re: The $600 reporting threshold is now required by the IRS. Ticket resellers are not happy!!

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But don't ask the pentagon for a budget or where the trillions missing are? Make sure you report your 600 bucks though.

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This has ALWAYS pissed me off. It's been $600 since I was a kid [like the $10k limit reached in cash transactions before being reported].

They could have, at least adjusted the amount for inflation over the years.

I think the IRS reverses this really quickly when they have to start paying out higher refunds because everyone is selling stuff on eBay and FB Marketplace for way under what they bought it for.

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You have no issue with the government monitoring every transaction worth 600 bucks

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It isn’t every transaction over $600. You get the 1099 if your aggregate gross receipts are over $600.

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Moms 2-12 Venmos Mom 1 $200 ea resulting in a 1099 for $2200 for Mom 1.

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Mom #1 can show her cost basis for acquiring the tickets as $2,200 on IRS Form 8949 "Sales and Other Dispositions of Capital Assets" which would bring her taxable income on the ticket sales to $0.00.

She would owe no taxes on the transactions.

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I think the IRS reverses this really quickly when they have to start paying out higher refunds because everyone is selling stuff on eBay and FB Marketplace for way under what they bought it for.

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Individuals are not allowed to declare losses when selling personal assets.

That's been the tax law for decades, nothing new here.

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independent contractors getting away with no taxes.

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I worked as an independent contractor for a couple of decades. Every organization I worked for sent me a Form 1099 at the end of each year. I paid taxes on all of that income. I wish I had used your tax expertise when I worked as an independent contractor. It would have saved me a lot of money in taxes.

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I'll report my $600 once they tell me how the 600 gazillion is being spent in Ukraine.

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You won't have to report it. It will already be reported to the IRS by the website you sold your stuff on via a Form 1099-K.

Omit it from your tax return and the IRS will be happy to charge you interest and penalties for not including the 1099-K on your 1040 tax return.

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I worked as an independent contractor for a couple of decades. Every organization I worked for sent me a Form 1099 at the end of each year. I paid taxes on all of that income. I wish I had used your tax expertise when I worked as an independent contractor. It would have saved me a lot of money in taxes.

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Sounds more like you had a permanent contracting gig. I worked a lot of installs back in the early 90s for banks, some as little as 5-8 hours, so the income for that gig was < $600. In those cases the employer didn't need to report, and it was my responsibility to report those earnings.

For a lot of people who have side hustles or one time gigs for multiple clients daily, most likely never report any income.

The only difference here is thre number of employers/gigs. This somewhat evens the playing field, and also starts applying it to ppl not paying income tax on side gigs like onlyfans and shite.

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I think the IRS reverses this really quickly when they have to start paying out higher refunds because everyone is selling stuff on eBay and FB Marketplace for way under what they bought it for.

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That is my thought. My wife sells a lot of her handbags and vera bradley bags via marketplace. She will buy a bag at the Vera Bradley outlet for $45-60 dollars and keep it for a year and then a year later sell it on marketplace for $35-40 dollars.

The original price online was around $115. My wife buys it at the outlet for 50% off and when she sells it the new owner feels like they have gotten a deal.

The last three years she has probably sold 8-10 Vera Bradley or Coach bags and wallets.

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This is so true. They are going after us, they will leave the rich with their high priced attorneys and accountants alone. People won’t be happy when they receive a 1099K

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I don't know why this would be a surprise to anyone with a brain. The IRS gave sworn testimony that they audit the working poor, especially minorities, at a far higher rate because it is easier.