The Tax Man Cometh. Again and Again.

[automatico]

Bad news.  The IRS is demanding another pound of flesh. 

TimeZone : Public Forum » IRS Form 1099-K

 

This will not be good for people who sell knickknacks on eBay and many other online outlets.  

Example:  If you sell a watch online for $2000, get paid by pay pal etc, now you get a 1099 for the sale and you will owe tax on the profit realized on sales totaling over $600 per year.  If you lost $$ on the deal, you will have to prove you lost $$ by providing proof of the purchase price, receipts for any work/parts on the watch etc.  If you get audited and end up butting heads with a Colonoscope weilding IRS Dildo who would not know a Vacheron from a Velamint...they may demand tax on the total sale price if you can not provide proof of a loss.  Who knows what they might do?

 

Gummit Idiots are forcing more and more citizens into an ever-growing Underground Economy.

I rest my case.  

 

 

 

 

[freddy333]

Combine this with the coming replacement of physical currency with DUSDs (digital US dollars) & 1984's Big Brother is no longer just your big brother, he is your parent, controlling what you can/cannot buy, do & say. At some point, I fear the people may be forced to remind mommy who the boss is & she will not be willing to give up power peacefully.

[Ronin]

Yeah you pretty much have to use friends and family transactions these days if it’s going to be over 600 bucks. Good luck proving you lost money on a Paul Newman Daytona replica you built. 😂

[Isochronous]

This will require record keeping big time. One can deduct many things related to the object sold. The cost of record keeping being something that can be deducted.

[jmb]

I'm waiting for PP to suspend my account as I have never provided them with my SSN.  They harassed me about it for a couple of years and apparently gave up!