PSA: Save Your Receipts

GOTY · Nov 26, 2022

If you sold any fishing gear over $600 and did not use "friends and family" payment methods, Uncle Sam is coming for you. Save your receipts for fishing gear to prove you didn't make a profit when selling it.

IRS warns taxpayers about new $600 threshold for third-party payment reporting

The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments. Here's why you may receive one.

www.cnbc.com

Edit: not a political discussion. Keep that shit out of this. Just a friendly heads up to save and/or dig up your receipts.

Snopro · Nov 26, 2022

You should also save them for your 10+ round magazine purchases in Ore-gun.

And again, "Not a political discussion.".

DanielOcean · Nov 26, 2022

For sure not a political discussion at all.

Buzzy · Nov 26, 2022

GOTY - thanks for the information./Pat

TicTokCroc · Nov 26, 2022

Seems like more of a reason not to save them lol

Peyton00 · Nov 26, 2022

I don't save receipts. They usually land in the garbage can on my way out the door.

I did need a receipt about 2 yrs ago.... life went on without it.

Lue Taylor · Nov 26, 2022

One year I sold over 31K thru Ebay/Paypal Paypal did not mail me a 1099 but just posted on my paypal acct which I never look at but IRS sent me a notice that I owed funds on the 31K which I had no idea what items I sold or how much I paid for them cost me 6K to IRS.
(I got started on the Bay by parting out my 79 Chev PU for three times for what I paid for it $1200)

Matt B · Nov 27, 2022

You know what sucks?
Cracking down on Lue’s classifieds taxes versus, oh, you know…maybe the actual BIG MONEY?!
yes this is a late night questionable post but it needs to be said

Irafly · Nov 27, 2022

Thanks for the post. As I only buy things for $50 or less, and don’t have anything worth more than $500, I should be good

stillreleasing · Nov 27, 2022

I work in taxes and I know that this is going to cause some headaches, a lot of IRS notices and some serious stress (and hopefully not much in taxes due). In my opinion, the IRS usually ends up being pretty reasonable and hopefully will be easy on taxpayers for the first couple of years.
Unfortunately, I think the bigger issue for those of us who live is states with sales tax, is what is going to happen if(when) the state gets access to this information and starts asking about it's sales tax! The sellers will be on the hook for sales tax in the amount of where the sale takes place or the end location of the shipment...

Peyton00 · Nov 27, 2022

Eliminate the middle man. Sell local with cash sales.

Bruce Baker · Dec 23, 2022

IRS delays rule change for people who get paid on Venmo, Etsy, Airbnb and other apps

Shad · Dec 23, 2022

I hope this isn't political (if it is, I'll happily rescind it and apologize), but this is what IRS "crackdowns" always end up looking like, no matter who's in charge: the "middle class" (does that even exist anymore?) gets the third degree on their tax filings, while the ones the legislation is "intended" to target continue to exempt their way out of any tax bill whatsoever. R, D, I, or whatever, if you're not a millionaire or better, you're being sequestered... ad infinitum.

Dustin Chromers · Dec 23, 2022

Shad said:
I hope this isn't political (if it is, I'll happily rescind it and apologize), but this is what IRS "crackdowns" always end up looking like, no matter who's in charge: the "middle class" (does that even exist anymore?) gets the third degree on their tax filings, while the ones the legislation is "intended" to target continue to exempt their way out of any tax bill whatsoever. R, D, I, or whatever, if you're not a millionaire or better, you're being sequestered... ad infinitum.

A river of our money flows through Washington DC to be spent questionably and squandered much of the time and the IRS is concerned with 600 dollar or greater transactions by regular folks. Yeah, that's government really working for the people.

This is literally going after the smallest lowest hanging fruit cause they can. A new low.

flybill · Dec 24, 2022

Everything must go!! Only 599.95!! Just check Aisle 13.. or Bill's Bargain Cave!!

JLT · Dec 30, 2022

One more year of unbridled reimbursements and second hand selling.

https://www.cnbc.com/amp/2022/12/23...ange-for-1099-k-on-venmo-paypal-payments.html

Porter2 · Dec 30, 2022

Be better if they raise the target area to 6 million and an over. Think everything less mostly accompanies the middle people which do t need to be targeted heavily

FinLuver · Dec 30, 2022

I was audited 3 times in less than 8 years…and I made less than $50k/yr. with no extraordinary deductions.

Government hard at work at the workin’ man’s expense.

DerekWhipple · Dec 31, 2022

Shad said:
I hope this isn't political (if it is, I'll happily rescind it and apologize), but this is what IRS "crackdowns" always end up looking like, no matter who's in charge: the "middle class" (does that even exist anymore?) gets the third degree on their tax filings, while the ones the legislation is "intended" to target continue to exempt their way out of any tax bill whatsoever. R, D, I, or whatever, if you're not a millionaire or better, you're being sequestered... ad infinitum.

The IRS straight up admitted a few years ago that they go after the middle class because they can. They know they will send that audit letter to someone who makes 60k (or even less!), and that person will pay up. They also said it's too hard to go after the folks with lots of money, so they don't bother.

The IRS Admits It Doesn't Audit the Rich Because It's Too Hard

Only poor people have to pay back unpaid taxes.

www.gq.com

This article blames one party. I don't disagree that they are purposefully being starved, but both parties are responsible.

Dustin Chromers · Dec 31, 2022

.

DerekWhipple said:
The IRS straight up admitted a few years ago that they go after the middle class because they can. They know they will send that audit letter to someone who makes 60k (or even less!), and that person will pay up. They also said it's too hard to go after the folks with lots of money, so they don't bother.

The IRS Admits It Doesn't Audit the Rich Because It's Too Hard

Only poor people have to pay back unpaid taxes.

www.gq.com

This article blames one party. I don't disagree that they are purposefully being starved, but both parties are responsible.

I'm just super stoked with all this awesome representation I'm getting for the price of half my earnings. I must have a great government. It's expensive so it must be good.