Heads Up - IRS Reporting Threshold for Online Platforms Drops to $600 Nationwide

[smokeythecat]

I just had too much stuff lying around. And with the inflation, I am being cautious. With what I have sold over the years, I have come close to breaking even. Which means I've lost money on my "stuff". That said, I enjoyed the stuff while I had it and got MOST of my money back. I've never had a business buying and selling collectibles. So I suppose from that angle, I've done ok. I gave a lot of items to Goodwill. It's not like buying a car when you lose 15% or so when you drive off the lot. Now when I sold my parent's house I cleaned up - and paid the estimated tax on it the first week!

 

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[CreakyDigger]

Our business is almost totally online. At the moment, eBay, ABE, Amazon, they all collect state sales tax and we never have to bother with it when we make an out of state sale. I am supposing that they will also track the over $600 sales and issue the tax paperwork to the buyer, but have heard nothing about it. There will be massive resistance and noncompliance by small sellers to track any sale over $600. I'd love to have a cash business...should have been a barber!

 

[Ohiogoldfever]

Now we know what "TAX THE RICH" really means.

When insanely wealth people talk about “taxing the rich” you can bet your sweet ass it’s pandering.

 

[SeabeeRon]

Banks have been exchanging information with the IRS almost forever.
As I understand it this new thing will target individuals with an AGI of over $400,000.

 

[Treasure_Hunter]

Banks have been exchanging information with the IRS almost forever.
As I understand it this new thing will target individuals with an AGI of over $400,000.

They only exchanged it when it was requested by the IRS due to an audit, or payments for an unpaid tax bill, wholesale reporting of account holder's deposits and withdrawals without probable cause violates our 4th amendment rights.

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

Even people with AGI over $400,000 have 4th amendment rights and I do not for one second believe they will only look at people with AGI over $400,000.

Of the 155,100,000 who filed tax returns in 2020 only 1%, 1,550,000 made over $400,000, no way will you be able to "finance" the plans spoken of on that few people (trying to avoid political comments).

 

[SeabeeRon]

They only exchanged it when it was requested by the IRS due to an audit, or payments for an unpaid tax bill, wholesale reporting of account holder's deposits and withdrawals without probable cause violates our 4th amendment rights.

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

Even people with AGI over $400,000 have 4th amendment rights and I do not for one second believe they will only look at people with AGI over $400,000.

Of the 155,100,000 who filed tax returns in 2020 only 1%, 1,550,000 made over $400,000, no way will you be able to "finance" the plans spoken of (trying to avoid political comments).

We all may be getting ahead of ourselves because I don't believe all the details of the proposal have been worked out.

The "Super Rich" have avoided paying their fair share as they are the ones who can afford the big tax lawyer firms to juggle the books which leaves the rest of us working (or former working) schmores carrying the load!

 

[Treasure_Hunter]

I can't reply any further without being political except to say I disagree and I do not consider $400,000 as super-rich either.

 

[jeff of pa]

Yard Sales & Small Flea Markets
oh and craigslest

cash only

 

[Treasure_Hunter]

Post deleted, please remember politics not allowed in this forum.

 

[RTR]

whats old is new again https://businessjargons.com/barter-system.html

 

[CreakyDigger]

Post deleted, please remember politics not allowed in this forum.

Not easy to discuss the IRS without involving politics.

 

[Treasure_Hunter]

Not easy to discuss the IRS without involving politics.

That is why we have the politics forum...