Home Forums Hunting & Shooting Hunter's Campfire New IRS rule today

If he sends it under goods and services, yes.
Friends and fam, no.

Could send two payments of 500

This ^^ The guys on ARFCOM have pretty much beat this up. The bottom line is, if you make more than $600 a year on any transfer you must report it on your taxes. The electronic money transfer companies are REQUIRED to report every transfer over $600. It also sounds like if you have a cumulative amount over $600 dollars per year everything after that must be reported by the electronic transfer company to the IRS. It' used to be $20,000. The republicans wanted it limited to $10,000 but the democrats made it $600. That is my understanding via the guys on ARFCOM.

Talk to your tax accountant for the final decision.

kwg

The PayPal rule is for cumulative payments in the course of a year received for Goods& Service; not single transactions. If you receive more than $600 in a year for G&S; you will get a 1099. The threshold was $20k AND 200 transactions.
Same will be applied to EBay sales; I believe

Hahaha!

True, as a self employed carpenter I sometimes get a 1099 for anything over $600 bucks , but it is always if I work for a company. I never got one from a private person. though. If that was law , it would be a pain. I just write an invoice , keep the copy and claim it at the end of the year, even cash. I will never get in trouble, cause I have more claimed than deposited cause I claim cash.

How does this affect things sold on Gunbroker if you get paid by a Money Order?
Gunbroker already collects sales tax from buyer.

Banks do the reporting. Get a bigger safe.

Has nothing to do with sales tax

Hilarious

Fat city's link explains it

A kid walking dogs gets to be a taxpayer if they can catch him. Their example of selling a 5000 train set for 8000 is backwards from what I do. And you better have all the receipts from year 1. Any proof that 1000 honda was sold for less than you paid? Sell grandpas old 94 on gunbroker and the 600 is taxable.

Proof once again the dems are for the little people

"to ensure those using these networks are paying their fair share of taxes"

Their fair share.

With the way .gov pisses tax money away there is nothing fair about "fair share".

I see my taxes paid are for value added necessary services rendered. Soooo much fraud and unnecessary services rendered by .gov is the pisser.

Actions like the new irs $600 threshold is how Brandon wants to finance bbb at no cost. Right.

ferfuksakes you must really be a rusky

Yes, if it goes through Goods and Services. You include the proceeds in your income and deduct the basis you have in the motorcycle. Nothing new, just expanded spying on the population so that people pay what the gov't says they owe.

Flood the system with paper work, then you can destroy the system.

AI computer systems will process it all. They’ll be a ton of mistakes to dispute that will all be processed in a dispute system that costs you more than the actual mistake. This is one more part of the destruction of the free market system that has produced the most wealthy country on earth. Bureaucracy grows and wealth declines.

I didn't realize that actually passed, I thought even Dems wanted it to be $10K limit.

YEPP... and don't forget to take those big fat deductions.

Sell a camper for $10k and owe tax... here is my $30k purchase receipt... "Thanks for the deduction Uncle Sugar... Wouldn't have thought about that until you reminded me".