IRS delay implementation of $600 reporting - Page 9

hairysasquatch · 01-01-2023, 07:50 PM

Quote:

Originally Posted by oldgoldy97

https://www.stopdrowningnow.org/drowning-statistics/

Pretty funny stuff.

True colors.

You've reached lows today even I could not have fathomed. Maybe put the phone down? You're going to need Jacques Cousteau to relay your bile before much longer.

oldgoldy97 · 01-01-2023, 07:57 PM

Wishing half the population dead is Mariana Trench. I’ve got leagues to go to reach that, Mr Cameron.

hairysasquatch · 01-01-2023, 08:05 PM

Quote:

Originally Posted by oldgoldy97

Wishing half the population dead is Mariana Trench. I’ve got leagues to go to reach that, Mr Cameron.

Eternally offended and wronged.

oldgoldy97 · 01-01-2023, 08:14 PM

hairysasquatch · 01-01-2023, 08:48 PM

Quote:

Originally Posted by oldgoldy97

Much-needed!

oldgoldy97 · 01-01-2023, 08:48 PM

cnewby · 01-01-2023, 08:52 PM

That's what moldy has been reduced to, eh?

oldgoldy97 · 01-01-2023, 08:53 PM

hairysasquatch · 01-01-2023, 08:57 PM

Quote:

Originally Posted by cnewby

That's what moldy has been reduced to, eh?

It's been painful to watch. Going to need to pull the plug.

oldgoldy97 · 01-01-2023, 08:58 PM

cnewby · 01-01-2023, 09:31 PM

Quote:

Originally Posted by hairysasquatch

It's been painful to watch. Going to need to pull the plug.

Spiraling out of control.

oldgoldy97 · 01-01-2023, 09:32 PM

cnewby · 01-01-2023, 09:39 PM

I love it!

jkampis · 01-01-2023, 10:09 PM

Quote:

Originally Posted by oldgoldy97

But we’re severely overtaxed.

No disputing that

Gigantor · 12-09-2024, 07:42 PM

$600 threshold delayed until 2026 - https://www.journalofaccountancy.com...reporting.html

2024 = $5000
2025 = $2500
2026 = $600

Wonder if any of this changes with the new administration (changes to 2021 American Rescue Plan Act). Sorry it's being discussed elsewhere on the forum, but couldn't find a thread.

Floridacardguy · 12-10-2024, 06:34 AM

I hope Trump gets rid of this BS Ebay tax, I got killed on taxes from Ebay while he was out

packman80 · 12-10-2024, 06:42 AM

Quote:

Originally Posted by Floridacardguy

I hope Trump gets rid of this BS Ebay tax, I got killed on taxes from Ebay while he was out

So why should you not pay your fair share of taxes if you are making profit off selling stuff? The average business pays taxes on stuff they sell so why should not a person selling online also if they sell above a certain limit?

Floridacardguy · 12-10-2024, 06:44 AM

Quote:

Originally Posted by packman80

So why should you not pay your fair share of taxes if you are making profit off selling stuff? The average business pays taxes on stuff they sell so why should not a person selling online also if they sell above a certain limit?

Did you know that cards you buy don't technically offset cards you sell? I am okay to paying my fair share, but if I use $ from the cards I sell to buy other cards, why can't I write them off?

Boo · 12-10-2024, 07:17 AM

A Hairy/Moldy spat, those were the days.

stretcharmstron · 12-10-2024, 07:42 AM

Some proper weird people in here who are pro-tax for the ordinary citizen.

Delta5 · 12-10-2024, 08:25 AM

Quote:

Originally Posted by Floridacardguy

I hope Trump gets rid of this BS Ebay tax, I got killed on taxes from Ebay while he was out

Get a dropshipper on Oregon, 0 tax there

Jaysabz · 12-10-2024, 09:09 AM

Quote:

Originally Posted by Floridacardguy

Did you know that cards you buy don't technically offset cards you sell? I am okay to paying my fair share, but if I use $ from the cards I sell to buy other cards, why can't I write them off?

While I don't agree with the regulation, if you are experiencing significant tax liability and are concerned about the 1099k situation, consult an accountant. You can write off some of your cost basis, advertisement fees from seller sites, etc. I can't give tax advice here, but the money you pay the accountant will be money well spent.

The incumbent gov't isn't going to turn down free money, so the only way I can see then doing away with the 1099k reporting is if they cut a significant amount of jobs at the IRS through DOGE.

Also, if receive a 1099k this year - REPORT IT. I CAN'T STRESS THIS ENOUGH!

If ANY 1099 is generated under your SSN or FEIN, the IRS software will be aware of it and 3xpecting if it and if it is missing from your return, your return will be flagged. This is an automated process.

dantheman514 · 12-10-2024, 09:18 AM

Quote:

Originally Posted by Jaysabz

While I don't agree with the regulation, if you are experiencing significant tax liability and are concerned about the 1099k situation, consult an accountant. You can write off some of your cost basis, advertisement fees from seller sites, etc. I can't give tax advice here, but the money you pay the accountant will be money well spent.

The incumbent gov't isn't going to turn down free money, so the only way I can see then doing away with the 1099k reporting is if they cut a significant amount of jobs at the IRS through DOGE.

Also, if receive a 1099k this year - REPORT IT. I CAN'T STRESS THIS ENOUGH!

If ANY 1099 is generated under your SSN or FEIN, the IRS software will be aware of it and 3xpecting if it and if it is missing from your return, your return will be flagged. This is an automated process.

This is the best possible advice for all those receiving a 1099k. Once upon a time I ignored a 1099k and received a tax bill that was for the full amount. I worked with an accountant who helped me navigate that situation, and they have been helping me ever since. They consider the size of my home office, internet access costs, travel costs to shows, etc. If you receive a 1099k, please speak with an accountant; they can make the whole process and situation so much better.

jacksonjj · 12-10-2024, 11:07 AM

Quote:

Originally Posted by Delta5

Get a dropshipper on Oregon, 0 tax there

Yeah, go through the hassle of setting that up because of a technical loophole, when the real solution is just stop stealing money from ordinary citizens. Duh.

Brobocop · 12-10-2024, 11:10 AM

Thankfully the only thing I sold this year was my wife's broken iPhone. Hopefully they delay it every year until the sun supernovas.

01-01-2023, 07:57 PM	#202
oldgoldy97 Member Join Date: Jan 2009 Posts: 50,373	Wishing half the population dead is Mariana Trench. I’ve got leagues to go to reach that, Mr Cameron. __________________ Truly riveting discussion: that’s what your wife/girlfriend/sheep said.

01-01-2023, 08:14 PM	#204
oldgoldy97 Member Join Date: Jan 2009 Posts: 50,373	__________________ Truly riveting discussion: that’s what your wife/girlfriend/sheep said.

01-01-2023, 08:48 PM	#206
oldgoldy97 Member Join Date: Jan 2009 Posts: 50,373	__________________ Truly riveting discussion: that’s what your wife/girlfriend/sheep said.

01-01-2023, 08:52 PM	#207
cnewby Member Join Date: Sep 2012 Location: MI Posts: 18,155	That's what moldy has been reduced to, eh? __________________ #ALLRISE - THE ORIGINAL HASHTAG - ALL OTHERS ARE CUTE IMITATIONS

01-01-2023, 08:53 PM	#208
oldgoldy97 Member Join Date: Jan 2009 Posts: 50,373	__________________ Truly riveting discussion: that’s what your wife/girlfriend/sheep said.

01-01-2023, 08:58 PM	#210
oldgoldy97 Member Join Date: Jan 2009 Posts: 50,373	__________________ Truly riveting discussion: that’s what your wife/girlfriend/sheep said.

01-01-2023, 09:32 PM	#212
oldgoldy97 Member Join Date: Jan 2009 Posts: 50,373	__________________ Truly riveting discussion: that’s what your wife/girlfriend/sheep said.

01-01-2023, 09:39 PM	#213
cnewby Member Join Date: Sep 2012 Location: MI Posts: 18,155	I love it! __________________ #ALLRISE - THE ORIGINAL HASHTAG - ALL OTHERS ARE CUTE IMITATIONS

12-09-2024, 07:42 PM	#215
Gigantor Member Join Date: Nov 2012 Posts: 3,413 Gigantor	$600 threshold delayed until 2026 - https://www.journalofaccountancy.com...reporting.html 2024 = $5000 2025 = $2500 2026 = $600 Wonder if any of this changes with the new administration (changes to 2021 American Rescue Plan Act). Sorry it's being discussed elsewhere on the forum, but couldn't find a thread. __________________ PC - Jake Long - Blue Detroit Lions - Santa Claus Cards

12-10-2024, 06:34 AM	#216
Floridacardguy Member Join Date: Dec 2022 Posts: 8,605	I hope Trump gets rid of this BS Ebay tax, I got killed on taxes from Ebay while he was out

12-10-2024, 07:17 AM	#219
Boo Member Join Date: Jul 2007 Location: PA Posts: 55,822 klay22	A Hairy/Moldy spat, those were the days. __________________ I have found that flicking through a few threads on my smartphone is a great way to pass some time while "stocking the pond."Hairy 6/7/12 “ I feel you, brother. Welcome to East Berlin, circa 1963.” Hairy 5/9/20

12-10-2024, 07:42 AM	#220
stretcharmstron Member Join Date: Aug 2020 Posts: 250	Some proper weird people in here who are pro-tax for the ordinary citizen.

12-10-2024, 11:10 AM	#225
Brobocop Member Join Date: May 2011 Location: Cleveland, OH Posts: 13,736 brobocop2	Thankfully the only thing I sold this year was my wife's broken iPhone. Hopefully they delay it every year until the sun supernovas.