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Democrats' proposal for banks to report inflows or outflows of bank accounts of more than $600 annually drew sharp criticism from Republicans for targeting tiny transactions and opposition from banking and other lobbying groups who charged it would raise financial privacy concerns.
You owe taxes on income and net profit. Selling personal items on Ebay for less than you paid doesn't meet any of those criteria. And once again, the IRS themselves even say garage sale money doesn't have to be reported.
"Income resulting from auctions akin to an occasional garage or yard sale is generally
not required to be reported. "
The new reporting requirements will ensure anyone who sells a couch or pays a babysitter electronically could trigger further IRS scrutiny. This violates President Biden’s own promise that greater tax enforcement wouldn’t hit lower or middle-income Americans.
LOL so you say drug dealers report their income from drug sales and pay taxes on the profits? Wow, you will go to any extent to defend this, won't you? Can you imagine their books? Can you imagine the IRS sending them an audit notification lol
Do Ladies of the night report their income and pay taxes?
Drug dealers have long had to pay taxes. If they don't, they could be thrown in jail when busted for drugs if caught and found they skipped on taxes. This comes from the Tax Foundation and in 2021, the IRS actually sent a reminder in Publication 17 out as well.
Quote:
Bribes. If you receive a bribe, include it in your income.
Illegal activities. Income from illegal activities, such as money from dealing illegal drugs, must be included in your income on Form 1040, line 21, or on Schedule C or Schedule C-EZ (Form 1040) if from your self-employment activity.
Stolen property. If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.
Illegal activities include prostitution and escorts and mobs. This was what was used to take down Al Capone.
I am not condoning the threshold, I think it is too low. Just that you have a number of straw arguments about this topic. One being criminals haven't been asked to pay taxes. They are. What the criminals actually do is not always what the IRS wants.
Quote:
Originally Posted by andywire
Actually, professional escorts do pay taxes. They technically aren't called sex workers, but everyone knows what they do behind closed doors. The tax man doesn't care as long as he gets his cut.
The girl on the street turning tricks for drug money is probably a different story. But it's the same for the pot industry. You have the pros that pay their taxes, and then you have the small time dealers or HS kids that break off a bit of their stash and try to sell for a profit from time to time.
Yep. People ignore the fact that the IRS have wanted criminals and those making their money in less than legal means to pay their fair share for a long time
First, California is not communist. Many Americans are really ignornat when it comes to the definition of communist.
Secondly, the threshold for 1099's for just about everything except the transactions discussed here, has been $600 for the 30+ years I've been doing them. And that's a Federal requirement, not a California requirement.
Treat the sales of your personal items like a business - Start a Business
- Choose Your Business Structure (LLC, S-Corp)
- DBA
- Get a federal tax ID - EIN
- Open a business bank account
- Get Your Finances in Order
- Get financing to fund your business
- Get a business credit card
- Apply for Business Insurance
- Get the Right Business Tools (QuickBooks to keep records)
- Market Your Business
- Scale Your Business
Even when the business is just baby sitting a friends kids? I just do not get why people agree that the federal government should squeeze every penny out of the people as they can, when tax revenue is irrelevant to the billion$ in new debt Congress borrows and spends each year.
Drug dealers have long had to pay taxes. If they don't, they could be thrown in jail when busted for drugs if caught and found they skipped on taxes. This comes from the Tax Foundation and in 2021, the IRS actually sent a reminder in Publication 17 out as well.
Illegal activities include prostitution and escorts and mobs. This was what was used to take down Al Capone.
I am not condoning the threshold, I think it is too low. Just that you have a number of straw arguments about this topic. One being criminals haven't been asked to pay taxes. They are. What the criminals actually do is not always what the IRS wants.
Yep. People ignore the fact that the IRS have wanted criminals and those making their money in less than legal means to pay their fair share for a long time
The IRS knows that criminals will not include ill-gotten gains on their taxes. This is just a way the IRS can imprison a criminal if all they can catch him for is tax evasion.
Even if the IRS was truly sincere, and claimed that using this new tracking of deposits to PayPal, Venmo or Cash App, is to go after criminals being paid by those methods. We all know that government is corrupt, and they will end up using this on average Americans to squeeze us dry. It's in their nature. Some people get high on using the powers of government against the American people. People working at the IRS have to justify their existence, so they will eventually go after you and I, and claim "hey, we are just doing our jobs."
They are using their powers of surveillance to spy on Americans now, even though they begged us to pass it into law, cuz it was just going to be used against terrorists and foreign criminals. some federal employees love to swing a hammer and pound on nails. And one day there are not enough nails to satisfy their addiction, so they lower the bar and find new mails to pound on, you and me.
Democrats think the $600 threshold will get the wealthy lol.Ba ha ha ha
Just like a lot of things that they do, their stated motives are often a lie. They are not incompetent. The end result was the real motivation all along. Ever so often their true motives will slip out of their mouths, but not often.
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