Classified sales in the new tax era.

[Larry B]

Running a family farm, I never thought I would have to keep a law firm on retainer also.

Welcome to 'merica

 

[Flip]

Welcome to 'merica

Yeap.

 

[jakethesnake]

The 600 $ thing has been a thing for a while now. They just didn’t really enforce it. I’ve handed those screwed up papers out for several years.
Made me feel like I am policing what other people do with the money I’ve paid them. I claim everything by the book the best I can already. It’s just worthless tedious paperwork. Kinda makes me feel like I end up eating some of the payments I make that I could deduct. Just don’t wanna jam anyone else up if they aren’t doing what they’re supposed to be doing. Like claiming my payments to them.

 

[jakethesnake]

This stuff has been going on since the Obama admin. I’m not being political. It’s just that that’s when it started. Maybe the trunp admin didn’t continue to increase covering all different payment avenues.

now they’re getting stricter. But yeah I’m not surprised they’re doing it.

 

[Larry B]

I keep all my money in mayonaise jars in the backyard and only deal in cash after midnight.

 

[Stevetheboatguy]

I keep all my money in mayonaise jars in the backyard and only deal in cash after midnight.

Sold a seadoo at a McDonalds truck stop 2am once. We must be related.

Was mid January to boot.........




Steven

 

[Larry B]

Sold a seadoo at a McDonalds truck stop 2am once. We must be related.

Was mid January to boot.........




Steven

Was your neighbor upset the next morning when he found his seadoo missing?

 

[Stevetheboatguy]

Was your neighbor upset the next morning when he found his seadoo missing?

Shh........




Steven

 

[furb]

This stuff has been going on since the Obama admin. I’m not being political. It’s just that that’s when it started. Maybe the trunp admin didn’t continue to increase covering all different payment avenues.

now they’re getting stricter. But yeah I’m not surprised they’re doing it.

During the planning for the Obamacare rollout they wanted to go 1099s. Every payment from any business was supposed to be reported. If you scrapped beer cans for $10 it was supposed to be reported, take some junk to a mud sale and get a check that wasn’t worth the fuel to get it there, report it. They said it would not be possible to track all the info yet here we are again. Mastermind is right. There are going to be a lot of people getting Irs visits and I bet most didn’t intend to under report anything.

 

[jakethesnake]

^^ correct^^

 

[jakethesnake]

Also during that time as a small business if I payed out over 600 to an individual I was required and still am required to personally give that person a 1099. I do claim anything. I damn sure deduct all I can as well. I simply fear an audit. So to me this isn’t new

I just dislike the idea of me myself being responsible to give someone else a 1099. Quite frankly it’s none of my concern what they do with any money I pay them. Plus if I pay for a service that I can deduct I’d like to be able to deduct said money.

example if I got a new saw from someone on here. I’d deduct it. However due to me not knowing if that person is claiming that income ( which I wouldn’t blame them if they chose not to) I often do not deduct that from my taxes though I’m legally able to. It’s just sketchy. This is why I don’t buy new saws and trade much. Or pay for port work. It’s just a grey area. I guess I’ve probably not written down a few cash sales. But I’ve also let some deductions go that I could take. It’s a pain in my personal ass

 

[Duce]

During the planning for the Obamacare rollout they wanted to go 1099s. Every payment from any business was supposed to be reported. If you scrapped beer cans for $10 it was supposed to be reported, take some junk to a mud sale and get a check that wasn’t worth the fuel to get it there, report it. They said it would not be possible to track all the info yet here we are again. Mastermind is right. There are going to be a lot of people getting Irs visits and I bet most didn’t intend to under report anything.

Why worry about it, they cannot even keep murderers in prison. You just will have to share more money with them. Talk about hand outs!

 

[Al Smith]

After I retired I had to get an accountant .Rental property ,Stocks,bonds IRA's etc it just got too much for my little pea sized brain .My word come tax time I had two tables full of paper work to go through plus Turbo tax .Fer Pete's sakes I'm a mechanical minded guy not a paper pusher .The one thing I never want to do is get in a pissen match with the infernal revenue .I just know I'd lose that one .