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Posted on 9/26/23 at 6:59 pm to LemmyLives
quote:Do some research.
Yes, they do. They're required to. If you meant some sort of bill pay via mail through your bank, they send it too.
Posted on 9/26/23 at 7:27 pm to Diamondawg
LOL. I got sent a 1099-INT for $11 worth of interest in an account.
The IRS (and plenty of private entities) have access to every one of your transactions. Who from Mississippi bought a coffee near DC on Jan 6 2021? Bank of America told the feds.
The feds have the data, whether they examine it or not and choose to charge you doesn't mean it's not happening. Fed Gov operates how the Chinese steal data; it may not have value now, but maybe it'll turn into something we can use later.
Banking regs, at least as I've seen in one bank, are thousands of pages long, and probably 14' high worth of binders. That was before Dodd-Frank, and the latest BS.
The IRS (and plenty of private entities) have access to every one of your transactions. Who from Mississippi bought a coffee near DC on Jan 6 2021? Bank of America told the feds.
The feds have the data, whether they examine it or not and choose to charge you doesn't mean it's not happening. Fed Gov operates how the Chinese steal data; it may not have value now, but maybe it'll turn into something we can use later.
Banking regs, at least as I've seen in one bank, are thousands of pages long, and probably 14' high worth of binders. That was before Dodd-Frank, and the latest BS.
Posted on 9/26/23 at 7:29 pm to j1897
quote:
Good, pay your fricking taxes
Says this bitch living on the government's dime.
Posted on 9/26/23 at 7:46 pm to LemmyLives
quote:It started Jan 1. Pretty early for a 1099. I think you are confused.
LOL. I got sent a 1099-INT for $11 worth of interest in an account.
quote:
The IRS (and plenty of private entities) have access to every one of your transactions. Who from Mississippi bought a coffee near DC on Jan 6 2021? Bank of America told the feds.
There were plenty of "woke" ( I hate the term) companies willing to give up info on the Jan peaceful demonstration.
Again, do some research on Zelle.
Posted on 9/26/23 at 7:52 pm to HubbaBubba
If you buy a car for $20,000 and sell it later for $10,000 you do not have a gain to report. If you buy a car for $10,000 and sell it for $12,000 you are taxed on the $2,000 gain.
Posted on 9/26/23 at 7:54 pm to HubbaBubba
Personal transactions are exempt from repoerting. Different from sales of merchandise or property.
Posted on 9/26/23 at 7:56 pm to dafif
quote:
I pay 1/2 of a mortgage through Venmo and Zelle and have never seen this
Are you paying an individual?
There should be an option for “payment between friends”
This post was edited on 9/26/23 at 7:58 pm
Posted on 9/26/23 at 7:56 pm to CEB
quote:
If you buy a car for $20,000 and sell it later for $10,000 you do not have a gain to report. If you buy a car for $10,000 and sell it for $12,000 you are taxed on the $2,000 gain.
What if you buy a bike for $5000 and sell it for $2000, but don't have the receipt to prove your cost basis? Do you have to keep every receipt you get?
Posted on 9/26/23 at 8:00 pm to TDTOM
quote:
What if you buy a bike for $5000 and sell it for $2000, but don't have the receipt to prove your cost basis? Do you have to keep every receipt you get?
If you buy a bike for $5K I’m guessing you paid with some traceable means.
If you paid with cash…
The IRS is supposed to be issuing regs on how to handle these situations.
This post was edited on 9/26/23 at 8:00 pm
Posted on 9/26/23 at 8:03 pm to Timeoday
conduct business in cash
Posted on 9/26/23 at 8:12 pm to dafif
quote:Keep receipts and zero it out if you get a 1099. Going forward, change the way you pay for your trip.
As an aside. I go on a 16 person trip each year. One guy puts everything on his card and we all Venmo him when done - about $2000 each. How will that work?
Posted on 9/26/23 at 8:14 pm to BlackAdam
quote:
I don't know why this would be a surprise to anyone with a brain.
Not what Biden says…..wait
Posted on 9/26/23 at 8:27 pm to TDTOM
LINK
This is an FAQ the IRS published for the 2022 tax year before enforcement was delayed. It includes various scenarios discussed in this thread. I would expect an updated FAQ sometime before the 2023 tax filing period.
This is an FAQ the IRS published for the 2022 tax year before enforcement was delayed. It includes various scenarios discussed in this thread. I would expect an updated FAQ sometime before the 2023 tax filing period.
This post was edited on 9/26/23 at 8:29 pm
Posted on 9/26/23 at 8:37 pm to j1897
Can your uneducated pea tell the group how the government is supposed to be funded per the Constitution? Thought not… yes I’ll meet you at sonic if you want.
Posted on 9/26/23 at 8:46 pm to LSUFanHouston
I sell sports cards on the side on Ebay. My guess is that the rule gets delayed again due to it being an election year. Plus, there are lobbyists actively working this. You know Congress love to appease the lobbyists.
Posted on 9/26/23 at 8:59 pm to dafif
quote:
I pay 1/2 of a mortgage through Venmo and Zelle and have never seen this
You may not see it, but it is definitely there.
Posted on 9/26/23 at 9:15 pm to dafif
When you get to the actual “pay” page where thetransaction is completed, there is a slide button that says “purchases” or something like that. Toggle to ON and it’ll get reported is what I’m thinking
Problem with NOT having it “on” comes on if you’re making a purchase that you want covered with buyer protection of some sort.
If I wasn’t tech challenged I’d post a pic For you.
Problem with NOT having it “on” comes on if you’re making a purchase that you want covered with buyer protection of some sort.
If I wasn’t tech challenged I’d post a pic For you.
Posted on 9/26/23 at 9:43 pm to LSUFanHouston
quote:
only applies to purchases of goods and services. You know how when you send money via venmo it asks you if this is for a purchase? This is why, if you say NO, it won't be part of the threshhold for the seller.
This is inaccurate. I get 1099s from PayPal and Venmo every year as I have more than 20k in sales on each platform.
The 1099 is gross receipts of all money that comes into your account. It includes both goods and services payments and friends and family transactions. There is no distinction.
You better have support. PayPal has pretty good reports to segregate everything out but Venmo does not.
Posted on 9/26/23 at 10:41 pm to LSURussian
quote:So, hypothetical here.
Individuals are not allowed to declare losses when selling personal assets.
That's been the tax law for decades, nothing new here.
If I sell my 10 year old 4 wheeler for $2,000, I’m gonna get a fricking 1099 for it? Even though I paid $7,000 for it back then and paid sales taxes on it.
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