The delay makes sense and raising it to 5k is a wise move so folks who sell a couple things online at a loss don’t get a 1099 with a $600 threshold. Somebody could sell an exercise bike and some other junk and get slapped with a form, would suck. Sorry your threshold is so low too, @Anthony.
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The powers that be (both parties) don’t want an angry electorate getting 1099’s and owing “surprise” taxes during an election year. People in Congress want to stay there as long as possible to live off the hog (us taxpayers) and something like this would cause them to get ousted. It’s the game they play. Ever see a poor politician? They time things up based on the election cycle all the time.
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I have been 1099’d for years anyway. I surpass the $20k selling threshold anyway.
Well… just like last year november - time to start listing like a crazy man instead of relying on cash sales only at small shows i setup at
I am going to do more small shows in the future. After doing the flea market recently I really did well.
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I started thinking about this the other day…wondering if they’d once again punt for another year.
This was going to be a nightmare for so many, including the IRS. So many people were going to get 1099s that should not…
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This isn’t anything new though. You’re suppose to report all income despite if a 3rd party is reporting to the IRS or not… If you haven’t paid taxes in the past on income because they didn’t report it, if you’re ever audited they’ll question every single deposit and you need to provide proof on what and where it came from, etc.
I knew a guy who got audited, it’s not fun. I think he aged about 10 years during the 6 month long process it took. Never give the IRS a reason to audit you, it’s life draining…
This topic has been bantered about quite frequently for a couple years at least.
I think it’s well established what should be done.
It is a welcome relief for those who are willing to play the game; knowing full well the impact if things go awry, in the unlikely scenario it does go awry. I will not say where I stand
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That doesn’t matter. Telling people they should have been doing it all along doesn’t help them understand how to do it, nor prepare the IRS for the avalanche once it goes into effect.
You gotta spoon feed people when it comes to the tax code. People are not that smart…and have even much less patience, especially when it comes to suddenly being told they owe more taxes than they thought they did.
A phased approach is smart.
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I’m still going to make sure the worn wall unit my mom bought for $1.5K in 1985 (no receipt) and we sold for $620 is accounted for.
I sure wouldn’t want the government to think she made a $620 untaxed profit on such a high value item. I mean that’s just sooooooooooo wrong. She’s been trying to buck the system for years with used clothes, used china, trinkets, etc… how dare she. She damn well should have kept those receipts from 1970s and 80s. 
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I sold a couple of baseball bats my son got over the past year. I have the receipts. $400 bats sold for $250 and $200. That is a loss. It was sold on my same account I sell everything else on. So that means I get to write off loss of $350.
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D-Rog’s dream utopia where everything is perfect… hehe, I like it!
This is why the IRS usually doesn’t care about garage/yard sales. They know you’re selling at a loss most of the time. They’re picking on 3rd parties like eBay, Mercari and such cause a lot of folks there are actual shops/retailers trying to get around the rules.
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Well they say they are doing it to “stick it to the rich” to make sure “they pay their fair share”. But to be honest I don’t. See Elon Musk or Bill Gates selling much on eBay.
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Yours is the “dream” where you expect everyone to abide by all tax laws, like flipping a switch.
I’m just being real in that it’s in the IRS’s best interest to not execute abrupt changes to how the enforce accountability.
I’d give him five bucks for Twitter/X
Elon Musk is a literal piece of shit. He was born rich and hasn’t done anything but throw around his families money.
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Everyone knows you have to pay taxes, so if you don’t educate yourself, you just need to hire someone who knows them. Ignorance of the laws and rules to get around them is not a very good excuse in my opinion.
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I think someone said something along those lines on the afternoon of Dec 16th, 1773.
I can’t even begin to imagine the logistical nightmare implementing this. Just mailing/paper costs.
In my area, folks are selling “goods” more than ever…craft shows, trade fairs, conventions, etc, etc. Every weekend… everywhere. Certainly not all cash sales.
Oh well…I know it is on the minds of politicians in my area. I’ve written, spoke with them. Very fiery topic and they know it.
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