most people sell old items from their garage/closets so the receipts of their purchases are long gone.
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12-01-2022, 10:16 PM
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#90
- Noliberals4
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Originally Posted By Xplicit_Mindz⏩
Trump signed it. So blame him.1. Friends and family payments do not actually matter, nor does Cashapp. You will get a 1099-K.
2. eBay, PayPal (owns Venmo), Cashapp, Etsy, Mercari, ******** Marketplace, OnlyFans, Chaturbate, Shopify, Square, etc will be sending you a 1099-K for transactions over $600.
3. If you had a deposit to any bank account over $600 that is not from a payroll system, your bank will be notifying the IRS.
4. If you are a reseller with a single-member LLC/sole proprietorship, or who can provide proof that it is a business with be allowed to fill out a Schedule C for deductions. However, you may be subject to self-employment tax.
5. The profit is taxed. Collectibles are subject to capital gains tax at a rate of 28% if you have held them for over a year and sold them for profit. Buy for $100, sell for $500, and you will pay tax on the $400 difference.
6. If you owned the item for less than a year, you will pay the tax rate for the bracket in which you exist.
7. Filling out a Schedule C will automatically trigger a manual review of your taxes.
8. Correct, they will not go after you for tax on $600. You might not get caught the first year or even the second year, but they wait until they build a solid case based on your financial reporting. You will catch a notice, a second notice, and a third notice, then your wage and taxes will be garnished.
9. Thanks Biden.
Source -
Federal Employee
Reseller business on eBay for 21 years with an LLC.
2. eBay, PayPal (owns Venmo), Cashapp, Etsy, Mercari, ******** Marketplace, OnlyFans, Chaturbate, Shopify, Square, etc will be sending you a 1099-K for transactions over $600.
3. If you had a deposit to any bank account over $600 that is not from a payroll system, your bank will be notifying the IRS.
4. If you are a reseller with a single-member LLC/sole proprietorship, or who can provide proof that it is a business with be allowed to fill out a Schedule C for deductions. However, you may be subject to self-employment tax.
5. The profit is taxed. Collectibles are subject to capital gains tax at a rate of 28% if you have held them for over a year and sold them for profit. Buy for $100, sell for $500, and you will pay tax on the $400 difference.
6. If you owned the item for less than a year, you will pay the tax rate for the bracket in which you exist.
7. Filling out a Schedule C will automatically trigger a manual review of your taxes.
8. Correct, they will not go after you for tax on $600. You might not get caught the first year or even the second year, but they wait until they build a solid case based on your financial reporting. You will catch a notice, a second notice, and a third notice, then your wage and taxes will be garnished.
9. Thanks Biden.
Source -
Federal Employee
Reseller business on eBay for 21 years with an LLC.
Republicans are weak men who pretend to be strong
Democrats are strong men who pretend to be weak
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