News and Opinions

[Crap Throwing Clavin]

3 hours ago, Taro T said:

 

Not exactly news.  The last modification to the tax code added that for this year and it's been in effect since January 1.

 

And it's not just PayPal & Venmo that are effected.  You want to sell extra tickets on Ticketmaster?  Get ready to give them your Soc if you want to get paid.

 

My accountant says it isn't going to effect my taxes (actually lost money dumping Sabres tix this season, go figure) but still not happy an entity that gets hacked as often as Ticketmaster gets people's Soc's.

 

It's also just enforcing what's already in the tax code: you're supposed to report all sources of income.  I'm supposed to report the $45 I just made selling a pen this year.  (Which I will, but then offset it by the $55 lathe part I just bought, so it's a wash).

 

I think this sucks more for the companies like PayPal or EBay that now incur the overhead of reporting this shit to the IRS.  And there's a lot more companies impacted by this than people think - think of Etsy, Medium, Patreon, most of whose patrons probably were under the $20k threshold for issuing a 1099.  Their reporting burden just increased significantly.

 

[Foxx]

10 hours ago, Crap Throwing Monkey said:

 

It's also just enforcing what's already in the tax code: you're supposed to report all sources of income.  I'm supposed to report the $45 I just made selling a pen this year.  (Which I will, but then offset it by the $55 lathe part I just bought, so it's a wash).

 

I think this sucks more for the companies like PayPal or EBay that now incur the overhead of reporting this shit to the IRS.  And there's a lot more companies impacted by this than people think - think of Etsy, Medium, Patreon, most of whose patrons probably were under the $20k threshold for issuing a 1099.  Their reporting burden just increased significantly.

 

Meh. They will just increase the percentage of sales they take to cover the costs of issuing the forms.

[devnull]

11 hours ago, Crap Throwing Monkey said:

 

It's also just enforcing what's already in the tax code: you're supposed to report all sources of income.  I'm supposed to report the $45 I just made selling a pen this year.  (Which I will, but then offset it by the $55 lathe part I just bought, so it's a wash).

 

I think this sucks more for the companies like PayPal or EBay that now incur the overhead of reporting this shit to the IRS.  And there's a lot more companies impacted by this than people think - think of Etsy, Medium, Patreon, most of whose patrons probably were under the $20k threshold for issuing a 1099.  Their reporting burden just increased significantly.

 

 

More than just enforcing what's already on the books.  This implements income tax on the sale of personal property via online 3rd party.

 

It's also a stealth gun registry for people who sell used firearms on sites like Gunbroker or Rock Island

[Crap Throwing Clavin]

1 hour ago, devnull said:

 

More than just enforcing what's already on the books.  This implements income tax on the sale of personal property via online 3rd party.

 

It's also a stealth gun registry for people who sell used firearms on sites like Gunbroker or Rock Island

 

You've always been required to pay income tax on the sale of personal property.  

 

It's just that no one ever does.  People still won't, if the resulting income is less than $600/year.  But you're still required to.

[Ann]

7 minutes ago, Crap Throwing Monkey said:

 

You've always been required to pay income tax on the sale of personal property.  

 

It's just that no one ever does.  People still won't, if the resulting income is less than $600/year.  But you're still required to.

Sale of used goods: 
(note: the IRS has taken down their link to Tax Tips For Online Sellers)

Online 'Garage Sales'
Online sales of personal, used items do not generally have to be reported. Selling your old bicycle on Craigslist is an example of these types of sales. Losses on personal-use property are not deductible on online sellers' tax returns. The rule of thumb is that if you used the items and then sold them for less than you bought them for, then you owe no taxes on the sale. However, if you sold an antique or collectible that had appreciated since you first acquired it, you likely would be on the hook for taxes on the profit.

[Foxx]

Test bed. 

 

[Billsandhorns]

36 minutes ago, Foxx said:

Test bed. 

 

How the heck?

[Deranged Rhino]

 

[Foxx]

One wonders what he did to fall out of favor.

 

[Koko]

9 minutes ago, Foxx said:

One wonders what he did to fall out of favor.

 

 

He got caught.

[Foxx]

9 minutes ago, Koko said:

 

He got caught.

Since when has that canceled a leftie?

 

I'm guessing that he wasn't really an insider/swamp creature, so he was disposable. 

[Crap Throwing Clavin]

1 hour ago, Deranged Rhino said:

 

 

The relentless bombardment with the message "Republicans are racists Nazi white supremacists!" apparently works.  Even among white Hispanics.

[Crap Throwing Clavin]

21 minutes ago, Foxx said:

One wonders what he did to fall out of favor.

 

 

Wasn't even allowed to wear a suit?!?!?!?!?!

 

[Koko]

17 hours ago, Crap Throwing Monkey said:

 

It's also just enforcing what's already in the tax code: you're supposed to report all sources of income.  I'm supposed to report the $45 I just made selling a pen this year.  (Which I will, but then offset it by the $55 lathe part I just bought, so it's a wash).

 

I think this sucks more for the companies like PayPal or EBay that now incur the overhead of reporting this shit to the IRS.  And there's a lot more companies impacted by this than people think - think of Etsy, Medium, Patreon, most of whose patrons probably were under the $20k threshold for issuing a 1099.  Their reporting burden just increased significantly.

 

 

There's literally two things I remember about taking Tax Law in Law School. 1.) Everything is income. Technically, were I to trade legal services for someone painting my house, for example, I'm supposed to report the value of the work done on my house as income; and 2.) The professor had a large pair of... tax exemptions.

[Crap Throwing Clavin]

33 minutes ago, Koko said:

 

There's literally two things I remember about taking Tax Law in Law School. 1.) Everything is income. Technically, were I to trade legal services for someone painting my house, for example, I'm supposed to report the value of the work done on my house as income; and 2.) The professor had a large pair of... tax exemptions.

 

And to Ann's point, above, the IRS usually doesn't care much about the sale of household goods, because it's usually sold at a loss.  You're supposed to report the income...but done properly, you'd also be reporting the original value/purchase price of the asset as some sort of deduction (I used to do it, pre-Trump tax law, when I could deduct computer equipment as a business expense.  Haven't bothered in a couple years, so I don't remember the exact details.)

 

For the people selling personal shit on Ebay impacted by this new rule...if they tracked and properly claimed the original cost of the items they sell, I'd bet they'd likely be getting back more money, rather than paying additional tax on whatever the 1099 is issued for.

 

Which is why rich people get more deductions: they can afford tax accountants to track all this for them.

[Crap Throwing Clavin]

https://www.cbsnews.com/news/sloth-bear-kills-and-eats-couple-india-attack/

 

Sloth bear kills and eats couple in "very unusual" attack in Indian forest.

 

"Sloth bear."  I know there's a Jay Cutler joke in there somewhere.

[devnull]

2 hours ago, Crap Throwing Monkey said:

https://www.cbsnews.com/news/sloth-bear-kills-and-eats-couple-india-attack/

 

Sloth bear kills and eats couple in "very unusual" attack in Indian forest.

 

"Sloth bear."  I know there's a Jay Cutler joke in there somewhere.

 

[Crap Throwing Clavin]

The VC-25B - the next Air Force One - is years behind schedule.  Somehow, the AF and Biden Administration is blaming the cost and schedule overruns on Trump changing the paint scheme. 

 

https://www.defensenews.com/air/2022/06/10/biden-nixes-trump-design-for-air-force-one-over-cost-delay/?utm_source=sailthru&utm_medium=email&utm_campaign=dfn-dnr

[Uncle Joe]

23 minutes ago, Crap Throwing Monkey said:

The VC-25B - the next Air Force One - is years behind schedule.  Somehow, the AF and Biden Administration is blaming the cost and schedule overruns on Trump changing the paint scheme. 

 

https://www.defensenews.com/air/2022/06/10/biden-nixes-trump-design-for-air-force-one-over-cost-delay/?utm_source=sailthru&utm_medium=email&utm_campaign=dfn-dnr

Next up Putin and Big Oil...

[devnull]

43 minutes ago, Crap Throwing Monkey said:

The VC-25B - the next Air Force One - is years behind schedule.  Somehow, the AF and Biden Administration is blaming the cost and schedule overruns on Trump changing the paint scheme. 

 

https://www.defensenews.com/air/2022/06/10/biden-nixes-trump-design-for-air-force-one-over-cost-delay/?utm_source=sailthru&utm_medium=email&utm_campaign=dfn-dnr

 

Orange Paint Bad?

 

19 minutes ago, Uncle Joe said:

Next up Putin and Big Oil...

 

Is it a petroleum based paint?