Those 87,000 new IRS employees won’t be doing anything, right? (non-paywalled Yahoo story here)
Did You Sell an Old Desk Online? You May Receive a Tax Form.
It’s not unusual for anyone with an old desk or bicycle that’s in decent condition but no longer needed to sell it online and make some extra cash.
But because of a change in tax law, these small-time online sellers might soon receive a tax form that few have seen before, a 1099-K. The change took effect for 2022 and might be confusing, experts say, possibly leading some people to pay taxes that they don’t owe.
Millions of people could receive the forms early next year, said Christopher Walters, CEO of Blucora, the parent company of TaxAct do-it-yourself tax software. “A lot of people are likely to be surprised,” he said.
What’s going on? In 2021, as part of the American Rescue Plan, Congress changed the rules for how online marketplaces and payment services must report transactions. The aim was to better track gig economy income that wasn’t reported to the IRS.
Yes, they will be surprised. Any who voted for Biden and Democrats need to shut up and take it. This is the result of your vote. Put on a big smile and pay it
Before this year, online companies that process payments — including marketplaces like eBay and Poshmark and payment services like PayPal and Venmo — were required to send 1099-Ks only to sellers who exceeded 200 transactions and $20,000 in income annually. That threshold captured sellers running businesses, while excluding most people who were merely cleaning out their closets.
But this year, the income threshold dropped to $600, with no minimum number of transactions. If you received $600 or more for the sale of goods or services, you may receive a 1099-K in early 2023 — even if you are just an occasional online seller of used household items or clothing.
Remember, Biden voters, big smile!
Casual users of online platforms may receive the forms even if the payments don’t reflect taxable income, said Andrew Lautz, director of federal policy with the conservative National Taxpayers Union, which supports a higher reporting threshold. Used items generally don’t result in taxable income if they are resold for less than what the seller originally paid, he said.
Say you sold a used piano on eBay for $1,000, but you paid $2,500 when you bought it new. “You don’t owe taxes,” Lautz said.
Under the new rule, however, eBay will send both you and the IRS a Form 1099-K, showing you were paid $1,000. The company knows nothing about your initial purchase; it’s up to you to document the original price to show that no tax is owed. Taxpayers with normally simple tax profiles “may not know how to report this transaction” on their income tax return, the Congressional Research Service noted in a report.
Say it it with me, big smiles!
The change is not meant to apply to people who are receiving payments as gifts or as reimbursements from friends after splitting the cost of a restaurant meal, said Erin Collins, the national taxpayer advocate, who heads an agency within the IRS that assists taxpayers. But some people could mistakenly receive forms anyway — say, if they get payments mislabeled as business transactions rather than “friends and family” payments, she said.
“The change is going to cause confusion,” Collins said.
Right, and it will be so easy to get it resolved, even as the IRS adds all those employees, right? It will probably be easier to just pay.
How many $100s of BILLIONs will it take to make Florida and Floridians whole again? Is it time to start making states pay their own way? Isn’t that what nuCons want?
If Floridians were required to pay for their own profligate and idyllic lifestyles maybe more would think twice about living in the path of Category 4 hurricanes! That seems to be the conservative way.
They all know Uncle Sugar will back them up and buy them new homes, but wouldn’t the responsible, conservative action be for the people taking the unnecessary risks to shoulder most of the burden?
Conscientious taxpayers choose not to live in coastal regions of Texas, Florida and Louisiana where hurricanes cost them BILLIONs.
Your propensity for hate, envy and outright lies especially about people you hate is one of your endearing qualities….to Satan. You are the quintessential garbage person. You vile pig.
You do realize all your wonderful leftist commies from the half breed Hussein to you big donor Gates all livre on the coasts. Some with many homes on the coast.
I’m glad you’re there to bail out all those Floridians. Thanks. In fact you should be charged double taxes for not caring.
MAGA, MF
Dear L.G. Brandon!
Please stop comparing Elwood to pigs. Pigs are far to good.
You are correct Mr. L and I am really trying to ignore the hateful old fart but sometimes he’s very lucky he’s in St. Louis and not St. Augustine.
MAGA, fellow patriots.
Question. Why is patriotism such an affront to leftists?
So youse guys are upset about someone criticizing federal spending? LOL. Introspect much?
Trust-fund Luther once again resorts to imaginary violence rather than his words. What would you do if you found me in St Augustine? LOL.
Conscientious taxpayers choose not to live in coastal regions of Texas, Florida and Louisiana where hurricanes cost them BILLIONs.
What do you think costs taxpayers more Elwood, the costs of crime in dollars and deaths in blue cities every day or the occasional hurricane? What we pay to carry your urban poor or a hurricane?
We have to pay for your crime, drugs, poor, day in day out 24/7/365. I’d also like to point out you big donors, media and other “celebrities” and assorted millionaires and billionaires all democrats live in California amid fires, mud slides, floods, droughts and earthquakes and as rich as they are the Uber driver in Camden still pays to “make them whole” after each event.
Conservatives realize there are some thigs too big for a family to handle so the community is needed, some too big for the community so the state needs to step in and some things too big for the state so the feds need to get involved.
You communists want the fed involved for a fukin house fire or worse yet a guy pushing a guy at an abortion clinic is now a fed crime. You are all assholes.
Carolann typed: Conservatives realize there are some things too big for a family to handle so the community is needed, some too big for the community so the state needs to step in and some things too big for the state so the feds need to get involved.
Well, of course. And politics is the art of deciding where and when and on whom the state and feds spend that money.
As a liberal American, I have a broader view of spending than a conservative American, so, for example, would consider universal health insurance valuable. You would likely consider that to be ‘welfare’ for poor black Americans.
In Missouri, we have citizens who insist on building and rebuilding their homes along rivers that flood every dang year. The FEMA administered National Flood Insurance program not only offers federally subsidized flood insurance but tries to CONTROL where people live!! Maybe we should consider what private insurers find to be the case, that they refuse to insure many risks for a ‘reasonable’ cost. (This is why we have Medicare – old people are too expensive to insure for a reasonable cost). With hardly a choice, people grow old – but people choose to build mansions on beaches.
Does it make sense over and over to rebuild cities in areas prone to earthquakes, wildfires and hurricanes?
BTW, white collar crime costs us more than black street crime. Somehow, for some reason, the nation chooses to largely ignore white collar crime.
First, Rimjob offers another his strawman argument.
Second, would he consider that “conscientious taxpayers” should not live in California because wildfires cost them BILLIONS?
https://www.frontlinewildfire.com/wildfire-news-and-resources/california-wildfires-history-statistics/
Such a fucking dumbass!
The profane but hardly profound “Teach’s Lapdog” vomits up more chunks of ignorance.
According to Teach, wildfires are not natural but are caused by campers, arson and electric companies. But even ignoring Teach’s propaganda, hurricanes cause hundreds of BILLIONs more damage than wildfires. Wildfires can be prevented, hurricanes cannot – although pedoDon thought nuking them might work, but he also thought drinking bleach would cure Covid. PeDon also thought that raking leaves out of the forests would cure wildfires.
The CA wildfires of 2020 caused about $20 billion in damage. That’s a lot. Hurricane Ian has no estimate yet but it will be in the hundreds of billions. Hurricane Ida was $65 billion. The TX 2021 blizzard was over $100 billion. Hurricanes Maria, Harvey and Irma totaled $300 billion.
We’re surprised that the uber-conservative MAGAts are so generous with other people’s money!
DeSanctis bitched about funds for hurricane Sandy but is begging for money for Florida.
Now it seems Rimjob wants to quibble over disasters and their costs.
Thought his argument was about where “conscientious taxpayers” chose to live.
Again he defeats his own argument.
Whine more, cry harder, dumbass.
Mostly true-studies have been done claiming about 80% of all wildfires are started by humans. But no doubt “climate change” makes humans st start fires…
Dear Elwood:
“…. but he also thought drinking bleach would cure Covid…”
You know I don’t mind your rambling nonsense, but I draw the line at outright lies.
I saw the press conference and he was wishing that we had some way of cleansing our system like bleach.
Get that? He was wishing for something that could work, not saying drink bleach.
Now stop it.
Thanks for listing a few of the various disasters (at least the ones that support your lies) and showing that they occur all over not just Florida. You are a ghoul and as such show no compasion or empathy for those of US caught in the hurricane. We survived. Our property was basically unscathed. Even my boats are fine. Thanks for caring.
We’re surprised that the uber-conservative MAGAts are so generous with other people’s money!
That’s got to be one of your biggest projections and most obvious lies considering the total moron you installed as “pres” just spent about $2trillion in 19 months. (Made sure the 1 was there cause I don’t want to trigger your worthless ass again). Talk about OPM! Fool. Nobody spends more than a democommie leftist.
DeSanctis bitched about funds for hurricane Sandy but is begging for money for Florida.
No he didn’t. Show me the quote and your source.
MAGA, idiot.
And of course those under ,75k should get ready for the 2 future tax increases scheduled by Trump when he have the super rich their 2 trillion dollar tax cuts
You just got 5 Dowds for lying Hairy.
You are still blaming Trump for the shit Pedo does even though Trump hasn’t been in office for 9 months? Wow, you got it bad dude!
MAGA, nut job.
Lucius, aka the MAGA nut job, believes pedoDon (or peDon if you’re in a hurry) has been out of office only 9 months. More like 20 months, right?
Is he claiming that pedoDon had no impact on Americans after he was cancelled by voters?
I try very hard these days to completely ignore your foolish comments but I just couldn’t for this stupid shit. You mean you are so closed minded and just looking for someone to screw up you didn’t even have enough common sense to realize the “9” months was a fuking typo? I meant to type 19 months. Man are you stupid!
Is he claiming that pedoDon had no impact on Americans after he was cancelled by voters?
Are you really trying to say that Trump the Great has “more impact on Americans” than that blistering daughter raping pig you have now? He raped his own daughter in the shower. Often. According to her own book she used to wait till late at night to shower because she feared his pedophile urges if he caught her earlier!!
You really have a moral compass pointed at Hell donm’t you? I’m gonna leave that “m” there to see if you realize it’s a typo you fuking perv.
MAGA, maggot!
The MAGA Maggot, a perv admitting to raping two teenage girls and impregnating them, now accuses President Biden of raping his own daughter in the shower! Project much, Maggot? And you really saying that perv peDon (there are pictures of him molesting teenage Ivanka) has had no lasting impact on America?
As a first responder, rather than lounging on east coast of FL why aren’t you helping on the west coast??
As usual, Jeffty posts things having nada to do with the subject at hand, which is taxing transactions over $600 – in order to “make millionaires and billionaires pay their fair share”.
That’s what this idiocy was sold as.
Sorry Johnny-but the “rich” received the same percentage tax cut as everyone else who pays taxes-around 2%. Does Johnny not understand how percentages work?
The MAGA Maggot, a perv admitting to raping two teenage girls and impregnating them, now accuses President Biden of raping his own daughter in the shower! Project much, Maggot? And you really saying that perv peDon (there are pictures of him molesting teenage Ivanka) has had no lasting impact on America?
You are now accusing me of RAPING TWO GIRLS? You realize that’s slander. Can’t you leftist dogs ever speak the truth? Why would you accuse me of TWO FELONIES? Are you trying to use lawfare against me at The Pirates Cove? Or just sully my name because you’re a pig and have to make ad hominem cause you can’t win a debate. So you’re a weakling too. Liar. Every day to prove to us you’re a liar.
You didn’t learn your lesson by calling another commenters wife a “wore”? Man, you are one sad puppy.
I didn’t “accuse” the fake president HIS DAUGHTER DID!! You moron. Read the book!
There are no pictures of The Great Trump molesting anybody. You know that. But if there are then LINK THEM, LIAR. You still haven’t supported your claim that “DeSanctis bitched about funds for hurricane Sandy but is begging for money for Florida.” we are still waiting for proof he said that. Liar.
I didn’t say Trump had no lasting impact on America. I said he’s been out of office for (1)9 months so he is not having an impact on what joe the rapist does. He still has an impact on the leftist brain (if there is such a thing). You fags still get triggered jut by his name. He has struck fear in you. Admit it. You all fear the truth.
As a first responder, rather than lounging on east coast of FL why aren’t you helping on the west coast??
I am auxiliary and therefore was on call 24 hours beginning last week you know-nothing dope. I had to keep my radio with me at all times.
I don’ think I should have to justify anything to a coward like you.
MAGA, Liar!