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It worked. Matt Gaetz planted a seed of misinformation and it spread like wildfire.
The money in the budget for ammunition was like every other budget before this administration.
There are some IRS employees who are armed...not more than 2020 or 2018...but some and yes they have to buy ammunitioin for those guys.
But Matt Gaetz knew that when he questioned the line item (which had been included in previous budgets for years -- including while Trump was President) somebody would suddenly think that this was a new concept.
It isn't.
IRS has had armed agents since 1919 and they need their weapons replaced, maintained and ammunition.
No they didn't add more agents to act as swat teams. Somebody made that up.
But this law makes it difficult for people who DID NOT make a profit. They have to now perform the same actions as running a business. I shouldn't have to hire a tax accountant just to sell my personal belongings.
People who love to puff their chest and brag about paying their fair share usually end up paying nothing because they game the system with deductions.
How did you come up with that assumption?
When I sell a house the sale is reported on a tax form to the IRS. If I know it’s a rental property and I made a profit on it, I report it on my taxes. If it’s my primary residence and no tax is due then although I got a tax form and the sale was reported to the IRS it’s not reported on my taxes because it was the sale of my primary residence. If the amount of profit exceeds the exemption on the sale of your primary residence then I would have to report it and pay taxes on the amount not excludable.
The only time you might be asked why you didn’t report income is if you are audited, and then you just tell them why.
They don’t have to report it. You only report your profit, if you had one. Just because you get a tax form doesn’t mean you owe taxes or have to report the income.
You are so wrong - listen to one of the CPAs on youtube. If a 1099 is generated and mailed to you - you must report it as the same information is sent to the IRS. You then MUST have proof of the original price of the item that can prove you did not make a profit off of it. Those who use to file for free as they had nothing to itemize will now have to upgrade and pay due to the extra form and information they have to submit to prove they didn't make a profit.
This guy is pretty good and explains it well. Too many have no idea that this is even coming until they get that 1099 and have no idea of the consequences and work they will have to prove that they did not make a profit.
They don’t have to report it. You only report your profit, if you had one. Just because you get a tax form doesn’t mean you owe taxes or have to report the income.
They do have to report, it’s a transaction over $600.
The IRS doesn’t care how much you bought it for. You think they’re going to conduct a valuation on it?
You are so wrong - listen to one of the CPAs on youtube. If a 1099 is generated and mailed to you - you must report it as the same information is sent to the IRS. You then MUST have proof of the original price of the item that can prove you did not make a profit off of it. Those who use to file for free as they had nothing to itemize will now have to upgrade and pay due to the extra form and information they have to submit to prove they didn't make a profit.
This guy is pretty good and explains it well. Too many have no idea that this is even coming until they get that 1099 and have no idea of the consequences and work they will have to prove that they did not make a profit.
The requirement is only for “registered businesses” using a cash app. Not individuals selling items at a loss.
The requirement is only for “registered businesses” using a cash app. Not individuals selling items at a loss.
I sold $630 of my old video games on ebay in the last month and ebay froze my funds until I provided my social security number because they are going to report that $630 to the IRS and I have to report it as income, so this is for ANYBODY who sells more than $600 for the year
I don't have receipts of these games I bought 20 years ago so I am getting nabbed on the full sale price.
I sold $630 of my old video games on ebay in the last month and ebay froze my funds until I provided my social security number because they are going to report that $630 to the IRS and I have to report it as income, so this is for ANYBODY who sells more than $600 for the year
I don't have receipts of these games I bought 20 years ago so I am getting nabbed on the full sale price.
Is that $630 before or after ebay fees? Be sure that the shipping and fees are deducted when you file.
I sold $630 of my old video games on ebay in the last month and ebay froze my funds until I provided my social security number because they are going to report that $630 to the IRS and I have to report it as income, so this is for ANYBODY who sells more than $600 for the year
I don't have receipts of these games I bought 20 years ago so I am getting nabbed on the full sale price.
The IRS is perfectly happy for you to estimate how much you paid for the games. Just be reasonable.
I don't know why people are so worried about the IRS.
You are so wrong - listen to one of the CPAs on youtube. If a 1099 is generated and mailed to you - you must report it as the same information is sent to the IRS. You then MUST have proof of the original price of the item that can prove you did not make a profit off of it. Those who use to file for free as they had nothing to itemize will now have to upgrade and pay due to the extra form and information they have to submit to prove they didn't make a profit.
This guy is pretty good and explains it well. Too many have no idea that this is even coming until they get that 1099 and have no idea of the consequences and work they will have to prove that they did not make a profit.
He is awesome and does things from a non partisan perspective, and has explained multiple times that you were always supposed to be reporting these things.
Idk why the same people in this thread who claim people should be able to skirt the law, are also in the student debt forgiveness thread losing their minds.
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