New Tax Reporting ($600 Threshold per year) and Consignments 21 21

[Buzzetta]

On 3/14/2024 at 6:26 PM, ADAMANTIUM said:

It's not what I asked but I appreciate the good sturdy compass.

I thought someone else had spoke that it was now changed to a different amount, but I don't see that in this thread so no worries!

 

$5000

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation

[ADAMANTIUM]

On 3/14/2024 at 5:37 PM, namisgr said:

Gross income must be at least $13,850 for a single filer and $27,700 for married filing jointly in order for a tax return to be required.

Well i know that but thanks! As that changes sometimes, this catch all that everyone files under any certain set of rules is a habberdash

But maybe im just too full on a hot day, but its the same from year to year, and this just happens to be the thread it happens in.

Simce it isnt stated recently, I'd add that no one should take advice from these catch alls, and talk to an accountant.

As a certified bookkeeper, it may bring up questions, but what I know is, confusing accountants is a lot like confusing a mechanic. Both usually paid by the hour 

Grain of salt. I just came to see if the threshold of $600 had changed 

 

Edited March 14 by ADAMANTIUM

[Jesse-Lee]

On 3/14/2024 at 5:40 PM, Ryan. said:

Hopefully Karen didn't dump all the coke down the toilet.

[Buzzetta]

On 3/14/2024 at 6:40 PM, Ryan. said:

Hopefully Karen didn't dump all the coke down the toilet.

No that was someone else.  He is currently a guest in Florida corrections. 

[ADAMANTIUM]

On 3/14/2024 at 5:41 PM, Buzzetta said:

$5000

https://www.irs.gov/newsroom/irs-announces-2023-form-1099-k-reporting-threshold-delay-for-third-party-platform-payments-plans-for-a-5000-threshold-in-2024-to-phase-in-implementation

That's what i though!!

So i am not completly bonkers on a hot day, that should be discussed more to get the word out. I was trying to get to that point to avoid more misinformation.

 

[NewWorldOrder]

On 3/14/2024 at 3:43 PM, ADAMANTIUM said:

That's what i though!!

So i am not completly bonkers on a hot day, that should be discussed more to get the word out. I was trying to get to that point to avoid more misinformation.

 

So what does this change then for you?

[Buzzetta]

On 3/14/2024 at 6:41 PM, NewWorldOrder said:

CMP sucks.  God I hate him now!  Triple H embarrassed him and it was glorious back in early 2010's

Drew's constant trolling of Punk (but really trolling AEW with possible real life collusion from Punk) has been a masterclass. 

[NewWorldOrder]

On 3/14/2024 at 3:44 PM, Buzzetta said:

Drew's constant trolling of Punk (but really trolling AEW with possible real life collusion from Punk) has been a masterclass. 

I was at WM back in Philly (where I am from) back in 1999, so I will actually be watching this year since its back in Philly for the 2nd time!

[ADAMANTIUM]

On 3/14/2024 at 5:37 PM, grendel013 said:

Where is that rule though? I'm not educated in tax law AT ALL. I just hear the conspiracy is there is no law stating this. IDK. I'm just wonder why nobody can ever show this proof. Like it's just "been this way forever". But why do I hear people who can afford the court fees and have the patience end up winning these lawsuits? It's the fear of being couped up in jail waiting 15 years for your case to finalize is the scare tactic as well I'd think. Maybe I should Google this. I'm just asking you because I'm reading through this depressing topic. LOL.

On the page buzzeta link, read the last 2 sentences in the IRS page screenshot, it's probably as close you'll get.

Edited March 14 by ADAMANTIUM

[ADAMANTIUM]

And this phased in doesn't make it sound easy either, that once you start they'll weigh it for a new threshold for next year?

Regardless it says that platforms should send out the form under any amount, again at the link provided, and that supports @NewWorldOrder train of thought.

For some substance.

 

Edited March 14 by ADAMANTIUM

[ADAMANTIUM]

Sorry had forgot to take a screenshot 

[NewWorldOrder]

On 3/14/2024 at 3:52 PM, ADAMANTIUM said:

And this phased in doesn't make it sound easy either, that once you start they'll weigh it for a new threshold for next year?

Regardless it says that platforms should send out the form under any amount, again at the link provided, and that supports @NewWorldOrder train of thought.

For some substance.

 

Right, but again whether they send the form or not what does it matter to you on your taxes?

Income is income.

If I sold 1K on whatnot or ebay I am supposed to report it is my point.

 

Edited March 14 by NewWorldOrder

[ADAMANTIUM]

On 3/14/2024 at 5:44 PM, NewWorldOrder said:

So what does this change then for you?

It has to do with th topic of the thread, and is not about getting into everyone's business 

But your "they don't care about $500" diatribe turned into they don't care about $5000, so if I'm looking at your posts funny

It is because it was a faint memor. I thought you mentioned the threshold you belittle was somehow $500 when your argument should be to people about 5000$

It isn't about me, but trying to understand if you're just posting to post?

I guess dry bookkeeping and accountant stuff is boring, but you know? Idk if this thread is a good idea, but carry on  :

[NewWorldOrder]

On 3/14/2024 at 3:58 PM, ADAMANTIUM said:

It has to do with th topic of the thread, and is not about getting into everyone's business 

But your "they don't care about $500" diatribe turned into they don't care about $5000, so if I'm looking at your posts funny

It is because it was a faint memor. I thought you mentioned the threshold you belittle was somehow $500 when your argument should be to people about 5000$

It isn't about me, but trying to understand if you're just posting to post?

I guess dry bookkeeping and accountant stuff is boring, but you know? Idk if this thread is a good idea, but carry on  :

There is no point to this thread.  It's people complaining they cant keep their profits and not wanting to pay state and fed taxes.

Never said they dont care about 5k.  Where did I say that?  I was going by the example others laid about about the selling a comic book for $500 bucks and having panic attacks about not having the paperwork proving what they paid for it.

[ADAMANTIUM]

On 3/14/2024 at 6:04 PM, NewWorldOrder said:

There is no point to this thread.  It's people complaining they cant keep their profits and not wanting to pay state and fed taxes.

Never said they dont care about 5k.  Where did I say that?  I was going by the example others laid about about the selling a comic book for $500 bucks and having panic attacks about not having the paperwork proving what they paid for it.

Can you point to the last person to say that? I am struggling to follow your train of thought, no one has said that since this thread was bumped. @NewWorldOrder I bolded it for you

Nevermind 

Edited March 14 by ADAMANTIUM

[NewWorldOrder]

On 3/14/2024 at 4:06 PM, ADAMANTIUM said:

Can you point to the last person to say that? I am struggling to follow your train of thought, no one has said that since this thread was bumped.

Nevermind 

Read between the lines of the whole thread. 

That's is what everyone that is complaining about has said without saying it in written form.

Who cares about the threshold and the forms.  Report your sales is the threshold. 

Many people here (maybe not you) absolutely believed that if they sold under the threshold then they would not have to report their sales and keep it all.  That is what going on here.  Hence why this thread was started.  Crying about 20k going to just $600.  Yes many people thought they could sell $19,999.99 and keep it all and not worrying about keeping sales records.  That is just nonsensical to think that way.

[ADAMANTIUM]

On 3/14/2024 at 6:13 PM, NewWorldOrder said:

Read between the lines of the whole thread. 

That's is what everyone that is complaining about has said without saying it in written form.

Who cares about the threshold and the forms.  Report your sales is the threshold. 

Many people here (maybe not you) absolutely believed that if they sold under the threshold then they would not have to report their sales and keep it all.  That is what going on here.  Hence why this thread was started.  Crying about 20k going to just $600.  Yes many people thought they could sell $19,999.99 and keep it all and not worrying about keeping sales records.  That is just nonsensical to think that way.

You seem fixed on having this argument with someone, though no one jumped in and I'm certainly not obliging.

Other than to say I don't think your dependent needs to file taxes on mowing one lawn for a dollar. Nor does everyone have to pay taxes below the poverty line. 

I mentioned earlier that with facts to back it up.

People are now talking about having to report the deductions to prove profits to pay taxes on, that's where we're at with it imo, which is STILL PAYING TAXES AND A LOT OF WORK!

that's all anyone has said, but you keep fishing. Consider me the five pound trout. Good luck. 😂

Edited March 14 by ADAMANTIUM

[NewWorldOrder]

On 1/3/2022 at 9:22 AM, musicmeta said:

Seriously,  I've always reported what I sold minus costs every year since I can remember. 

Its a miracle one person in this thread who gets it. Well to be fair so does @FlyingDonut and @namisgr

[WeR138]

On 3/14/2024 at 6:18 PM, NewWorldOrder said:

Its a miracle one person in this thread who gets it. Well to be fair so does @FlyingDonut and @namisgr

Oh White Knight!  There be at least one other in yon thread that payest his taxes without threat of pillory or stockades.  But tilt on at yonder windmill, and Godspeed!

Edited March 14 by WeR138

[NewWorldOrder]

On 3/14/2024 at 4:16 PM, ADAMANTIUM said:

You seem fixed on having this argument with someone, though no one jumped in and I'm certainly not obliging.

Other than to say I don't think your dependent needs to file taxes on mowing line lawn for a dollar. Nor does everyone have to pay taxes or poverty line. 

I mentioned earlier that with facts to back it up.

People are now talking about having to report the deductions to prove profits to pay taxes on, that's where we're at with it imo, which is STILL PAYING TAXES AND A LOT OF WORK!

that's all anyone has said, but you keep fishing. Consider me the five pound trout. Good luck. 😂

So what its a lot work?  boooo hoooo Welcome to my life

If you sell 5K worth of comics what do you think should happen nothing? Its not a lot of work especially on just 5K year

I dont understand what you are wanting to hear concerning this topic or are you just venting?

I mean what did you do if you sold items from any other tax year?

You are throwing in other factors.  Income levels then maybe that person doesnt have to pay then.  That is off topic side stuff.

On 3/14/2024 at 4:23 PM, WeR138 said:

Oh White Knight!  There be at least one other in yon thread that payest his taxes without threat of pillory or stockades.  But tilt on and yonder windmill, and Godspeed!

Sorry can you translate that again for me, I dont speak pirate language.