Reminder: Jan 1 PayPal, Venmo, eBay payments will be reported as income 2.0 (compared, claim)
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"Yes your honor, I wasn't evading taxes I was just trying to avoid them." - Al Capone.
The issue isn't the one-off dinner or repayment someone does. It is that it isn't just the single transaction, if the net over the year goes over $600 it is reported. Sure you can "say" that it is a gift or payment for a friend. And as long as the IRS doesn't question it and asks you to produce the friend you are fine.
And when I sell an item, I have yet to hear of the IRS accepting anyone's "explanation" when it comes to taxes. Perhaps the thousands of agents they are looking to hire are going to be part of the "Kindler and Gentler IRS".
Al Capone....now there's some drama
The likelihood of it being questioned is pretty much slim and none unless you're got some massive amount of transactions and dollar amounts you're dealing with. It'll probably impact 1% of the country Frank. Most could only wish to have those type of transactions.
And they aren't looking for the type of "friends and family" designation that most would have.
We need to get away from tech. Every byte entering and leaving your network is recorded and stored. Using things like Craigslist won't matter, if they want to chase those things down, and it doesn't take any effort - the computers will find those listings and associate them with a person - you.
We're going to see a lot more buying and selling like this, again. And that's a Good Thing.
no we aren't. as time goes on we'll see even less of it.
It isn't drama, it's a pain in the ass. I've had to deal with the IRS before, and the hours spent on the phone isn't all that fun.
And in our modern society, time really is money. If you wasted four hours talking with the snakes at the IRS, that is four hours at say thirty-five dollars an hour... that is a hundred forty dollars you just paid the government for having them hound you. That should be reimbursed if it turns out it was unnecessary, which it probably is about 99% of the time.
no we aren't. as time goes on we'll see even less of it.
You overestimate how far people are willing to be pushed before they find ways around the tyranny. There is already a healthy "barter economy" going on in certain circles that is untraceable. You need to get out of the penthouse office once in awhile. Sounds like you are pretty sheltered from what is going on out in the "little people's world."
And in our modern society, time really is money. If you wasted four hours talking with the snakes at the IRS, that is four hours at say thirty-five dollars an hour... that is a hundred forty dollars you just paid the government for having them hound you. That should be reimbursed if it turns out it was unnecessary, which it probably is about 99% of the time.
Nope. Again, not all that hard to figure out a reasonable value for the goods sold and if there is no profit, you aren't going to be taxed. People do it all the time with estimates on charitable donations.
which has nothing to do with this. you donate some stuff to charity, give them an estimate and get a form with that estimate.
totally different then getting a tax form for 4700 from paypal where if you didn't file it as income (because you didn't actually make money!) or did but don't have original receipts you easily could get audited and get taxed on 4700 in income you never made. I do agree that it won't be a problem for a lot of people, and that if you do get audited in the end it's unlikely you won't end up actually paying anything but it's a giant pain in the you know what. and all for what? people really need to be a lot more concerned with how their tax money is being spent. people wake up and go to work 5 days a week until april or may to give that money to the government to spent with no accountability.
The positive thing about that is...maybe it will make shopping the local stores more popular.
If I lived in a state with no or little sales tax, that would be great. Actually, there is a proposal in my state to drastically reduce the state sales tax. I'm keeping my fingers crossed.
You overestimate how far people are willing to be pushed before they find ways around the tyranny. There is already a healthy "barter economy" going on in certain circles that is untraceable. You need to get out of the penthouse office once in awhile. Sounds like you are pretty sheltered from what is going on out in the "little people's world."
Again, spot on. It seems like the foreign cultures do much better at this. I have several foreign friends that are business owners and it's like an entire underground culture of business owners swapping/bartering goods and services.
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