IRS & 2023 Taxes

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ners said:
The IRS isn't going after any of you idiots who earned a few hundred dollars.

Think of what it takes to pay someone who investigate you and what they stand to gain from your new taxes.
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This is what I’ve been saying all along. They aren’t going after nickel/dimers like me, they lose a ton of money if they do. I have no intention of filing any 1099 and never did.

But the fact that those idiots (the government) expect me and everyone else to fill out all the 1099s and receipts for literally millions of untaxable <$100 transactions is laughable.
 
What the IRS publicly states vs what the IRS actually does, two different things. :yes:
 
Tangentially related, but if you’re still using TurboTax or some kind of paid tax software, try out FreeTaxUSA. It’s free and just as good. I’ve used it the past few years. I only pay $15 to file my state taxes.

https://www.freetaxusa.com/
 
I didn’t vote for him. If you did, c‘est la vie…
 
I heard they are taxing ticket profits now?? No selling those T swift tickets for a profit lol
 
This is reGODDAMNdiculous!!!! My fury knows no bounds! I shall revolt and fight the power!!! Viva la revolution!! (With a trembling fist raised and the haunting look of the true berserker in my eyes) Who dares to stand alongside me!! We shall prevail!

Who is with me!!!?? (Shouted powerfully in a grave and serious manner)
 

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VonBonfire said:
I don't think you have any reason to file unless you're running a business and want to show a loss. Keep your receipts in case you are audited. I'm not an accountant but my accountant likes to remind me that they are looking for people making 20-30-40k profit and not filing on it. Enough to fly under the radar and still make a living or side profit. People who don't report, year after year. What you are describing is a waste of time for an auditor so I really doubt you have much to worry about if your receipts and sales show a loss.
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Let us know how that works out for you lol
 
LP Freak said:
Let us know how that works out for you lol
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I shall my friends!!! I shall bring the once mighty foundations of the thieving IRS to their knees! Soon they will be a pack of blubbering ninny’s laying over a crumbled remnant!!!
 
SpiderWars said:
This is what I’ve been saying all along. They aren’t going after nickel/dimers like me, they lose a ton of money if they do. I have no intention of filing any 1099 and never did.

But the fact that those idiots (the government) expect me and everyone else to fill out all the 1099s and receipts for literally millions of untaxable <$100 transactions is laughable.
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It’s worth pointing out that you don’t have a choice if you had almost any internet sales. Reverb is required by law to report your 1099K to the IRS and notify you. If you choose to not fill one out, that’s fine, but the IRS has the information to screw you loud and clear if you don’t.

It’s not like, “I just won’t fill it out,” because reverb, PayPal, eBay, Etsy, OfferUp, anything that wasn’t strictly a cash or “gift” transaction, the IRS will know about because the platforms themselves MUST report your transactions
 
Nice. They take state and federal taxes out if your paycheck. Then you pay taxes oh buying new items. Not even mentioning inflation or loss of buying power. Now they want to tax you on selling a used item. 🙄😳
 
Bend over boys and grease it up!! This is only the beginning of what’s coming!!
 
Reverb/eBay et al will just report proceeds. You’ll have to put that amount from the 1099 on your tax return. You will then put the cost basis (you just need to be ableto substantiate it if you get audited). If there is a gain, the gain rolls into taxable income.

Note the gain is on each individual item. You can’t use a loss on one item to offset a gain on another item.

if you don’t have documentation.…it’s not too hard to figure out how to make something for what you bought used from some dude on Craigslist a few years ago. 😉
 
too little too late to effect me. retired from flipping. 600 is a pretty low limit wouldn't you say?
 
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BOHICA. Bend over here it comes again.
 

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Fun Fact: The IRS does not figure in the effects of inflation.. No adjustments to your cost basis for inflation... I.E..---> You bought a thingamajig for $1000 in 1992 and sale now for $1500. According to the inflation calculator $1000 in 1992 is equal to $2200 today. We have to pay taxes on the $500 we "made" even though we actually lost $700. Aint the gooberment a bunch of rip offs?
 
Philo Beddoe said:
Fun Fact: The IRS does not figure in the effects of inflation.. No adjustments to your cost basis for inflation... I.E..---> You bought a thingamajig for $1000 in 1992 and sale now for $1500. According to the inflation calculator $1000 in 1992 is equal to $2200 today. We have to pay taxes on the $500 we "made" even though we actually lost $700. Aint the gooberment a bunch of rip offs?
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This is great point. Now I won’t feel like I’m fudging numbers when I make receipts for things I bought off of Craigslist years ago and can’t remember the price. I’ll just do the adjustment for inflation for them.
 
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