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MichMan

(16,114 posts)

10. It passed both the House and the Senate and was signed into law

Reply to RKP5637 (Reply #9)

Tue Dec 27, 2022, 04:52 PM

Dec 2022

It didn't come out of thin air.

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well, well! IRS has withdrawn the requirement of reporting $600 for selling your old stuff [View all] Grasswire2 Dec 2022 OP

Delaying. Not withdrawing. SheltieLover Dec 2022 #1

yeah, but it will never come back. Grasswire2 Dec 2022 #3

They should just put a national sales tax on it and save $Billions in CPA Fees for everyone bucolic_frolic Dec 2022 #2

"extra tax return calculations to prove the event wasn't taxable" - how DO you prove a negative? bucolic_frolic Dec 2022 #4

Pretty easily, actually. W_HAMILTON Dec 2022 #33

How do you prove you bought something... ret5hd Dec 2022 #37

Once again, pretty easily. W_HAMILTON Dec 2022 #38

But you sell it on eBay and get "dinged" (whatever term you would use)... ret5hd Dec 2022 #39

You report it on your taxes like you would other similar transactions. W_HAMILTON Dec 2022 #40

So just make up what you actually paid in order that you never show a profit? MichMan Dec 2022 #44

It's not making up what you actually paid. W_HAMILTON Dec 2022 #45

It says they are delaying it Meowmee Dec 2022 #5

Jesus, even so, $600? FFS, nickle and diming the masses intrepidity Dec 2022 #6

The IRS is afraid to go after the rich as that cost them too much money yaesu Dec 2022 #15

$600 is big money to me. Kaleva Dec 2022 #16

The amt of taxes on $600 is not much LeftInTX Dec 2022 #26

That $600 if declared as income would generally be subject to 15.4% Self Employment kelly1mm Dec 2022 #27

Delay, indeed, digging more money out of the little people. Chainfire Dec 2022 #7

K&R!!!!! Going after little people is absurd. And letting billionaires roll in millions. RKP5637 Dec 2022 #9

It passed both the House and the Senate and was signed into law MichMan Dec 2022 #10

And it's still absurd! n/t RKP5637 Dec 2022 #11

No. Igel Dec 2022 #42

Weeks before the bill was actually passed, there were rumors & complaints it was in there. MichMan Dec 2022 #43

It doesn't affect little people Kaleva Dec 2022 #18

... but if one was selling a little bit on eBay, for example, used stuff, I guess you have to RKP5637 Dec 2022 #22

How can the IRS just decide to unilaterally ignore a law passed by Congress? MichMan Dec 2022 #8

My guess is that the law directs the IRS to develop a rule tritsofme Dec 2022 #21

More proof - deal in cash whenever you can bucolic_frolic Dec 2022 #12

Meanwhile, Dumpy Boy and many corporations pay just about nothing judesedit Dec 2022 #13

Not just pay nothing but he gets huge refunds. n/t Yavin4 Dec 2022 #14

You're right about that judesedit Dec 2022 #41

Many items on EBay are sold for less than their original purchase price Sanity Claws Dec 2022 #17

It is so difficult dealing with used merchandise Shermann Dec 2022 #19

Small business tax cheats get let off the hook again. mathematic Dec 2022 #20

Those advantages might win small businesses a few battles here and there Shermann Dec 2022 #23

If I Rebl2 Dec 2022 #24

Sales taxes and income taxes are totally separate. nt kelly1mm Dec 2022 #28

I know Rebl2 Dec 2022 #31

Good. I sold one of my Renaissance gown ensembles... ProudMNDemocrat Dec 2022 #25

yes, and PayPal is a mandated reporter and will send a 1099 to you, likely. Grasswire2 Dec 2022 #29

Are you sure about that? sl8 Dec 2022 #32

read the law as it was. $600 in a month triggers it, afaik. Grasswire2 Dec 2022 #34

"exceed a minimum threshold of $600 in aggregate payments, regardless of the number of such transac sl8 Dec 2022 #35

Correct, $600 total per year is the threshold Shermann Dec 2022 #36

Link to my OP on this law in April this year. Grasswire2 Dec 2022 #30