Do you sell on eBay or online? If so, will you continue to do so with the $600 IRS threashold?

[docile tapeworm | 4,204]

@FireHazard51 but that item you sold on e bay been taxed 6 times now….

[docile tapeworm | 4,204]

You think they’ll ever take away cash money? 

[FireHazard51 | 2,051]

22 minutes ago, docile tapeworm said:

@FireHazard51 but that item you sold on e bay been taxed 6 times now….

Yup, and items are never taxed once.  It gets taxed for every exchange from multiple taxing authorities; country(import/export), federal, state, county, and local.  And that is just taxes, then there are fees from private companies.  None of this is new and I don't know why people freak out about this.  Every government needs to collect taxes in one way or another.  Some states don't do income tax so instead the sale tax is higher.  Saying "It's already been taxed" doesn't mean anything because it's a different agency doing the tax or it's exchanging ownership.  This is just the way it is.  

[Tanooki | 4,950]

Sounds like an excuse saying we have to report every dime from every outlet, that's just unreasonable.

And yeah if they could tax cash money they would, but it won't happen as there's no good way to pull it off.  I mean really how are they going to prove you actually got money and how much of it?  They can't, unless they're planning to install illegal cameras everywhere for every thing with face recognition and the works so they can just auto-track with software.  That would break so many constitutionally protected laws it would be impossible.

[FireHazard51 | 2,051]

1 hour ago, docile tapeworm said:

You think they’ll ever take away cash money? 

Do you think people will ever stop doing "under the table" exchanges for goods or services?  I don't see your point.

Edited December 16, 2021 by FireHazard51
oh boy....the that was a rough sentence that I fixed

[FireHazard51 | 2,051]

1 minute ago, Tanooki said:

Sounds like an excuse saying we have to report every dime from every outlet, that's just unreasonable.

And yeah if they could tax cash money they would, but it won't happen as there's no good way to pull it off.  I mean really how are they going to prove you actually got money and how much of it?  They can't, unless they're planning to install illegal cameras everywhere for every thing with face recognition and the works so they can just auto-track with software.  That would break so many constitutionally protected laws it would be impossible.

Exactly!  It's the tax law you have issue with.  And YES!  If it was EASY to tax every exchange it WOULD happen.  Why do you think they wouldn't do it???  Why wouldn't the government enforce the existing laws if it was easy and there was incentive....income!!!

[Tanooki | 4,950]

Yeah I do, the current system is broken.  I think when it comes to garage sale level transactions, personal sales of private goods under a certain threshold it's not any of their damn business and shouldn't be.  I don't want to in general avoid taxes, they're needed, and they come out plenty buying from actual business at retail(etc) to paychecks.  But I think taxing personal transactions are just crap and had no issue because the old threshold of 20K (while admittedly high) made things fair and easy enough since reporting wasn't required, just encouraged really as they'd love to get all they can, with it now at 600 it basically is required and now will get enforced via a lucky audit which I'm sure they'll do in force to catch many people who don't know of the change next year.

 

[docile tapeworm | 4,204]

15 minutes ago, FireHazard51 said:

Do you think people will ever doing do "under the table" exchanges for goods or services?  I don't see your point.

Do you think they’ll ever take away cash so I can’t get away with not paying taxes on my yards sale. And like you said under the table.

[Tulpa | 3,534]

8 minutes ago, docile tapeworm said:

Do you think they’ll ever take away cash so I can’t get away with not paying taxes on my yards sale. And like you said under the table.

A few countries are moving that direction. Cashless.

It'll probably be awhile before the US is, but it will probably happen at some point.

Hell, we did away with the gold standard.

[MrMark0673 | 197]

Nothing changed except that it will be easier to get caught if you break the law.

I'll report my taxes, accurately as I always have, and I won't change any of my behaviors.  I get massive returns due to legal loopholes in real estate tax law, so I have absolutely no reason to try to cheat the system.

[docile tapeworm | 4,204]

16 minutes ago, Tulpa said:

A few countries are moving that direction. Cashless.

It'll probably be awhile before the US is, but it will probably happen at some point.

Hell, we did away with the gold standard.

Scary.

[docile tapeworm | 4,204]

@MrMark0673 here ya go

[MrMark0673 | 197]

5 minutes ago, docile tapeworm said:

@MrMark0673 here ya go

Well what's the alternative?  We sell stuff, we pay taxes.  It sucks, but that's sorta been the deal for a very, very, very long time.

I have a business.  I sell stuff.  I get taxed.

I'm a school teacher.  I make a salary.  I get crushed in taxes.

I don't *love* the system, but it's the current price of living in the US.

[Tulpa | 3,534]

13 minutes ago, docile tapeworm said:

Scary.

Yeah, no more cookie jar or mattress savings.

On the plus side, I don't have to wait for gramps to pay for his Metamucil in pennies while waiting in line at Vons. I got places to be!

Edited December 16, 2021 by Tulpa

[docile tapeworm | 4,204]

1 minute ago, Tulpa said:

Yeah, no more cookie jar or mattress savings.

“Says here you have zero credits.”

And your fucked.

[mbd39 | 2,029]

You were always suppose to report income from selling on Ebay. This is just helping to enforce it.

 

[Tulpa | 3,534]

11 minutes ago, mbd39 said:

You were always suppose to report income from selling on Ebay. This is just helping to enforce it.

 

*Everyone complains about too many loopholes in the tax laws*

*Loophole that affects them gets closed*

*Everyone complains about losing their loophole*

[avatar! | 1,827]

32 minutes ago, Tulpa said:

*Everyone complains about too many loopholes in the tax laws*

*Loophole that affects them gets closed*

*Everyone complains about losing their loophole*

But this is NOT a loophole. This year, the regulations are $20,000 and 200 transactions (selling). In 2022 it's $600 and a single transaction... that is a decrease of 97% or in other words the new threshold is 3% of the current.

The real loopholes are the ultra-rich that get their wealth from stock and property.

EVERYONE should read this article:

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

And back to this $600-ebay regulation - who exactly will this affect? A billionaire - absolutely not! A millionaire - nope. Middle class and lower - YUP. These new regulations are meant to squeeze taxes out of the plebs, people like you and I.

[docile tapeworm | 4,204]

40 minutes ago, avatar! said:

 

And back to this $600-ebay regulation - who exactly will this affect? A billionaire - absolutely not! A millionaire - nope. Middle class and lower - YUP. These new regulations are meant to squeeze taxes out of the plebs, people like you and I.

There it is right there…let my poor ass get a little extra is who this affects.

[mbd39 | 2,029]

Assuming that you earn enough to pay taxes, if you make any profits from Ebay then you're supposed to report it. $600 is just the threshold for Ebay sending you the paperwork. This isn't a new requirement.

 

[docile tapeworm | 4,204]

3 minutes ago, mbd39 said:

Assuming that you earn enough to pay taxes, if you make any profits from Ebay then you're supposed to report it. $600 is just the threshold for Ebay sending you the paperwork. This isn't a new requirement.

 

By the book. Can’t argue that.

[MrMark0673 | 197]

1 minute ago, mbd39 said:

Assuming that you earn enough to pay taxes, if you make any profits from Ebay then you're supposed to report it. $600 is just the threshold for Ebay sending you the paperwork. This isn't a new requirement.

 

Exactly.  Whether I get a 1099 from eBay or not, I've always been responsible for taxes on goods sold.

It can be framed as a "97% threshold decrease"... in the responsibility of getting issued a 1099.  It's a 0% change in any person's personal tax responsibility.

[mbd39 | 2,029]

On the bright side if you sell games for less than you paid then you don't have to worry about it.

 

[docile tapeworm | 4,204]

11 minutes ago, mbd39 said:

On the bright side if you sell games for less than you paid then you don't have to worry about it.

 

And my video game collection is going to be mostly shit I dont care for lol. Hey it was cheap though.

[mbd39 | 2,029]

3 hours ago, docile tapeworm said:

Do you think they’ll ever take away cash so I can’t get away with not paying taxes on my yards sale. And like you said under the table.

Yard sale items are generally sold for way less than what you paid so there's rarely any profits to be taxed.