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re: IRS warns taxpayers about new $600 threshold for third-party payment reporting
Posted on 11/27/22 at 10:14 am to Oates Mustache
Posted on 11/27/22 at 10:14 am to Oates Mustache
Mmmmbeer, Tboy, and tigerdoc say if you're not doing anything wrong, you shouldn't worry
0
Posted on 11/27/22 at 10:17 am to SippyCup
quote:
You’re going to pay taxes on the profit from the resale. That’s the way it should be.
You still miss the point. You have to prove losses by way of receipts. Who has receipts from something they bought 10 years ago?
Posted on 11/27/22 at 10:20 am to tenderfoot tigah
quote:Do your part! Ukraine needs our money! So does the kids of Biden, Romney, and Pelosi!
Democrats are now taxing the equivalent of garage sales so they can hand out more money like Santa Claus to get more votes. Democrats are pathetic.
Posted on 11/27/22 at 11:21 am to Oates Mustache
They are acting like robbing taxpayers is a good thing.
Posted on 11/27/22 at 11:25 am to Ed Osteen
quote:
Tried to sell some LSU tickets a month ago and wouldn’t let me list them without my federal tax ID. ridiculous
I remember people acting like this wasnt a big deal and they don’t think about all the secondary transactions that were already taxed the first go round.
Posted on 11/27/22 at 11:28 am to OweO
quote:
Under Trump, go look at some of the companies who received millions because they promised they could deliver mask, PPEs, etc.. Some had ties to Jarod Kushner, Trump, democratic law makers, etc. No be naive and think that if one party was in power there would be no wasting money, etc. It doesn't matter who is president, the government is going to find ways to get what they can.
People like you were begging for this. You got what you wanted. NY got a whole hospital and didn’t use it out of spite.
Posted on 11/28/22 at 5:14 am to cheobode
quote:
So the banks are reporting any deposits over $600?
I'm not sure about that but some banks have started tracking transactions, as in cashing checks, over $600. We used to bank at Iberia Bank before they were bought out. If we had any checks to cash, no problem, simple transaction. Then they were bought out by First Horizon who was immediately bought out by TD Bank out of Canada. One day, when we went in to cash some checks, the teller did the transaction but then handed my wife a receipt. My wife looked at the receipt and noticed that it was recorded as a deposit then a withdrawal. When she questioned it, the teller told her that's how it's going to be done to keep track. We no longer have any accounts there. We moved to a local bank. Now, all banks will have to comply with this new regulation but your locals should be the last to comply. National banks dive right in. We've heard that First Horizon lost a lot of accounts since their association with TD Bank. TD Bank is the bank that locked all of those accounts for the truckers' strike in Canada.
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