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

[Ryan.]

On 1/4/2023 at 3:07 PM, NewWorldOrder said:

Come on dude

#1 Grandma aint taking no PayPal, she is only taking cash

#2 That couch ain't worth no $600 bucks  

How old do you think grandmas have to be?

[lizards2]

On 1/4/2023 at 12:41 PM, Ryan. said:

How old do you think grandmas have to be?

The 24 year old grandma probably takes bitcoin? The 80 year old grandama may not take Paypal?

[Ryan.]

My mother is definitely a grandmother, definitely uses Paypal, and definitely would have her mind exploded if she had to account for the cost basis of a couch she sold on Facebook when filling out her taxes on TurboTax. 

[Dr. Balls]

On 1/4/2023 at 1:07 PM, NewWorldOrder said:

That couch ain't worth no $600 bucks  

Depends on the grandma. If it's Pamela Anderson's couch, that thing is worth more than six hundred bucks on the mileage alone.

[the blob]

On 12/29/2022 at 5:55 AM, skypinkblu said:

There is a huge difference between the government sending kids out to work in slave labor and having the Government act responsibly.  I worked for NYS, I watched furniture being literally trashed (sent to storage to be piled up never to be seen again) every time we got a new Commissioner...(and that was every few years...the new ones never liked the decor) ...Desks being built for my staff...AFTER the staff were all let go because of a surprise shut down of the facility.  When I asked what on earth tye were doing, I was told they had a $500k contract to build the desks so they HAD to be built (even though no one would be there to use them ...only to have them hire another contractor to take the desks apart after they were built...Office supplies that we HAD to order because you HAD to spend the budget...being trashed before a move. Thousands of $$...they laughed at me when I suggested they at least put them on eBay...I was told you HAD to throw them out. (We didn't, I told the staff to take them home...) Toilet paper ordered to the point where they couldn't fit the stuff in the cabinets (because you HAD to spend the budget)...I could go on and on, but I didn't get enough sleep and I'm going to ramble;) 

Very little was done in any kind of efficient manner if the directions came from Albany. I can't imagine the Feds are any different....I seem to remember huge amounts paid for hammers, etc.

So many decisions were made based on what companies supported the people in charge or what party was in charge and whose list you had to hire from. No private business could possibly survive that way, just constant waste.  

I've always tried to be practical...that was never a concern in the Governor's office.

To be fair, a lot of office furniture gets thrown in dumpsters by the private sector, it does not seem like there is a good market for it and the manpower necessary to sell it/house it/ship it while it is being sold may make it too expensive to do so. Most of the furniture in state offices for many years was made by Corcraft, which is the manufacturing wing of the New York State Department of Corrections. They pay incarcerated individuals about 65 cents an hour to make office furniture. It is actually a very desirable job in prison, reserved for guys with good behavior, so to a certain degree the money is being circulated back to the state.

 

[the blob]

On 12/29/2022 at 10:37 AM, Dr. Balls said:

PPP loans have to be paid back unless deemed forgiveable. Stimmie checks, rent and utility moratoriums caused many more problems for the working class than the PPP loans.

You can’t tell property owners they can’t collect rent for two years and expect them to not collect it on the back end, or even worse: sell their properties to larger property management corporations who require a much shorter ROA on their investment than mom-and-pop landlords.

Blaming the wealthy only goes so far, the government uses them as a scapegoat to cover for their mismanagement of every aspect of the economy.

Do you have data on how many people were not paying rent during this timeframe? (I'm actually curious, not questioning whether it was an issue, I am sure it was in 2020/early 2021 for sure). I don't know a single person who decided this was free rent time, of course, the people I know tend to be somewhat responsible, nor do I know any folks renting places who got stiffed, although they were definitely worried about it.

 

 

Edited January 5, 2023 by the blob

[the blob]

On 12/29/2022 at 3:22 PM, Buzzetta said:

I am even more infuriated than I was an hour ago.

I put in my zip code to see that a few local businesses around here that were THRIVING during the pandemic and I mean THRIVING received hundreds of thousands of dollars. 

The mom and pop drug store?  Cuomo declared that essential businesses could remain open.  The drug store qualified. The Landscaping company?  I can assure that they were up and running and operational throughout the pandemic.  The funeral home received $155,000?  The only reason that they shut down was because the owner died.  So they said that they needed assistance and got it.  

The pizza place got $340,000.  Let that sink in.  $340,000.  The pizza place was THRIVING during this.  

With everything else that goes on in this town, nothing surprises me. 

 

The funeral home might have had issues. Yes, they were selling more caskets and handling more cremations than ever, but they were not housing funerals so much. My mother died in early 2021 and they were not having funerals, wakes or anything here in NYC at least. I know things were more open in Long Island. They brought in $750 in revenue for her death whereas my father's funeral was 10X that much.

 

[the blob]

On 12/30/2022 at 3:27 PM, Dark Knight said:

Yup a lot of the so called businesses that were "losing money" during the pandemic took advantage of the PPP loans and most were granted.

There is a website that anyone can report fraudulent use of these loans if you suspect something.  Hopefully all those who really didn't need these loans get audited. 

All they had to do was keep their people employed, so I don't think it was fraudulent if they kept operational even if they didn't "need" the money

 

[the blob]

On 12/31/2022 at 8:32 AM, seanlinc said:

I believe this to be the same throughout all levels of government. 20 or so years ago my ex wife worked for the state government and at the end of every fiscal year they would replace computers, printers,  desks or whatever to spend all their budget so it wouldn't be cut for the next year. Works the opposite how a business would run.

I have to spend $75 in time filling out forms and getting approvals so that I can send a package overnight by UPS for $15 more than priority mail. 

[the blob]

On 1/1/2023 at 4:23 PM, Buzzetta said:

Comic stores were closed as they were not considered "essential services".  

The pizza places around here saw an increase in business as many restaurants were closed, and pizza was quick and easy to order from if you wanted to get away from cooking for a day. 

They were making money hand over fist. 

One of my local shops couldn't get anything, I guess he doesn't do paperwork well. He is right nest to a college and local high school that were all shut down for in person until september 2021, so even though he was allowed to open earlier, most of his customers were not around.

 

[the blob]

On 1/1/2023 at 6:04 PM, mtracy64 said:

My favorite pizza joint went out of business a few months after the pandemic hit. 

Ones near my office went under for sure

 

[the blob]

On 1/1/2023 at 7:22 PM, WEBHEAD said:

Let me understand one issue you are a young man (not me) and you go to your local comic shop and you were lucky to buy 4 Ultimate Fallout #4 which cost you $3.99 a piece and until the movie and speculation started and people started paying stupid money now you get lucky and sell it for $2000 to up pay capital gains on $1996  perhaps you threw out the reciept what's up?   Thanks  ( I sold mine 2 years ago) this is for the speculators ( now if yo buy it at your LCShop  you will be paying the 2K w    then you can sell it for a loss/

More likely the raw copy someone paid $200 for at a show and then sold

[the blob]

On 1/4/2023 at 3:41 PM, Ryan. said:

How old do you think grandmas have to be?

Most of the folks posting here are old enough to be (me), or are, grandparents.

[Dr. Balls]

On 1/5/2023 at 12:46 PM, the blob said:

Do you have data on how many people were not paying rent during this timeframe? (I'm actually curious, not questioning whether it was an issue, I am sure it was in 2020/early 2021 for sure). I don't know a single person who decided this was free rent time, of course, the people I know tend to be somewhat responsible, nor do I know any folks renting places who got stiffed, although they were definitely worried about it.

 

 

I don't have any data regarding that, but I have heard with property owners that I know here where I live that it was a difficult time for them not collecting rent (Montana's moratorium was lifted awhile ago - and the result from the 10-or-so people I know that talked about it was 30-40% rent increases to cover those costs across the board where we live), and I also heard from several friends in NYC that the stimmy checks didn't cover their rent/utils/etc because of the cost of living there was so high.

edit: I don’t want to turn this into a Covid thread since it’s not about that, so I removed my other commentary.

Edited January 5, 2023 by Dr. Balls

[the blob]

On 1/5/2023 at 3:50 PM, Dr. Balls said:

I don't have any data regarding that, but I have heard with property owners that I know here where I live that it was a difficult time for them not collecting rent (Montana's moratorium was lifted awhile ago - and the result from the 10-or-so people I know that talked about it was 30-40% rent increases to cover those costs across the board where we live), and I also heard from several friends in NYC that the stimmy checks didn't cover their rent/utils/etc because of the cost of living there was so high. The commercial property owners (like myself) here got saddled with tax increases two years in a row at a time where anyone with half a chicken nugget for a brain realizes that it's time to cut back. When this concept of pulling back was presented to our city commission, we get *shrug*. I'm sure this happened everywhere - and that's another component contributing to the increase of rent.

I don't think everyone did it, but the damage of increased rent to people's finances were the result everyone has to live with. That's why I think it did more damage than the PPP loans - it created massive financial problems for a huge amount of people who generally don't have the assets or the means to absorb something as ridiculous as a 40% rent increase. That ruins the economy. Those people now don't have extra money to spend at comic shops, restaurants, Amazon or whatever.

The government hatches bunny-brained ideas all the time, with a infantile-like comprehension of the overall effect to the country as a whole. This $600 BS is another example of that. The problem is that our country can't take many more of these idiotic ideas one after the other - they are compiling into a real financial problem for the middle class.

I guess a lot of people here were behind on their rent, although some of them might have only been a little behind: https://www.nytimes.com/2021/07/27/nyregion/evictions-moratorium.html  I guess a lot of hourly employees may not have been able to take advantage of enhanced unemployment benefits. My brother got the run around for 6 months trying to collect unemployment, luckily he had some savings.

 

[NewWorldOrder]

On 1/5/2023 at 10:07 AM, Dr. Balls said:

Depends on the grandma. If it's Pamela Anderson's couch, that thing is worth more than six hundred bucks on the mileage alone.

IMO it would be worth less.  

Burning it would be the best solution.

[paullam15]

I'm glad they delayed it, but they need to raise the threshold or set it back to what it was before. I'm assuming they delayed it because people were complaining especially how low the threshold is compared to last year.

[Tnexus]

On 1/11/2023 at 3:25 AM, Askinator said:

Consignments are not affected by the new requirement, as long as you only receive payment for the sales made on consignment and do not own the goods at the time of sale.

Interesting. So places like MCS don't have to deal with 1099s?

[CHASEnBLUE]

Delayed again!

https://www.foxbusiness.com/money/irs-delays-tax-reporting-rule-venmo-paypal-payments-600

[Mr. Zipper]

 

Hopefully delayed long enough until there’s a Congress that will kill it.