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Posted: 8/16/2022 7:28:27 PM EDT
[#1]
Fuck the IRS
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Posted: 8/16/2022 7:29:51 PM EDT
[#2]
I send Friends money all the time to help with their utilities.
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Posted: 8/16/2022 7:30:59 PM EDT
[#3]
It would seem that you could declare your cost and attempt to fix that, but it will be a pain.
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Posted: 8/16/2022 7:31:03 PM EDT
[#4]
I think you're overestimating their ability to actually do their jobs.
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Posted: 8/16/2022 7:31:07 PM EDT
[#5]
I’m going to have to talk to my BIL as he’s a CPA. Im afraid my knife business will be defunct.
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Posted: 8/16/2022 7:31:28 PM EDT
[#6]
Bro, it was signed into law 17 MONTHS AGO.
Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Quoted: I’m going to have to talk to my BIL as he’s a CPA. Im afraid my knife business will be defunct. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. |
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Posted: 8/16/2022 7:34:52 PM EDT
[#7]
I don't sell things online. I just send money to friends and family to help in these tough times.
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Posted: 8/16/2022 7:35:01 PM EDT
[#8]
I'm still worried this will impact my wife. I send her grocery money on cashapp.
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Posted: 8/16/2022 7:37:06 PM EDT
[#9]
Friends and family get my PP transfers. I don’t use PP to sell things.
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Posted: 8/16/2022 7:37:48 PM EDT
[#10]
I only accept USPS money order or cash. This helps alleviate tax issues.
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Posted: 8/16/2022 7:43:02 PM EDT
[#11]
I know someone who’s $7,000 into G&S sales on his own stuff this year. I asked him about it and he said his wife (a CPA) will take care of it and not to worry.
I guess if your spouse isn’t a CPA (or you don’t pay for one) then you’re screwed. |
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Posted: 8/16/2022 7:44:18 PM EDT
[#12]
Quote HistoryQuoted: I send Friends money all the time to help with their utilities. |
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Posted: 8/16/2022 7:47:37 PM EDT
[#13]
Money orders still work, right? You can pay cash for them, right? The solution, at least for the moment, is obvious.
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Posted: 8/16/2022 7:48:35 PM EDT
[#14]
Quote HistoryQuoted: Yep. I've met some good folks here and from time to time, I've helped them get back on their feet. Some have helped me. Just generous charity. The problem there is that the IRS gets to determine what is income. They can look at that money and say "We think that's income" and now you have to prove to their satisfaction that it isn't. You can appeal their decisions...to administrative officials who also work for the IRS. Guess what they usually do? So if you're going to go to the mat and actually get any relief you will need a lawyer and you'll need to sue in federal court. Guess how much that costs? If the IRS says you owe, you owe unless you can successfully navigate their system or litigate outside of it. |
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Posted: 8/16/2022 7:49:29 PM EDT
[#15]
I’ve been taking huge losses all year.
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Posted: 8/16/2022 8:03:24 PM EDT
[#16]
I regularly use PayPal to request money from the wife for shared costs (groceries and shared house stuff mostly). Not sure if that'll be considered income now. Does PayPal report gift/family transfers, or just "commercial" ones? I only do it every couple months so it's usually over $600.
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Posted: 8/16/2022 8:05:15 PM EDT
[#17]
Quote HistoryQuoted: I think you're overestimating their ability to actually do their jobs. ya I wont be reporting shit |
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Posted: 8/16/2022 8:11:10 PM EDT
[#18]
How interdasting that the major online payment systems did not make a big fuss about this.
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Posted: 8/16/2022 8:11:25 PM EDT
[#19]
Quote HistoryQuoted: Friends and family get my PP transfers. I don't use PP to sell things. |
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Posted: 8/16/2022 8:12:35 PM EDT
[#20]
Quote HistoryQuoted: I regularly use PayPal to request money from the wife for shared costs (groceries and shared house stuff mostly). Not sure if that'll be considered income now. Does PayPal report gift/family transfers, or just "commercial" ones? I only do it every couple months so it's usually over $600. |
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Posted: 8/16/2022 8:12:55 PM EDT
[#21]
See last week's thread. Declaring zero profit on used household items.
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Posted: 8/16/2022 8:15:59 PM EDT
[#22]
Quote HistoryQuoted: I send Friends money all the time to help with their utilities. You can gift individuals up to $10,000 per person per year without it being taxed. Flip side, you may receive up to $10,000 in cash gifts from a person in a year without having to declare it |
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Posted: 8/16/2022 8:16:05 PM EDT
[#23]
Quote HistoryQuoted: I only accept USPS money order or cash. This helps alleviate tax issues. Same |
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Posted: 8/16/2022 8:16:15 PM EDT
[#24]
Quote HistoryQuoted: See last week's thread. Declaring zero profit on used household items. Link? |
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Posted: 8/16/2022 8:18:42 PM EDT
[#25]
That's why you use Zelle instead of the others. There is no clearinghouse with Zelle, so nothing to be reported. It's direct bank-to-bank transfer and there is no cost to it.
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Posted: 8/16/2022 8:20:15 PM EDT
[#26]
Quote HistoryQuoted: Fuck the IRS In the poop-shooter. Wait. The requirements for those new jobs actually wants that. Record anybody/anything that knocks on your door. Then, turn your rabid 'breed of peace' on them. Or, your Chihuahua. Either way, Fido is going to die. Along with the douchebag who knocked on your door. |
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Posted: 8/16/2022 8:21:39 PM EDT
[#27]
Quote HistoryQuoted: I know someone who’s $7,000 into G&S sales on his own stuff this year. I asked him about it and he said his wife (a CPA) will take care of it and not to worry. I guess if your spouse isn’t a CPA (or you don’t pay for one) then you’re screwed. You can do anything you want with your return, as long as you don’t get audited |
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Posted: 8/16/2022 8:22:15 PM EDT
[#28]
Quote HistoryQuoted: Bro, it was signed into law 17 MONTHS AGO. Yes, it is assumed income and reported with a 1099 to the IRS (if paid electronically). The burden is on the taxpayer/seller to prove it's not income. For once Bidet didn't lie, there won't be any new taxes on people with income is less then $400k, the current laws will just be ENFORCED. Why? Just form a LLC, get an EIN, and pay taxes on the profit. Chances are you'll make more money or the same since you can write off all supplies and mileage. That costs a whole ton of money if you’re not making more than a few thousand per year on it. “Just form an llc” Lol |
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Posted: 8/16/2022 8:23:36 PM EDT
[#29]
Money orders, crypto, and precious metals.
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Posted: 8/16/2022 8:25:32 PM EDT
[#30]
Quote HistoryQuoted: I think you're overestimating their ability to actually do their jobs. That’s actually what is scary... it’s just easier for these drones to enter your SSN into whatever nightmarish computer program they have hit a few keys then magically all your accounts are frozen.... Yeah fuck all that. I’m afraid they are incompetent and not well trained yet have terrifying power to fuck up your life. |
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Posted: 8/16/2022 8:27:38 PM EDT
[#31]
I think in the short term it wont be much of an issue, but in the long run, the money handlers (venmo, paypal, etc.) will be the ones gearing up for the reporting. They will do it because they are either run by leftist, statist, pick-an-ist or under threat from the feds.
What we are seeing is the Gov wants to tap into the "use vehicle or home sale tax" but on an everything scale. A new vehicle gets taxed and so the same vehicle when it is sold used 3 more times. I am sure there will be a mechanism to "claim loses" on sales, but it will likely require detail records or threats of audits. |
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Posted: 8/16/2022 8:29:08 PM EDT
[#32]
Quote HistoryQuoted: The problem there is that the IRS gets to determine what is income. They can look at that money and say "We think that's income" and now you have to prove to their satisfaction that it isn't. You can appeal their decisions...to administrative officials who also work for the IRS. Guess what they usually do? So if you're going to go to the mat and actually get any relief you will need a lawyer and you'll need to sue in federal court. Guess how much that costs? If the IRS says you owe, you owe unless you can successfully navigate their system or litigate outside of it. IRS Audit Rates |
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Posted: 8/16/2022 8:32:06 PM EDT
[#33]
So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?!
Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? |
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Posted: 8/16/2022 8:34:22 PM EDT
[#34]
Quote HistoryQuoted: So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?! Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? You can't write that off. Not unless you're a business complete with EIN and FFL in this hypothetical. |
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Posted: 8/16/2022 8:34:43 PM EDT
[#35]
Quote HistoryWhat's behind the audit drop? IRS staffing shortages due to attrition and decreased funding. Since fiscal year 2011, Well they just fixed that. 
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Posted: 8/16/2022 8:35:20 PM EDT
[#36]
Quote HistoryQuoted: That's why you use Zelle instead of the others. There is no clearinghouse with Zelle, so nothing to be reported. It's direct bank-to-bank transfer and there is no cost to it. I'm pretty sure the banks are the IRS at this point |
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Posted: 8/16/2022 8:37:26 PM EDT
[#37]
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Posted: 8/16/2022 8:37:57 PM EDT
[#38]
There will soon be 87,000 new IRS Agents to find out!
FUCK Joe Biden! How did you pay the babysitter? |
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Posted: 8/16/2022 8:42:11 PM EDT
[#39]
Quote HistoryQuoted: I think you're overestimating their ability to actually do their jobs. |
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Posted: 8/16/2022 8:48:16 PM EDT
[#40]
Quote HistoryQuoted: How interdasting that the major online payment systems did not make a big fuss about this. Ebay has thousands of low paid indians to code their shit and get things to work more or less right. Start ups don't, and won't. |
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Posted: 8/16/2022 8:53:06 PM EDT
[#41]
Quoted: How are people even selling just unused items or guns or NODs, scopes, etc in the EE not going to get hit with tax forms for more than $600 in sales? Seems like the IRS is going to assume it is income, even if selling at a loss. Selling something a few years later you bought at $1,000 for $700 will be reported and hit someone's tax reporting? How are they going to know unless they report it? |
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Posted: 8/16/2022 8:53:41 PM EDT
[#42]
Quote HistoryQuoted: I think you're overestimating their ability to actually do their jobs. 87,000 dumbass fuckheads is enough to fuck your day up. |
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Posted: 8/16/2022 8:55:55 PM EDT
[#43]
Quote HistoryQuoted: You can gift individuals up to $10,000 per person per year without it being taxed. Flip side, you may receive up to $10,000 in cash gifts from a person in a year without having to declare it  So lots of gifting. |
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Posted: 8/16/2022 8:59:36 PM EDT
[#44]
Quote HistoryQuoted: You can gift individuals up to $10,000 per person per year without it being taxed. Flip side, you may receive up to $10,000 in cash gifts from a person in a year without having to declare it You need to update your info. It was $15,000 in 2021, for 2022 it was raised to $16,000. |
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Posted: 8/16/2022 9:01:31 PM EDT
[#45]
The government has always wanted to be able to tax income from garage sales and people selling stuff out of their yards or the classifieds. The only reason they couldn’t was because there was no efficient, practical way to monitor and compile the information needed to locate, identify and prosecute violators.
Along comes technology and PRIVATE businesses…who very helpfully create a digital world with VERY thorough record-keeping, and soon the people have all transitioned from nameless, faceless cash-for-goods exchanges to PayPal/Venmo/etc. And since they’re a private business, they’re free to give your transaction history to whoever they want, including the government, even without some garbage 1099 requirement. The government doesn’t even have to work hard to get the information - they just ask PayPal for Gunner226’s transaction history, and they have it all - right there. Its as if you kept a detailed ledger from your garage sale and then mailed it to your favorite IRS auditor. The reality is, if you owe it now, you owed it before, too. That doesn’t make it right, or moral, it’s just that now they can catch you easier. People with cash side-hustles are going to be outed really easily. The algorithms will be able to easily find the people that are living beyond their (reported) means, and one of those 87,000 new IRS employees will be tasked to look into it. There will be no more hiding. |
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Posted: 8/16/2022 9:02:05 PM EDT
[#46]
Quote HistoryQuoted: So lots of gifting. Quote HistoryQuoted: Quoted: You can gift individuals up to $10,000 per person per year without it being taxed. Flip side, you may receive up to $10,000 in cash gifts from a person in a year without having to declare it So lots of gifting. Tis better to give than to receive |
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Posted: 8/16/2022 9:06:41 PM EDT
[#47]
Quote HistoryQuoted: So I buy a gun for 1400, and I sell it for 1300. I have to pay taxes on 1300?! Fuck that I should be able to write off the 100 dollar loss. If you're gonna tax every fucking gain, I'll write off every fucking loss. Right? Sure, do you have receipts? |
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Posted: 8/16/2022 9:07:23 PM EDT
[#48]
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Posted: 8/16/2022 9:10:58 PM EDT
[#49]
Quote HistoryQuoted: The government has always wanted to be able to tax income from garage sales and people selling stuff out of their yards or the classifieds. The only reason they couldn’t was because there was no efficient, practical way to monitor and compile the information needed to locate, identify and prosecute violators. Along comes technology and PRIVATE businesses…who very helpfully create a digital world with VERY thorough record-keeping, and soon the people have all transitioned from nameless, faceless cash-for-goods exchanges to PayPal/Venmo/etc. And since they’re a private business, they’re free to give your transaction history to whoever they want, including the government, even without some garbage 1099 requirement. The government doesn’t even have to work hard to get the information - they just ask PayPal for Gunner226’s transaction history, and they have it all - right there. Its as if you kept a detailed ledger from your garage sale and then mailed it to your favorite IRS auditor. The reality is, if you owe it now, you owed it before, too. That doesn’t make it right, or moral, it’s just that now they can catch you easier. People with cash side-hustles are going to be outed really easily. The algorithms will be able to easily find the people that are living beyond their (reported) means, and one of those 87,000 new IRS employees will be tasked to look into it. There will be no more hiding. It is absolute BULLSHIT they can tax good every time they change hands. Fuck that. Sales tax on new sales, but used stuff? Already been taxed. Absolute garbage |
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Posted: 8/16/2022 9:11:28 PM EDT
[#50]
I would imagine the irs will be going back on peoples accounts even before the 1099 were required. Lots of side hustle businesses out there.
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