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IRS Delays $600 Tax Reporting Rule for Venmo, Etsy Sellers and Other Digital Wallets

1,810 1,005 December 23, 2022 at 01:44 PM in Free Shipping (2)
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skyzophrenyk
12-23-2022 at 03:34 PM.
12-23-2022 at 03:34 PM.
Quote from Pga View quoted comment :
Why do normal individuals have AMT, yet incorporated 1% does not?
Because the government sucks. The AMT is a wealth tax, not an income tax, and it should be abolished. The AMT only applies to the "wealthy" people you hate, though.
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Knockknock13
12-23-2022 at 03:34 PM.
12-23-2022 at 03:34 PM.
thumbs down to the guy who posted the link of Bloomberg premium lol
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Hegro
12-23-2022 at 03:40 PM.
12-23-2022 at 03:40 PM.
Quote from LeviathanUltima View quoted comment :
What about zelle?

Good news! Zelle was the one third party payment processor not impacted....
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HIDDENmrmochi12-23-2022 at 03:40 PM.
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Pga
12-23-2022 at 03:41 PM.
12-23-2022 at 03:41 PM.
Quote from skyzophrenyk View quoted comment :
Because the government sucks. The AMT is a wealth tax, not an income tax, and it should be abolished. The AMT only applies to the "wealthy" people you hate, though.
AMt simply ensures that crafty accounting practices aren't used by wealthy filers where their tax liability becomes $0.
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skyzophrenyk
12-23-2022 at 03:44 PM.
12-23-2022 at 03:44 PM.
Quote from Pga View quoted comment :
AMt simply ensures that crafty accounting practices aren't used by wealthy filers where their tax liability becomes $0.

If your tax liability is $0 it should be $0. Having a federal tax liability shouldn't be seen as some kind of duty. Half our country has a $0 or negative tax liability. How about we start by making the minimum tax liability be $0 regardless of credits? We'd collect boat loads more revenue if we didn't use the tax system as a backdoor welfare system via tax credits.
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TechManDad
12-23-2022 at 03:44 PM.
12-23-2022 at 03:44 PM.
Quote from baronvdb View quoted comment :
thank goodness! it was going to be a horrible change anyway.

Sell a coffee table for $600 on FB marketplace that you bought for $1,000 and these jokers want to 1099 you. Get the heck out with that garbage. The last thing I want to do is try to keep track of my cost basis of all the household items I might eventually sell so I can prove to the IRS that it wasn't actually income...I hope they kill this completely and forever...

Only make me track my household goods cost basis if I can depreciate my household goods as well.
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Pga
12-23-2022 at 03:52 PM.
12-23-2022 at 03:52 PM.
Quote from skyzophrenyk View quoted comment :
If your tax liability is $0 it should be $0. Having a federal tax liability shouldn't be seen as some kind of duty. Half our country has a $0 or negative tax liability. How about we start by making the minimum tax liability be $0 regardless of credits? We'd collect boat loads more revenue if we didn't use the tax system as a backdoor welfare system via tax credits.
Artificially structured $0 tax liability by the wealth is clearly problematic. That's why AMT was implemented in the first place.
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skyzophrenyk
12-23-2022 at 03:53 PM.
12-23-2022 at 03:53 PM.
Quote from Pga View quoted comment :
Artificially structured $0 tax liability by the wealth is clearly problematic. That's why AMT was implemented in the first place.

How is it artificial?
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Pga
12-23-2022 at 03:54 PM.
12-23-2022 at 03:54 PM.
Quote from iumichael View quoted comment :
In 2022, the US spent ~5.5% of its 2022 military budget for Ukraine. For 5.5% of one year's military funding, one of our greatest adversaries got severely kneecapped. Ukraine may not be perfect, but all in all the ROI on our 45 billion from 2022 is freaking outstanding.
Not to mention that while Putins army got totally creamed in Ukraine, none of the highly advanced parts of Europe got messed up in the process.
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Pga
12-23-2022 at 03:55 PM.
12-23-2022 at 03:55 PM.
Quote from skyzophrenyk View quoted comment :
How is it artificial?
Purposely created by CPAs "on paper" using vague practices.
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MichaelP7
12-23-2022 at 03:58 PM.
12-23-2022 at 03:58 PM.
Quote from commanderCool View quoted comment :
In Virginia if you sell over $600 worth of items online within the year you have to claim them on your taxes. Yet, if you sell items offline you get to hide it all

Sell In person, request cash payment. FB marketplace, offerup and even CL makes this possible.
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skyzophrenyk
12-23-2022 at 03:59 PM.
12-23-2022 at 03:59 PM.
Quote from Pga View quoted comment :
Purposely created by CPAs "on paper" using vague practices.

Concrete example?
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Pga
12-23-2022 at 04:07 PM.
12-23-2022 at 04:07 PM.
Quote from skyzophrenyk View quoted comment :
Concrete example?
Taking your compensation in preferential stocks to avoid taxation of regular income.

Owning multiple residences and conveniently reclassify some as "investment properties" for the tax advantages.
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jazzpianist
12-23-2022 at 04:11 PM.
12-23-2022 at 04:11 PM.
Quote from baronvdb View quoted comment :
thank goodness! it was going to be a horrible change anyway.

Sell a coffee table for $600 on FB marketplace that you bought for $1,000 and these jokers want to 1099 you. Get the heck out with that garbage. The last thing I want to do is try to keep track of my cost basis of all the household items I might eventually sell so I can prove to the IRS that it wasn't actually income...I hope they kill this completely and forever...

If you sell something at a loss you do not have to report it, it's only if you sell for a profit. I am not a fan of the new rules either
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