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IRS Delays $600 Tax Reporting Rule for Venmo, Etsy Sellers and Other Digital Wallets
December 23, 2022 at
01:44 PM
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buy something with that post tax income, pay sales tax.
sell that for a loss. pay tax again.
don't buy anything, invest and earn some profit to offset inflation? pay tax again.
If this isn't fraud what is?
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...
Buy it new, pay taxes. Sell it used, pay taxes. Seems fair…
This sounds worry free. So all I gotta do is report what I sold then report the same amount in expenses to not pay any taxes?
You don't want to take a loss…that's a huge audit red flag. Always make a little profit.
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The government doesn't have that kind of power! It can't go after its employers!
May it never go into effect, and may they not find 87,000 goons to make everyone's lives miserable.
The IRS isn't up and hiring 87k people for new positions. They expect to need to hire 87k people over the next 10+ years to maintain the status quo. Like replacing existing employees that will be retiring.
Otherwise, I agree. The limit is ridiculous. I'm not interested in maintaining records for every farking transaction I'll ever make. And if we're talking about dropping stuff… maybe next they should look at crypto. Difficult to use it as designed when every transaction (no matter how small) is treated like trading stock. It's not a farking security. It's supposed to be a replacement for centralized banking.
For instance, if your regular salary is $100k, and you sold personal affects at $2,000 that you originally spent $5,0000 to purchase, then you should be allowed to claim -$3,000 self-employment loss (since presumably you did not claim depreciation expenses in the past) to have net earned income of $97,000 before any deductions.
That's how these should be treated. Using our net proceeds from selling old junk online as new revenue sources is just a money grab.
Apparently all younger people just wanna make it famous on TikTok instead
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