new tax law coming Jan 1

longbedGTs

high on gas fumes
Has anyone heard about the new tax law of reporting profits of $600 or more on private transactions? Maybe I'm reading this wrong, but this sounds like some serious over reach. So...if I sell a car for over $600, then I have to report that gain on my taxes, correct? If so, that is utterly ridiculous.
 

sparky0798

Well-Known Member
Has anyone heard about the new tax law of reporting profits of $600 or more on private transactions? Maybe I'm reading this wrong, but this sounds like some serious over reach. So...if I sell a car for over $600, then I have to report that gain on my taxes, correct? If so, that is utterly ridiculous.
Who else is gonna pay for all the illegals crossing the border?
 

longbedGTs

high on gas fumes
Who else is gonna pay for all the illegals crossing the border?

heh...yep. My head is damn near caved in from all the face-palming I've done since the current regime was installed into office. What a disgrace. I'm kicking around the idea of selling the 86 GN, but will be damned if I'm going to pay taxes on the sale.
 

Turbo6inKY

Short Guy
Why do you think they were hiring 80k new irs agents. It wasn't to go after "the rich".
As if the economy wasn't suffering enough with the attacks on oil/gas and ic engines.
These representatives aren't in it for us.

It's to replace the thousands that have quit;
And the tens of thousands more that are retiring in the next ten years;
And to augment the staff that reviews paper returns and answer the phone;
And to track down the tens of thousands of people, rich or otherwise, that flout the law.
This form doesn't affect your tax owed at all... unless you've been moving income under the table via Venmo.

If it shows up, put it in the folder with your other receipts and file it. If you don't keep good enough records to comply with this form without a minimum of effort, that's on you.
 

Pronto

Believe nothing you hear and half of what you see.
This form doesn't affect your tax owed at all... unless you've been moving income under the table via Venmo.
Bingo! It doesn't matter if you make taxable income selling stocks or selling stuff on FB Market place it's still taxable income. I know someone that has made thousands of dollars selling junk on Ebay, FB and other platforms for 20 years. He's a tax cheat plain and simple. If he gets caught too bad for him. He could easily work a second job and earn the same money for all the time he spends at it. He likes to think he's sticking to "the government". Well, if that "government" catches up to him, he'll owe thousands in back taxes and penalties. It will only be his own fault, no one else's. The rules are pretty simple. It's up to people that sell stuff as a business to follow them.
 

TurboTGuy

Gray Beard Member
Police shortages, Teacher shortages, Border Agent shortages, OTR Trucker shortages.....

Let's hire 87000 new IRS agents.

Yeah, that's the ticket!
 

TTA308

Well-Known Member
Something else to think about , the IRS was actually created TO BE a scapegoat.. seeing how they can't fart unless Congress approves it , they don't make the laws but rather enforce them.. that's just one way lawmakers deflect any blame...

I have heard people say FUC THE IRS a million times and I have said it more than once as well...
but we should have said fuc the one's writing the laws in the first place...Almost forgot , the laws that apply to us do not apply to lawmakers... imagine that.
 

Mr. Michael

Member
Just throwing this out there...

For as long as I can remember you have to make a profit selling the part to pay a tax on it. If you have $1000 in a part and sell it for $600 then you took a loss. You should not have to pay tax when you take a loss (as mentioned in the video).
 
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salvageV6

Daily Driver
I write Charley Rangel (D) on all my IRS checks, you don't pay any interest or penalties on any "unreported" income that way. o_O ;) :rolleyes:
 

TurboTGuy

Gray Beard Member
Well, since JB is forgiving all this student debt, he's gotta give 'em jobs, too. Goes to figure........

The IRS seems to be a good fit for folks that don't know/never knew how to manage their money.......... PFFFFTTT.

FJB!
 
So does that mean if I sell my daily driver for $10,000, but I paid $15,000 few years ago, can I deduct $5000 from my wages...Hmmm
claiming capital losses is a sure fire way to get their attention....ask me how I know.....after audit they owed us....but never got the sleep I missed back. Good old saying.....Pigs get Fat....Hogs get Slaughtered
 
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