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You don't get it - how many people have receipts to prove what they actually pd for an item. We sold my son's GI Joes on Ebay yrs ago so he had spending money when he went to the Citadel. He'd had these toys for over 10 yrs and they sat in the basement.
I quit itemizing yrs ago as it's not worth the pain of doing all the paperwork for donations to save a couple of bucks on taxes and this is exactly what the gov't is thinking. People will end up losing money selling online of they don't do a schedule C to recoup shipping, insurance, packaging materials ect. plus at least in Ebay - if a person returns that item you sold for $100 - Ebay does not adjust the monies received after you've refunded.
You don't even really need receipts. It's not a bad idea to keep the supporting documentation, in fact it's a good idea, but what the IRS wants to see is a form. What they rarely will want is some kind of record that shows income and expenses. The only time they're ever going to want a box of receipts is if they're pretty damn sure that the records are being cooked. E.g., if you say you sold a Casio watch for 18,000 and you bought it for 20,000. If you just state you bought an old Omega in 2007 for 600 and sold it in 2022 for 1,000 they're not going to ask for a receipt. If you bought and sold hundreds of things they might start looking for receipts if the numbers look fishy. E.g. if someone is grossing 10 million a year in sales and claiming they're selling everything at a loss that's pretty fishy. I mean, they could be but not likely.
If someone was grossing 10 million in sales - they'd already be getting a 1099 - the gov't is out to get the little guy selling items - they've already pd tax on once..
Someone said it earlier - there is a reason they changed it from $20,000 and 200 business transactions to a flat $600 and it's precisely to get all of those "small fish". Sellers will get a 1099 and the IRS will get your money, however they have to.
If you think otherwise - what's your rationale for the change? Why is the dollar amount so low?
It's super petty.
Don't forget, this is only half the law. The other half was supposed to pass in the Build Back Brandon reconciliation package. It would have allowed the IRS to spy on anyone's bank account that moved more than $600 in a year - basically everyone.
This is big brother authoritarianism trying to crush the peons
I have trouble believing the IRS will actually waste their time and resources to track down $600 worth of unreported income.
And, I have trouble believing so many people are as naive as you appear to be.
Now, if I were a gambler, I’d be willing to wager a bet that you don’t consider yourself to be naive at all, but like most people, consider yourself to be a pretty smart person, am I right? I mean, nobody really thinks of themselves as being naive, or a dumb ass, true? But here’s the thing …. these days, it takes more effort to avoid becoming a dumb ass than ever before, because there’s so much happening, and so much BS to weed through, and events moving so fast, if you become the slightest bit intellectually lazy or complacent, even a pretty smart person can become a dumb ass pretty fast. This world is no longer playing tic tac toe, or checkers, but a lot of its citizens still are. And there is no more of this fake it till you make it nonsense either, because there are too many ways to fail, and too many obstacles to successfully navigate blindly.
So, perhaps you just haven’t kept at it diligently enough … or thought this thing through carefully enough? Perhaps you have just overlooked a couple of things, but I gotta tell you, you’re missing some pretty obvious stuff.
Sure, at first glance, $600 seems like a paltry amount in the greater scheme of things, I’ll grant you that. It also seems reasonable to assume the IRS wouldn’t be expending a lot of effort to track down a measly $600. But this is very shallow, surface level thinking, and totally misses the mark for what is minimally required to be an intelligent and informed person, with an intelligent and informed opinion. You see, you entirely missed some pretty obvious points in making what you thought were obvious conclusions. And I’m not trying to bust your you know whats here, I’m trying to get you (and others) to really think, rather than just sit there thinking you are thinking, when you are not.
The first obvious point is that these government entities do not waste time making laws and regulations they don’t intend to implement. That’s the first obvious point, which should cause you to look closer. The second obvious point is the matter of “scale”, which somehow you failed to consider, and I really don’t know how you did that.
This isn’t about $600. This is about 25% in additional income tax revenue, per every dollar in private and undeclared transactions of $600 and higher, which is estimated to account for at the very minimum, 50 Billion dollars in additional tax revenue collections each year. Given that the entire IRS operating budget is around 12 Billion, we’re talking about a huge amount of money that you can bet your last dollar, they are absolutely going to come after. The amount represents over 4 times their total budget, so don’t think they won’t add 20,000 new bodies to their collections staff. After all, it’s going to pay for itself several times over.
Now, that’s from a conventional cash monitoring and collections model. But the long term model is one they are working to implement soon, which is the total cashless system where everything is digital dollars. Digital currency, on smart phone pay technology that is already being used, Apple Pay, electronic check deposits, etc.
At that point, the laws you foolishly thought were nothing to be concerned about, will be the laws allowing this 24/7 monitoring of every penny you spend, and every penny you deposit, and those IRS collections will be fully automated with artificial intelligence to be deducted straight out of your account, in real time, without the need for personnel resources at all.
Let’s take a hypothetical situation to illustrate the potential impact this might pose to you and anyone else … let’s say you sell your spare car, for uhh let’s say $12,000. You owe the bank $10,000 payoff for the loan. So, the purchaser issues you a cashiers check for $12,000, and you deposit that. Then, you send $10,000 electronically to payoff the loan, and you net out a cool $2000, which helps you pay your bills (which is why you sold the damned car in the first place.) But a few days later, or even a few weeks later, you see $3,000 deducted from your account, (that’s your 25% tax) and now you are negative $1,000, instead of positive $2,000 in your bank account. Of course, you can get some of that back when you file your tax return next year, but this is May, so you’re out $2,000 for the next 8 months, but they will be happy to refund you $1,500 (minus the $500 you actually owed on the sale of the car) next April.
Welcome to the New World Order, my foolish friend. That’s the danger in not thinking carefully.
As a side note … and this is a true story, that happened to a friend/business associate of mine, several years ago, and it ought to scare the hell out of you and anyone else with a brain.
This guy was in the ATM machine business. He had about 20 machines located around town. Charged $3 per transaction. So, when someone pulled out $100 …. the machine dispensed $100 of Joe’s money he put in the machine from his bank account. He would then get an ACH transfer of his original $100, plus the $3 transaction fee, for a total deposit of $103. That equated to $3.00 per transaction in gross profit, before expenses. He had his accountant doing his tax returns properly, and everything was documented accurately. No problems. Until 3 years later, he received a letter from the IRS informing him that he had a tax delinquency of $1,650,000 in back taxes. They placed an IRS Lien on his house, seized his three bank accounts, and literally put him out of business in the snap of a finger. Just like that! This poor guy was so screwed, he was forced to sell his diesel truck, but he made a huge mistake … he opened another account in order to deposit the $27,000 from the truck sale so he could pay his mortgage and bills and EAT … but by the time the check cleared, somehow, the IRS found that too, and seized every penny!
He had hearings, and lawyers and even had IRS agents at his house, and they all discussed the error which was the IRS error, but it fell on deaf ears, and you can bet these criminals knew exactly what they were doing. You see, for each ATM transaction of which there were thousands and thousands over that three year period, the IRS considered every single ACH deposit into his account for every single transaction as income, rather than the $3 transaction fee per transaction, they counted the entire $103. So, if he got $103 deposit, a thousand times, the IRS considered it $103,000 in income, instead of $3,000. Each initial $100 x 1000 dispensed and subsequently reimbursed was already his money to begin with, and not income at all, but that didn’t matter to the IRSl. No one would listen or acknowledge the error.
Ultimately, the matter was settled, but not before he lost his home, and his business, and everything he owned. What was the outcome? Well, the almost 1.7 million allegedly owed in back taxes was revised, and they determined that he owed them $3,500 over those 3 years, and would be happy to work out easy payment arrangements for him, after destroying the man’s life.
True story, I was there, and I watched it happen. I used to do all of the installations and maintenance on his machines.
Moral to this story is, you are not living in the world you believe you are, but a world quite different. Better pay closer attention and not make faulty assumptions.
and we have not even started on the states or local jurisdictions yet.
Why not throw in Snopes while you’re at it? Really dude ?
Don’t you find it interesting that the IRS would have an allocated section specifically dedicated to conspiracy theories involving “frivolous” tax arguments? LOL. I swear to God the whole world is beginning to mimic The Onion, only it’s real and not a parody.
It’s times like these that make me glad that I am old, because if I were 20 years old now, and facing the prospect of having to share this planet for the next 60 or so years with the morons who now occupy it in such dangerous numbers, I’m not sure I could summon the mental strength to continue.
I’m beginning to wonder if these elitists who feel a large portion of the population are made up of primarily useless eaters, who need to be reduced by 90%, don’t have a valid point.
and you do not have to. personal property acquired for use in your home is not required to be reported. not even cars.
But if you are buying couches at locker auctions to sell on ebay (hey it happens) then yes it is. There is if I recall, a legal threshold from whence you go from casual seller to income generating enterprise - even if it is a sole proprietorship. This is why if you decide to sell out, hold and auction and pocket it all as you take off to the hills with a pack mule in tow...you do not report it. the sales are in most states not even sales-taxable.
And how are these companies going to know the difference?
They have no idea where, when, or for what purpose I originally bought the couch. In the '80s these companies didn't even exist. The only thing these companies know is that I then had a $600 transaction for said item.
Say I had an entire room full of furniture I was selling, ended up selling various pieces at different times over a couple of weeks. Spent $3000 on the furniture 10 years ago, when all was said and done I had a grand total of $2500 in sales.
How does the company know I used these things in my home? They don't...they are going to send the IRS a 1099 saying I received this much money and the IRS is going to expect me to report it and then it is my responsibility to try and prove to them that I don't owe taxes on it.
And how are these companies going to know the difference?
They have no idea where, when, or for what purpose I originally bought the couch. In the '80s these companies didn't even exist. The only thing these companies know is that I then had a $600 transaction for said item.
Say I had an entire room full of furniture I was selling, ended up selling various pieces at different times over a couple of weeks. Spent $3000 on the furniture 10 years ago, when all was said and done I had a grand total of $2500 in sales.
How does the company know I used these things in my home? They don't...they are going to send the IRS a 1099 saying I received this much money and the IRS is going to expect me to report it and then it is my responsibility to try and prove to them that I don't owe taxes on it.
It’s called abject tyranny, Democrat Socialist style. Police State, Concentration Camps, bioweapons injections, masks, and now, they come for the kiddies, because not enough adults stood up for what’s right. Hell, half of em don’t even know they are under attack now, even though it’s out in the open, hidden in plain sight. Mass formation, societal psychosis, where nothing makes any sense, yet everyone sleeps right through it.
Meet Ben, he has an interesting story, which isn’t at all unique, other than the specific circumstances which landed him in the clutches of the Covid killing cult. Those who laugh at “wild conspiracy theories” should pay attention to this one.
Ben had a car crash. When EMT arrived he was conscious and not severely injured, yet they injected him with a sedative, and he woke up 8 hours later in a hospital, on a ventilator, IV and catheter. He was alone and unattended when he regained consciousness and removed his vent, IV and catheter, and surprised hospital personal sitting outside his door, shocked that he was awake, and no longer adequately sedated and intubated. Apparently, they screwed up with the amount of sedative in his drip, because they weren’t expecting him to regain consciousness.
Ben was not supposed to be talking to you right now, as he was supposed to die from his Covid-car-accident. Ben luckily escaped the Covid Kill Cult, unlike so many who haven’t.
The hospital told his family he had a broken nose, and acute pancreatitis, but didn’t mention anything about testing positive for Covid and put on a ventilator, and drugged with propofol, fentanyl, Morphine.
Nice. Welcome to George Orwell’s 1984 on steroids, where hospitals and doctors and nurses are the new state executioners.
Why not throw in Snopes while you’re at it? Really dude ?
Don’t you find it interesting that the IRS would have an allocated section specifically dedicated to conspiracy theories involving “frivolous” tax arguments? LOL. I swear to God the whole world is beginning to mimic The Onion, only it’s real and not a parody.
It’s times like these that make me glad that I am old, because if I were 20 years old now, and facing the prospect of having to share this planet for the next 60 or so years with the morons who now occupy it in such dangerous numbers, I’m not sure I could summon the mental strength to continue.
I’m beginning to wonder if these elitists who feel a large portion of the population are made up of primarily useless eaters, who need to be reduced by 90%, don’t have a valid point.
each item on the website (since we are afterall talking IRS) is settled law. Might pay to read up. By the time CI sends the letter, they have all the evidence needed.
You are not saying anything new. You are not even saying anything old using different words. You are advocating a path of destruction. Mostly yours.
didnt understand the rest of the post....am I a moron or a 'useless eater' (whatever that is)?
And so that makes it alright yeah?, Someone bought a item years ago, it became collectible now they should pay again because it went up in value?
All so the dems can take that money and give it to illegals who did nothing to earn anything and broke immigration laws and to give to government educational institutions that teach kids that America is a wrongful nation and the constitution sucks.
For anyone saying they aren't gonna go after the little guy-if that's true why was the reporting amount lowered from 20k to a laughable 600 dollars.
I get Biden doesn't know where he is most of the time so maybe he still thinks 600 dollars is a lot of money like when he was a kid but how anyone else can justify this is beyond me.
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