Can we make klov it's own nation with it's own currency? A Pacman in
every garage. With cheap liquor for those who drink..
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New Tax Law: Paypal reporting all transactions over $600 now for 2022
- Thread starter AlienSyndrome
- Start date
every garage. With cheap liquor for those who drink..
Yes and you'll likely need receipts to prove a loss and LUCK.
As of right now, it's a big nothingburger. What PayPal reports on the 1099-K is just the GROSS transfers, NOT taxable income. You simply claim how much of that gross was actual profit. If you bought for $1000 and sold for $1000 (or less), you simply claim $0 (you can't claim a loss). Until we start hearing reports of people being audited over these 1099K's, I'm just going to proceed as I have. The reality is, unless PayPal is reporting $10's thousands that you are not claiming, the IRS isn't going to waste their time on you. If you are accepting LARGE payments through PayPal, you still only have to claim what was profit, but you'd be wise to have receipts (just in case).
and that is where lays the problem. receipts. arcade transactions. i guess i'd have to
dig up emails from decades ago and see how much i paid for x item and how much i
resold the same x item and subtract the difference. wow what a gd shitshow for nothingburgers!
famicom
Well-known member
As arcade collectors, let's make a pact from here on out to only meet in person for cash only transactions, and never in remote storage facilities late at night
Sure, but I'll worry about that IF (and that is unlikely) it ever comes up. Audits are not "random", they are triggered. To be more specific, they are randomly selected from the pool of returns that meet certain thresholds. The IRS is VERY aware of how 3rd party pay systems are used, so they are looking for certain activity that would indicate that the account is being used as a business e.g. frequent/regular transactions (multiple transactions a day, multiple days a week), or significant transactions (they've always reported accounts that pass more than $20,000/year). It will be obvious when an account is being used for business transactions, and those are the people that need to be sure to have a paper trail to support their transactions. 99+% of us here won't be a blip on their radar.
So as I said, if someone here gets audited because of unreported 1099-K transactions, please let us know. But I just don't see it happening.
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also i would imagine you probably should create a small business for this maybe?
that way you can write off ALL OF THE SHIPPING & HANDLING costs + materials to pack
+ time involved in doing the work (hard labor) + gas driving back and forth to the post office + etc... right?
that way you can write off ALL OF THE SHIPPING & HANDLING costs + materials to pack
+ time involved in doing the work (hard labor) + gas driving back and forth to the post office + etc... right?
ElectricDreamz
Well-known member
if drug traffickers can get away with it, surely we can find a solution
You COULD take that route, but that opens up a whole can of tax issues. If you are NOT a business, claiming to be one is more trouble than it's worth. Remember, the IRS is LOOKING for accounts that are being used for business.
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Hello my name is Hunter Biden. Surely hookers and blow are tax deductible..
I hear that they are dying to get in.
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The last time I tried to use paypal friends and family, about a month ago, that option did not appear. Rather it was called " a trusted friend." Probably is just a name change and means nothing. Anyone else notice this?
andrewb
Well-known member
Yes, they've changed the name of it a few times. We all still call it 'Friends + Family' here, but it hasn't actually been called that in a long time.
And yes, I'm counting the days until they just get rid of F+F as well. I've always wondered if there was some law that required them to have that option, or if it was a marketing choice. But why they'd offer something for free these days almost makes no sense, with everyone charging fees for every goddamn thing.
Just an update...
It is being reported that enactment of this new law will be delayed for 1 year.
www.cbsnews.com
It is being reported that enactment of this new law will be delayed for 1 year.
IRS says it will delay requirement to report $600 in gig work on taxes
Most online sellers will be spared from tracking and reporting side-hustle income on their taxes for at least another year.
www.cbsnews.com
Just an update...
It is being reported that enactment of this new law will be delayed for 1 year.
IRS says it will delay requirement to report $600 in gig work on taxes
Most online sellers will be spared from tracking and reporting side-hustle income on their taxes for at least another year.
The reporting requirement in Maryland has been $600 for a few years, and it really hasn't been an issue.
That's what I did $100 for an LLC which is a business expense. All business transactions go g&s all actual friends and family is FF. The IRS does not allow you to deduct your personal labor. I don't know maybe it's my sense of duty from being in the military but if I buy something for $100 and sell it for $1,000 I have no problem paying my share of taxes on that
That's the thing...a deduction (aka compensation) for your labor is almost the definition of "income", which would be taxed. So the realized value of your "sweat equity" in a restoration is technically taxable income.
configurethis
Well-known member
Central Bank Digital Currency coming soon.
Which ties into so many more things and 100% control of us humans...
Some good reading
www.bostonfed.org
Which ties into so many more things and 100% control of us humans...
Some good reading
Project Hamilton Phase 1 Executive Summary
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LyonsArcade
Well-known member
Overton window continues to shift, oh thank you master for not making us do it today, our benelovent leaders have given us a 1 year reprise from the shackles they threatened to force upon us! Oh thank you great gubment
Central Bank Digital Currency coming soon.
Which ties into so many more things and 100% control of us humans...
Some good reading
Project Hamilton Phase 1 Executive Summary
This is that superneat and convenient system where they tattoo your dermasafe encrypted UPC code onto your hand or forehead, yeah?
