I suspect the Costco kick back check will be hardest hit. Our is usually over $600 and to be sure was never over the older 1099-k limit. But let's say i'm downsizing a house and sell a bunch of stuff, it's not like i kept receipts on all the stuff, so i'm sure the IRS will view that as a zero basis, even though one would assume that for the most part you are selling at a loss. What a pain in the ass to have to use the wayback machine to figure out your basis - if you even could - or the IRS would even accept that. So now the IRS is going to grab 40% of my Costco check and 40% of my downsizing sale. Tax only the rich my ass.
Bernie Sanders must have tracked all of that billionaire luxury spending to eBay and Etsy.
I suspect the Costco kick back check will be hardest hit. Our is usually over $600 and to be sure was never over the older 1099-k limit. But let's say i'm downsizing a house and sell a bunch of stuff, it's not like i kept receipts on all the stuff, so i'm sure the IRS will view that as a zero basis, even though one would assume that for the most part you are selling at a loss. What a pain in the ass to have to use the wayback machine to figure out your basis - if you even could - or the IRS would even accept that. So now the IRS is going to grab 40% of my Costco check and 40% of my downsizing sale. Tax only the rich my ass.
So if you had a garage sale - you would have reported that 'income'? Right.
E-Thots will likely be exempt
Hemmings motor news and Craigslist then