A conservation officer is usually smart enough not to go out into the middle of the woods, miles out of any earshot, and try to check the license of some good old boy up in a tree stand.
IRS agents need to be smart enough not to come knocking on doors over $600 transactions.
They're going to claim that old item you sold someone is income despite being sold for less than you paid for it. They're going to claim that you loaned someone money but if they paid it back.. it's income and you owe them money.
Yup. We bought medical equipmemt for mom not covered. It was $6000 in all. Three people sent over thousands to combine to pay for it. That's our money. not reporting shit.
You report it as a loss - just keep your receipts. yeah it's stupid but what else can you do? If you don't report it, you get fucked, if you do report it, it's annoying but you can move on. even with additional manpower, they aren't going to be able to audit this level of silliness
Yeah, I'll get right on that at exactly the same time they find that multiple Trillions of dollars they "lost" back in 2021 - days prior to 9/11 eclipsing that little minor announcement...
Income Tax is just a brutal form of social control. Clearly The Federal Government doesn't need your money. They have the "Federal Reserve Bank" which just can't stop printing money.
The $600 reporting is meant for you (since you are collecting income) not for those making the payment.
The wording is hopeless and confusing since it's the govt working in cahoots with Tax Accountants.
I believe the only thing you have to report when you "pay out" is the gift tax (if it's over the annual threshold)
It's similar to banks saying credit to your account. But in the company's books it's a debit to cash.
Want to add, they may have to send you a statement of some sort at year end (similar to a w2 or 1099) but ultimately it's up to you to report your income. Technically, the worthless IRS has the ability to to calculate your income for you, but they are lazy so they want you to report it.
"You will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions."
"is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K. You must report on your income tax return all income you receive."
So possibly your renter will have to send you one?
But I'm just talking out of my ass basically, since I am not a lawyer / enrolled agent / tax accountant
Most of this is a non-starter. No one making Zelle payments is going to be aware - let alone care. They can note as much as they want - they won't staunch the flow of transfers.
it's going to be a burden for the companies - they will have to be sending out a shitload of 1099s to randos for all of this. just because you get a 1099-k doesn't mean you owe taxes.
No, but it will have been reported for you to the IRS by the one providing it, so if you don't report it on your side, they have a free instant justification to go 3 fingers deep.
yeah you just have to be able to show that it's not taxable.
for example if you trade crypto - they will just report your trades, but they don't report your cost basis.
there are going to be a LOT of people that are in for a bad time because they aren't used to having to keep records (so they didn't).
ebay will just say how much you earned - you have to submit Sched C to show how much you paid for the items.. etc.
It's just retarded to expect regular people to do this though for what amounts to garage sale behavior.
And don't forget to take advantage of every tax credit you qualify for. I used to run up ~20K+ in mileage credits a year (~$0.45-$0.57 a mile), newspaper, going on 9 years since the last paper delivered I still have probably 90% of the original mileage logs, as well as them saved on my pc as I spread-sheeted them to take start/stop mileage and turn it into, weekly, monthly, none claimable mileage and so on.
You bet you ass I was ready for them to audit me for my mileage claims, as it was the only-thing that was even questionable about my returns, everything else was standard deductions.
I am warning the IRS not to come within 500 ft of me. Feds need to fear us like a soyjack fears the maskless in an elevator
A conservation officer is usually smart enough not to go out into the middle of the woods, miles out of any earshot, and try to check the license of some good old boy up in a tree stand.
IRS agents need to be smart enough not to come knocking on doors over $600 transactions.
Does the persistence to disarm Americans, while simultaneously arming IRS agents, make any more sense now?
they wont go alone. They will go with 6 others and some officers. Prepare for battle.
I'm as prepared as I can be. I'm ready to meet my Maker, are you?
Feel like an old man on a rocker in a country home saying " boyy I've been ready for 20 years "
🤣😎
They're going to claim that old item you sold someone is income despite being sold for less than you paid for it. They're going to claim that you loaned someone money but if they paid it back.. it's income and you owe them money.
Yep and when families use zelle to combine 100s to pay for a new bed for a dying dad , the IRS will show up to kill them
Yup. We bought medical equipmemt for mom not covered. It was $6000 in all. Three people sent over thousands to combine to pay for it. That's our money. not reporting shit.
The IRS are mafia
There are going to be so many "accidental" shootings, this shit is gonna make swatting look like childs play.
Hopefully the shootings go the right way
You report it as a loss - just keep your receipts. yeah it's stupid but what else can you do? If you don't report it, you get fucked, if you do report it, it's annoying but you can move on. even with additional manpower, they aren't going to be able to audit this level of silliness
take cash payments and falsify the income. easy
yeah once people start getting burned cash will become much more popular. privacy crypto will get a boost as well
Don't falsify income. If you never received it, it doesn't exist . . .
gotta show enough to pays bills or it gets suspect
You mean rule 1-Don't live above your ability?
well yes when you are faking income certainly live in those means
You can not use venmo.
Stack up fedboi
Check the pockets of the Pentagon lizards, money found!
What would happen if MILLIONS of people with ACTUAL JOBS changed withholding form to claim 10 dependents for 2023?
No Taxation Without Representation
Jokes on them. I'm claiming Zelinskyy as a dependant.
I ain't reportin shit.
Tax deez nutz
Yeah, I'll get right on that at exactly the same time they find that multiple Trillions of dollars they "lost" back in 2021 - days prior to 9/11 eclipsing that little minor announcement...
fuck these clowns
lead by example. Not taxation, without representation.
They always say this but I never do it, and have never been audited.
Why is the IRS trying to put Venmo, PayPal and Zelle out of business??
Income Tax is just a brutal form of social control. Clearly The Federal Government doesn't need your money. They have the "Federal Reserve Bank" which just can't stop printing money.
Anyone know if this applies to people receiving the payment? I get rent from my tenant through Apple Pay. should I not?
The $600 reporting is meant for you (since you are collecting income) not for those making the payment.
The wording is hopeless and confusing since it's the govt working in cahoots with Tax Accountants.
I believe the only thing you have to report when you "pay out" is the gift tax (if it's over the annual threshold)
It's similar to banks saying credit to your account. But in the company's books it's a debit to cash.
Want to add, they may have to send you a statement of some sort at year end (similar to a w2 or 1099) but ultimately it's up to you to report your income. Technically, the worthless IRS has the ability to to calculate your income for you, but they are lazy so they want you to report it.
Then if you have any red flags, they audit you.
Thank you for the response !
I know it's annoying going through this bullshit but here you go.
https://www.irs.gov/businesses/understanding-your-form-1099-k
"You will receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions."
"is important that your business books and records reflect your business income, including any amounts that may be reported on Form 1099-K. You must report on your income tax return all income you receive."
So possibly your renter will have to send you one?
But I'm just talking out of my ass basically, since I am not a lawyer / enrolled agent / tax accountant
Most of this is a non-starter. No one making Zelle payments is going to be aware - let alone care. They can note as much as they want - they won't staunch the flow of transfers.
it's going to be a burden for the companies - they will have to be sending out a shitload of 1099s to randos for all of this. just because you get a 1099-k doesn't mean you owe taxes.
No, but it will have been reported for you to the IRS by the one providing it, so if you don't report it on your side, they have a free instant justification to go 3 fingers deep.
yeah you just have to be able to show that it's not taxable. for example if you trade crypto - they will just report your trades, but they don't report your cost basis. there are going to be a LOT of people that are in for a bad time because they aren't used to having to keep records (so they didn't). ebay will just say how much you earned - you have to submit Sched C to show how much you paid for the items.. etc. It's just retarded to expect regular people to do this though for what amounts to garage sale behavior.
And don't forget to take advantage of every tax credit you qualify for. I used to run up ~20K+ in mileage credits a year (~$0.45-$0.57 a mile), newspaper, going on 9 years since the last paper delivered I still have probably 90% of the original mileage logs, as well as them saved on my pc as I spread-sheeted them to take start/stop mileage and turn it into, weekly, monthly, none claimable mileage and so on.
You bet you ass I was ready for them to audit me for my mileage claims, as it was the only-thing that was even questionable about my returns, everything else was standard deductions.
Is anybody checking on the real estate holdings of top officers and executives in the Pentagon? What are the values of those holdings?
What's PayPal ??
It is like the legal form of psychological projection.
If I send my roommate money because we split the rent do I have to pay taxes on that?
Use cash
If you pass a $20 bill back and forth 10 times with a friend do you each owe $40 in tax?
I think not as its not income? Who the fuck knows.