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Just a Friendly reminder for 2022


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1 minute ago, 314carpenter said:

This will not be the last new online tax we will see created. This one has been a long time coming. Your Uncle Sam is very hungry right now, and he's already missed breakfast and lunch. One day you'll come home to find he has opened all of your cupboard doors.

It's not a new tax. Not even close to a new tax. 

 

It's a reporting change.

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10 minutes ago, Travis In Austin said:

It's not a new tax. Not even close to a new tax. 

 

It's a reporting change.

Fixed it.

Thanks. Unreported transactions causing loss of tax revenue. Report away, been skating long enough. Kids can open that Lemonade stand again.

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7 minutes ago, 314carpenter said:

Fixed it.

Thanks. Unreported transactions causing loss of tax revenue. Report away, been skating long enough. Kids can open that Lemonade stand again.

I guess they don't think we believe in the "honor system" of paying taxes.

 

Same thing happened with restaurant workers and tip income in the late 80s. 

 

It's going to be a royal pain in the ***. Do you have receipts for speakers, amps, cables, and whatever else from 1, 5 or 10 years ago?

 

For me, only if I paid by credit card. I don't even know how far back PayPal goes.

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12 minutes ago, 314carpenter said:

Fixed it.

Thanks. Unreported transactions causing loss of tax revenue. Report away, been skating long enough. Kids can open that Lemonade stand again.

Oh my gosh, I just remembered, I have LPs, reel to reel tapes, a lot, many of them of them worth a lot of money, and the database I had for them in gone, lost forever. Ebay doesn't have any of the information. I have no way to establish the basis for individual records, tapes, etc. 

 

It might as well be a new tax for me. 

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30 minutes ago, Travis In Austin said:

Do you have receipts for speakers, amps, cables, and whatever else from 1, 5 or 10 years ago?

I have kept a file just for those exact purchases you mentioned, including cash transactions, which I always traded hand written receipts on private sales. Probably just me though.

 

28 minutes ago, Travis In Austin said:

Oh my gosh, I just remembered, I have LPs, reel to reel tapes, a lot, many of them of them worth a lot of money, and the database I had for them in gone, lost forever. Ebay doesn't have any of the information. I have no way to establish the basis for individual records, tapes, etc. 

Sounds like you need to open your own lemonade stand 🍋 , just like the rest of us with too much of this stuff. Chop Chop. ⏲️ Sammy's waiting for his supper.

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Ahh, the government sticking their hands were they don't belong...again and again!  

 

If I buy a speaker new, I will pay taxes on it.  Now, if I go and sell that same speaker many years later, why should I have to pay taxes on it again?  It's not income!  That's just called theft and the government is the thief!  

 

So, all of my selling transactions over $600 will obviously be cash only from here on out. I stopped buying things on eBay for that same reason, they started charging tax on used items in Illinois.

 

Next headline, "Government to eliminate cash...electronic transfers only!"  

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Probably eliminate taxes on used car dealerships, because the used car dealer said they actually bought those cars years ago, drove them personally for miles and miles, just to sell them on their car lot all these years later, at a loss. Why should those poor used car dealers, or any one of the millions of Americans running a small sales based home business, have to pay taxes on any revenue generated from the sale of a used item? Should we just go back to the barter system? Oh, wait they already have that covered...

>Bartering is the exchange of goods and services between two or more parties without the use of money.

>It is the oldest form of commerce.

>Individuals and companies barter goods and services between each other based on equivalent estimates of prices and goods.

>The IRS considers bartering to be a form of income that incurs taxes.

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2 hours ago, Iteachstem said:

Ahh, the government sticking their hands were they don't belong...again and again!  

 

If I buy a speaker new, I will pay taxes on it.  Now, if I go and sell that same speaker many years later, why should I have to pay taxes on it again?  It's not income!  That's just called theft and the government is the thief!  

 

So, all of my selling transactions over $600 will obviously be cash only from here on out. I stopped buying things on eBay for that same reason, they started charging tax on used items in Illinois.

 

Next headline, "Government to eliminate cash...electronic transfers only!"  

Selling personal items for less than you originally paid is not considered taxable income.  The IRS rules are clear about that.  

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