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Everyone has this wrong. Maybe it's been corrected in the dozens of pages but I'm not seeing that people understand this.
It's NOT just a single transaction. It's the TOTAL of transactions between two parties in a given tax year.
It's NOT just a single deposit or withdrawal. It's the TOTAL of transactions in/out of an account in a year.
In other words, if there's ANY chance that someone's making any money, they want to make sure they get their cut.
And you believed them when they told you those 87k new IRS agents were coming for rich people only...
Oh, and inflation will kick our asses on capital gains, too.
Fedgov is setting the stage for some very, very serious tyranny right now. Y'all should be paying attention to the big picture.
Those 87K IRS workers are for several tax changes the government made.
The gig workers are also going to get hit next year with tax changes...also part of the "American Rescue Plan".
And the majority of tax audits occur at the $75K tax bracket and below.
Location: Just transplanted to FL from the N GA mountains
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Reminds me of the Alternative Minimum Tax. Designed to hit the wealthy but by 2017 5 million middle-class were paying it.... then 2017 that was lowered because of the tax cuts... and now we hear that when those expire in 25 over 7 million will have to pay it again..... so I don't want to hear.... "oh it'll only affect the other guy." Yea.... right.......
I wonder how this will play out. In Missouri, you can sell produce or crafts and you don't have to collect sales tax if you are over 65. If you deal strictly in cash, there are no records. You don't need any kind of license either.
I don’t think this is an issue of collecting sales tax, but an issue of paying income tax.
If you make a cash transaction, well…… “ I di’nt see nuthin’!”
I purchased many collectible vinyl records over the last 20 years on eBay and other online sites using PayPal. The prices on those items were already expensive and I purchased those items with funds that were already taxed (my net income). So now if I decide to sell those items I will be taxed again on the basis of receiving income on those sales, when in fact I purchased those said items years before with monies that was already taxed. Who keeps receipts on vinyl records they bought years ago. Very frustrating!
I purchased many collectible vinyl records over the last 20 years on eBay and other online sites using PayPal. The prices on those items were already expensive and I purchased those items with funds that were already taxed (my net income). So now if I decide to sell those items I will be taxed again on the basis of receiving income on those sales, when in fact I purchased those said items years before with monies that was already taxed. Who keeps receipts on vinyl records they bought years ago. Very frustrating!
It sounds like you have a side gig reselling vinyl?
That's a business.
That's not personal use.
Start keeping track.
If you had a brick and mortar facility where you collected and sold vinyl you would expect to pay tax...but because you do it from your home, under the table you don't want to?
Those 87K IRS workers are for several tax changes the government made.
The gig workers are also going to get hit next year with tax changes...also part of the "American Rescue Plan".
And the majority of tax audits occur at the $75K tax bracket and below.
The audits of the lower brackets are required by law to prevent EITC fraud. Or do you think that the IRS should ignore the law?
It was made into law with the Infrastructure Bill.
That's why they also budgeted for a boatload of new IRS agents.
And if you like that one just wait until the mileage tax hits...that was also approved in the Infrastructure bill.
Biden hasn't broken his promise...he did not RAISE taxes.
He created new ones instead.
Why raise taxes when you can just inflate your way out of prior debts?
42 year high inflation is a tax. It's the most immoral tax out there because it hits the fixed income, middle class families and the poor the hardest. Biden signing the American Rescue Plan into law accelerated inflation, throwing gasoline on top of the inflation inferno.
I purchased many collectible vinyl records over the last 20 years on eBay and other online sites using PayPal. The prices on those items were already expensive and I purchased those items with funds that were already taxed (my net income). So now if I decide to sell those items I will be taxed again on the basis of receiving income on those sales, when in fact I purchased those said items years before with monies that was already taxed. Who keeps receipts on vinyl records they bought years ago. Very frustrating!
You don't need receipts. All you have to do is be reasonable about the purchase price. I don't have receipts for most of our charitable contributions, and it's never been questioned. We've never been audited, either.
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