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It's not overkill. $600 is the minimum amount for requiring a 1099. If I have a company and you perform work for me, and are not billing me via a corporation, I have to send you a 1099 if the amount I pay you is more than $600.
$10k is the amount in cash you have to report when you receive it or deposit it.
I'm pretty sure they lowered that limit. I tried to do $9,500 not long ago, & they said I had to fill out a form.
I did $5,500 last week w/o issue.
If anyone here knows the current limit, plz share as the banks will not divulge.
You wouldn’t be paying tax on the transaction you layout in the second paragraph genius.
Yes I will, GENIUS. I've already read the policy on the main website I have been using for selling various unwanted items that I have purchased in the past and the rather vague (intentionally) statements on the matter from the SS... I mean IRS.
But, then again, GENIUS, you are right, despite your less than stellar IQ. I won't be paying tax on those transactions, because I will no longer have an account on that or any other site with a similar policy.
Quote:
Originally Posted by LordSquidworth
So you admit to being a tax cheat?
Good to know.
Refusing to be double, triple, quadruple, etc, taxed is NOT being a cheat. It's giving the finger to ridiculous tax policies that the government is scurrying to implement in hopes that the Titanic won't sink after all. All the while, your crackhead pals in the hood pay ZERO tax on anything. And leech off from you and me whilst you defend their DEFINITE "tax cheating." They pay nothing for any of the services they get while they lie around high on the street corners day after day knocking off liquor stores and looting Walgreens at night. Tax them. And if they can't pay the tax, send them to a labor camp (you know, the place where you want to send those who refuse the "vaccine").
Bottom line is that the $600 transaction reporting to the IRS thing is plain STUPID. The way things are going, $600 will be the hourly minimum wage within a year or so. That's NOTHING for most average people. A few days at work. To have that pittance reported to the IRS shows how bad the idiots are hurting for money. That's what happens when one spends a bunch of money one does not have, be it individual or government. We're on the road to Venezuela.
He isnt being a tax cheat . Hobby sales arent taxable by the way. Nor does this new law make it so.
Cape, I get you dont like Biden, but this is one of those times were listening to your conservatives friends or echo chamber on the internet really is just lying to you for the sake of hating the other side.
Hobby sales are taxable if they turn a profit.
This isn’t a tax increase; this is lowering the threshold these services report 1099s because most people don’t self report.
Quote:
Originally Posted by ChrisC
Yes I will, GENIUS. I've already read the policy on the main website I have been using for selling various unwanted items that I have purchased in the past and the rather vague (intentionally) statements on the matter from the SS... I mean IRS.
But, then again, GENIUS, you are right, despite your less than stellar IQ. I won't be paying tax on those transactions, because I will no longer have an account on that or any other site with a similar policy.
Guessing you’re not comprehending the policy change (isn’t a tax increase).
It’s been explained plainly enough. If you still don’t understand it; it’s a personal problem.
This isn’t a tax increase; this is lowering the threshold these services report 1099s because most people don’t self report.
Guessing you’re not comprehending the policy change (isn’t a tax increase).
It’s been explained plainly enough. If you still don’t understand it; it’s a personal problem.
It's not an increase; it's a new tax. One you have to jump through hoops to prove it's not "profit".
Guilty until proven innocent is the approach they are taking.
Is this what "taxing the rich" is all about ? No new taxes for middle class..really ?
See how they lie to get votes ?
It's not an increase; it's a new tax. One you have to jump through hoops to prove it's not "profit".
Guilty until proven innocent is the approach they are taking.
Is this what "taxing the rich" is all about ? No new taxes for middle class..really ?
See how they lie to get votes ?
Again for the simple ones;
It’s not a new tax.
You were previously responsible for self reporting.
They have simply lower the required threshold to the same as any other business when it comes to reporting.
Quote:
Originally Posted by ChrisC
Refusing to be double, triple, quadruple, etc, taxed is NOT being a cheat. It's giving the finger to ridiculous tax policies that the government is scurrying to implement in hopes that the Titanic won't sink after all. All the while, your crackhead pals in the hood pay ZERO tax on anything. And leech off from you and me whilst you defend their DEFINITE "tax cheating." They pay nothing for any of the services they get while they lie around high on the street corners day after day knocking off liquor stores and looting Walgreens at night. Tax them. And if they can't pay the tax, send them to a labor camp (you know, the place where you want to send those who refuse the "vaccine").
Bottom line is that the $600 transaction reporting to the IRS thing is plain STUPID. The way things are going, $600 will be the hourly minimum wage within a year or so. That's NOTHING for most average people. A few days at work. To have that pittance reported to the IRS shows how bad the idiots are hurting for money. That's what happens when one spends a bunch of money one does not have, be it individual or government. We're on the road to Venezuela.
You’re not being double or triple taxed.
Previously you were responsible for self reporting the same thing that now you’ll get a 1099 for.
All businesses send a 1099 for anything $600 or more as it is.
You were previously responsible for self reporting.
They have simply lower the required threshold to the same as any other business when it comes to reporting.
if it's a profit yes, you self report. Now you have to prove it's NOT a profit.
It's catching everyone in the net...not just those people who use these payment mechanisms for their business.
This isn’t a tax increase; this is lowering the threshold these services report 1099s because most people don’t self report.
Guessing you’re not comprehending the policy change (isn’t a tax increase).
It’s been explained plainly enough. If you still don’t understand it; it’s a personal problem.
As I said, I read the WEBSITE POLICIES. Get it? Who do you think I'm going to believe, you or the businesses that are posting their own policies? If you're so damn godlike, go tell the websites to change their policies because you claim they are wrong. See how loud they laugh at you.
if it's a profit yes, you self report. Now you have to prove it's NOT a profit.
It's catching everyone in the net...not just those people who use these payment mechanisms for their business.
Then you shouldn’t have anything to worry about if you do your self reporting.
Quote:
Originally Posted by ChrisC
As I said, I read the WEBSITE POLICIES. Get it? Who do you think I'm going to believe, you or the businesses that are posting their own policies? If you're so damn godlike, go tell the websites to change their policies because you claim they are wrong. See how loud they laugh at you.
The website have clearly stated that transactions between friends and family aren’t effected. It’s just those for goods and services.
Then you shouldn’t have anything to worry about if you do your self reporting.
The website have clearly stated that transactions between friends and family aren’t effected. It’s just those for goods and services.
For God sakes, I'm tired of arguing with you. You are being purposely obtuse. It has NOTHING to DO with friends and family. I buy something either new or used. I later sell it as a used item. One hundred percent of the time it is at a "loss" because it is not a business transaction with intent to make a profit. It's me selling something I don't want lying around collecting dust. That is absolutely NONE of the IRS's business at all. There is zero reason that they should have any record of that whatsoever.
Like I said, I'm tired of arguing with you about it. And they won't have record of it from January 1st onward because any such transaction will be cash.
And don't come back with this "all you have to do is fill that in on your tax form at the end of the year." Bull. They get a 1040 EZ. I'm not going to waste hours of my life explaining something to a rogue organization that has no business knowing about any such transaction in the first place. They want to know, let THEM waste their time on a nothing burger. (or I should say waste my time--I pay taxes for the jackasses to hound me)
I'm pretty sure they lowered that limit. I tried to do $9,500 not long ago, & they said I had to fill out a form.
I did $5,500 last week w/o issue.
If anyone here knows the current limit, plz share as the banks will not divulge.
It's still $10K per the law.
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