Potential IRS Rule -- Problem for CRHers? - Page 2
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Thread: Potential IRS Rule -- Problem for CRHers?

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  1. #16
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    $600 is too low. I am not a dealer in anything collectable. That said, when I sell stuff (not rich you know), when I account for the mileage on the car ALONE I lose $$$. I am not paying taxes on a loss. Gain, no problem. What's a gain? My accountant who charges over $250 an hour said don't get into this trap. It will cost more for accounting fees than I could ever make. AND I got so ticked off at the whole thing Goodwill did very, very well recently. My individual items weren't worth much of anything.

  2. #17
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    Quote Originally Posted by smokeythecat View Post
    $600 is too low. I am not a dealer in anything collectable. That said, when I sell stuff (not rich you know), when I account for the mileage on the car ALONE I lose $$$. I am not paying taxes on a loss. Gain, no problem. What's a gain? My accountant who charges over $250 an hour said don't get into this trap. It will cost more for accounting fees than I could ever make. AND I got so ticked off at the whole thing Goodwill did very, very well recently. My individual items weren't worth much of anything.
    Of course it's too low. The Feds shouldn't be in our bank accounts for any reason.
    crashbandicoot likes this.
    Again, the kingdom of heaven is like unto treasure hid in a field; the which when a man hath found, he hideth, and for joy thereof goeth and selleth all that he hath, and buyeth that field. Matthew 13.

  3. #18
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    President BIDEN signed this law this past spring. See the article attached.

    https://www.cnbc.com/2021/03/26/its-...ine-sales.html
    crashbandicoot likes this.

  4. #19
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    Quote Originally Posted by smokeythecat View Post
    President BIDEN signed this law this past spring. See the article attached.

    https://www.cnbc.com/2021/03/26/its-...ine-sales.html
    Yeah, I don't think that's the thing in play here. The article talks about sellers having to report income over $600, and venues like eBay giving them a 1099-K. "Due to a provision in the recently enacted American Rescue Plan Act."

    The thread here is about the American Families Plan Act of May, 2021, which is not yet law, and requires banks, not third party vendors, to report transactions over $600.
    crashbandicoot likes this.
    Again, the kingdom of heaven is like unto treasure hid in a field; the which when a man hath found, he hideth, and for joy thereof goeth and selleth all that he hath, and buyeth that field. Matthew 13.

  5. #20
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    Correct, but best to know in advance of these things.
    crashbandicoot likes this.

  6. #21

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    Quote Originally Posted by CreakyDigger View Post
    Yeah, I don't think that's the thing in play here. The article talks about sellers having to report income over $600, and venues like eBay giving them a 1099-K. "Due to a provision in the recently enacted American Rescue Plan Act."

    The thread here is about the American Families Plan Act of May, 2021, which is not yet law, and requires banks, not third party vendors, to report transactions over $600.
    I didn't notice the one word difference in the name of the act, so my limited research and comments were related to the Rescue Plan not the Families Plan. Sorry for any confusion.
    CreakyDigger likes this.

  7. #22
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    Quote Originally Posted by Johnnybravo300 View Post
    Theres no transaction when you buy coins from the bank. You're only trading dollar bills for coins.
    When I get my weekly box of halves from my bank, I give the teller $500 in cash. The teller deposits that $500 into my savings account then withdraws the same amount from savings to 'buy' the halves. Two transactions every week.
    Increase it to two boxes and you can understand the genesis of my original post.
    CreakyDigger likes this.

  8. #23
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    Quote Originally Posted by GMan00001 View Post
    I didn't notice the one word difference in the name of the act, so my limited research and comments were related to the Rescue Plan not the Families Plan. Sorry for any confusion.
    Yeah, it's difficult to keep track of all of the horse hockey thrown at us by the Washington DC elites.
    Again, the kingdom of heaven is like unto treasure hid in a field; the which when a man hath found, he hideth, and for joy thereof goeth and selleth all that he hath, and buyeth that field. Matthew 13.

  9. #24
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    Somewhat related, a teller can generate a SAR for any amount in a transaction.

 

 
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