Beyond Black
Well-known member
Yup. Divide and conquer. Or something….
splitendz
Active member
What are the chances this gets overturned by a new administration ? In my experience, once the IRS gains some type of power... they never give it up. If a new Congress, or POTUS would likely overturn this law, I would gladly wait a year or two to sell some stuff.
panhead
Well-known member
Fuck the IRS i dont owe them shit even though they say I do. 
panhead
Well-known member
Digital currency is next on the agenda for these fuckn thieves.
B
bikerdude2
Well-known member
Totally killed what I have enjoyed doing over the last 20+ years! FJB!
Chris6870
Well-known member
I always keep my receipts and I usually sell at a loss so no big deal. But is sad it has come to this
Philo Beddoe
Well-known member
Fun Fact: The IRS does not figure in the effects of inflation.---> You bought a thingamajig for $600 in 1992 and sale now for $900. According to the inflation calculator $600 in 1992 is equal to $1200 today. We have to pay taxes on the $300 we "made" even though we actually lost money.
Unless you kept the receipt for 30 years you be paying.
Unless you kept the receipt for 30 years you be paying.
skoora
Well-known member
What about used shit you sell that you’ve had for 10-20 years. How the hell would you prove or establish a cost?
LP Freak
Well-known member
Doesn’t matter what something is worth. All that matters is the dollar amount made from sales and spent on gear within the calendar year
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N
nzsteve
Active member
I dont know how you can prove orig purschae price for gear you dont have a receipt for, paid cash for, lost etc... sounds like a mess.. wonder what the requirement of proof of purschase will be..
I wonder if you could list, say a guitar pick or something for a dollar that comes with information about equipment that is also for sale and email will be provided after pick is purchased. Just unsure how you would do the payment.. Looks like its only online selling sites and payment transaction companies are reporting the info... Wonder how gift payment is handled with the rule.
I wonder if you could list, say a guitar pick or something for a dollar that comes with information about equipment that is also for sale and email will be provided after pick is purchased. Just unsure how you would do the payment.. Looks like its only online selling sites and payment transaction companies are reporting the info... Wonder how gift payment is handled with the rule.
Tone Monster
Well-known member
So, audits should probably be illegal. I’m from texas and have been in a sales tax audit since ‘07. Also, did 1 IRS audit. They don’t have to prove ANYTHING. They look at your books, pull the transactions, and make you prove that you did pay the appropriate taxes. Not kidding. You’re guilty by default unless you prove otherwise. I wish I was a billionaire cause I would fight it to the Supreme Court cause it’s not right. I don’t have a good solution though.
Dino 939
Well-known member
Did you know The Federal Reserve Bank
can NEVER be audited.
Sealed.
That should be illegal.
squealie
Well-known member
What's the problem guys?
Just get a sMaLL LOaN oF A mILLiOn DOllErs from your dad, then defraud banks, and insurance companies, never pay your bills, and then become president.
$700 total income tax bill for the year.
Simple.
Just get a sMaLL LOaN oF A mILLiOn DOllErs from your dad, then defraud banks, and insurance companies, never pay your bills, and then become president.
$700 total income tax bill for the year.
Simple.
Tone Monster
Well-known member
100%! And I voted for him the first time but then saw who he really was. Sorry Matt!
Markedman
Well-known member
Geez, still triggered by Trump huh? Wow. Grab a booster.
250 days from now,.... mid term elections and Trump? He won't be there but there will be a little changing of the guard. LGBFJB+
250 days from now,.... mid term elections and Trump? He won't be there but there will be a little changing of the guard. LGBFJB+
fretmaster
Active member
I just got a 1099K from PayPal reporting payments received in 2021. If the new law went into effect 01/01/2022, why did I get a 1099K for 2021? I'm sure that 1099K was sent to the IRS so I am going to have to file it with my taxes this year for payments I received in 2021, NOT 2022. Or am I missing something?
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glpg80
Well-known member
Did you do over $20k and 200 transactions last year?
The law reporting it to the IRS starts in 2022 for all transactions in 2022, so im not sure about your 2021 purchases. You’ll need to research the law yourself.
https://bradfordtaxinstitute.com/Content/Congress-Closes-the-PayPal-1099K-Reporting-Loophole.aspx
Philo Beddoe
Well-known member
You're showing you live in Maryland: There are currently 9 states, including Maryland, that have 1099-K threshold reporting below the federal threshold: Massachusetts, D.C., Mississippi, Vermont, New Jersey, Arkansas, Illinois, Virginia and Maryland.
Its all right here: https://sovos.com/blog/trr/prepare-for-new-1099-k-reporting-requirements-across-the-u-s/
Maryland: SB 192 requires TPSOs who must issue Form 1099-K to report payments made to their payees if the amount of the reportable payment meets or exceeds the filing threshold under §6041(A) of the Internal Revenue Code. This change effectively strips away the transaction number from the federal reporting threshold established in §6050W of the Internal Revenue Code and lowers the dollar amount to $600 or more in reportable payments. SB 192 is effective as of June 1, 2020 and is applicable to payments made on or after January 1, 2020 with reporting due to the Comptroller’s Office and the participating payee at least 30 days before the federal filing deadlines for the information.
That's why you got a 1099k. You went over $600 in that time frame
I still see a whole lot of people buying and selling like its 2009. IMO unless congress makes a change to this law a lot of people are going to get blind sided by this and were going to see a whole lot more "why did I get a 1099k?" questions next year.
And even if congress does make a change the states can enforce it anyway and I suspect more and more will. IMO get used to it.
squealie
Well-known member
Boo hoo! Inflation! My $300 amp is now worth $1500 and FJB wants me to pay a tax on it when I sell it!
Hunter Smoked Crack!
Hunter Smoked Crack!