Death of Gemstone

[Shaps]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

"Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement"

Watch out!

Somehow this shit got put back in at the last minute... I spoke on it months ago... You'll see what follows.

Good luck selling shit for $ on here now.

[Realk]

please educate me, I read nothing in there that would change how money is exchanged here on PC for items that don't exist. Where nobody is claiming to be a small business owner.

[Tgo01]

please educate me, I read nothing in there that would change how money is exchanged here on PC for items that don't exist. Where nobody is claiming to be a small business owner.

According to the article this rule is different than the one they originally proposed which would have required PayPal to hand over this information for any account that had 600 dollars worth of transactions a single year, this rule apparently only deals with business accounts.

We'll see I suppose. Wouldn't surprise me if this morphs into the original proposal by the end of the year.

[~Rocktar~]

It applies to transactions using goods and services, not friends and family.

[Shaps]

https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022

"Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS."

"Homeowners who rent out their vacation properties through a marketplace typically do not receive Form 1099-K under the existing rules because they usually do not meet the 200-transactions-per-year threshold; similarly, sellers of collectibles on the internet rarely meet the threshold. Likewise, many individuals who seek to earn extra cash via online websites by making deliveries, cleaning houses, babysitting, or performing other services frequently do not earn more than $20,000 during a calendar year. However, under the new law, these property owners and gig workers will now receive 2022 Forms 1099-K reporting their extra income in January 2023 if that income in 2022 exceeds $600."

It's going to get everyone.

As said many times before... eventually they'll get to something you care about... and this is only going to get worse.

Dumbasses put these power hungry fuckers into power. Have to love ideologues, their platitudes, and ignorance that allows such things to happen.

So have fun paying off the IRS on shit you're selling on here LOL.

[Tgo01]

https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022

"Beginning in tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS."

"Homeowners who rent out their vacation properties through a marketplace typically do not receive Form 1099-K under the existing rules because they usually do not meet the 200-transactions-per-year threshold; similarly, sellers of collectibles on the internet rarely meet the threshold. Likewise, many individuals who seek to earn extra cash via online websites by making deliveries, cleaning houses, babysitting, or performing other services frequently do not earn more than $20,000 during a calendar year. However, under the new law, these property owners and gig workers will now receive 2022 Forms 1099-K reporting their extra income in January 2023 if that income in 2022 exceeds $600."

Yeah that website paints a much more gloomy picture.

The only saving grace is this paragraph, assuming the person who wrote it knows what they are talking about:


It is important to note that transactions for personal gifts, charitable contributions, and reimbursements are specifically excluded from Form 1099-K reporting. Most TPSOs will likely attempt to identify such transactions based on their user agreements, which generally specify whether the user will be using the website for personal or commercial transactions.

So I'm assuming if people use "friends and family" payments PayPal won't have to report that to the IRS. But like I said it wouldn't at all surprise me if this is changed in the near future to catch ALL payments, they gotta go after people making a few dollars selling in game shit after all. That's where the real tax evasion money is at!

[LOL BRIELUS]

womp

[Shaps]

Yeah that website paints a much more gloomy picture.

The only saving grace is this paragraph, assuming the person who wrote it knows what they are talking about:



So I'm assuming if people use "friends and family" payments PayPal won't have to report that to the IRS. But like I said it wouldn't at all surprise me if this is changed in the near future to catch ALL payments, they gotta go after people making a few dollars selling in game shit after all. That's where the real tax evasion money is at!

If you think those companies won't send every transaction in to the IRS to cover their asses, you're wrong.. they will...

The really scary part.... is it's then on YOU to prove what the money was for, and prove that it was not earned income. So once they start the audit on you, better have the supporting documentation on hand to support whatever story you're trying to give them.

This is just a stepping stone for them though.. they're laying the groundwork.. and now that this got passed.. it's never coming off the books. It's only going to get added to.

But hey... least we got Orange man out.

[Neveragain]

Yeah that website paints a much more gloomy picture.

The only saving grace is this paragraph, assuming the person who wrote it knows what they are talking about:



So I'm assuming if people use "friends and family" payments PayPal won't have to report that to the IRS. But like I said it wouldn't at all surprise me if this is changed in the near future to catch ALL payments, they gotta go after people making a few dollars selling in game shit after all. That's where the real tax evasion money is at!

A large portion of this is so they can tax transactions in "metaverse" platforms.

We are going to see extensive legal arguments over the coming years about who has the rights to tax virtual realms.

[Shaps]

They're also trying to apply this to people personal bank accounts... so any transaction over $600 dollars can trigger a look at your bank statements by the IRS if they want to... and see everything you choose to spend your money on.

Hopefully that doesn't make it in... but I'm sure the dumbasses who think the Voting Rights Bill being pushed is actually about Voting Rights won't pay any attention to the actual details either... so we're pretty much fucked because of uniformed, headline reading, self-righteous dipshits.

[Whirlin]

They're also trying to apply this to people personal bank accounts... so any transaction over $600 dollars can trigger a look at your bank statements by the IRS if they want to... and see everything you choose to spend your money on.

This has always been the case under AML regulations. More transactions are reported than you think.

Standard of living reviews are a huge risk factor that can draw an audit. If you're making 10k/yr, but purchase a $5m house with 0 reported income, that gets flagged. Assets versus income is evaluated.

[Shaps]

This has always been the case under AML regulations. More transactions are reported than you think.

Standard of living reviews are a huge risk factor that can draw an audit. If you're making 10k/yr, but purchase a $5m house with 0 reported income, that gets flagged. Assets versus income is evaluated.

Not disagreeing with your above statement.. you'd have to look it up yourself to see how the banking one was written up.. but essentially it's a work around of the 4th Amendment so that the IRS could directly examine any persons bank activity without "probable cause"... because the "probable cause" is "any transaction over $600" that could be used to justify an audit...

That would never get abused...nope, not at all.

Found it... and if you think they won't try to sneak it in again.. LOL.. people need to wake the fuck up... seriously...

https://abcnews.go.com/Politics/biden-admin-backs-tracking-bank-accounts-600-annual/story?id=80665505

"The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions"

They're now trying for...

"Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions"

And it's not a single transaction... it would allow them to audit your bank accounts for anything you spend totaling over $10000 for the whole YEAR. Which is in effect everyone on mortgage/rent alone in a calendar year... hence, the result? IRS full access to everyone's bank account.

Nope.. they're not trying to control every aspect of an individuals life at all...

[lexbubba]

That's what you get for voting for biden

[SHAFT]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

"Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement"

Watch out!

Somehow this shit got put back in at the last minute... I spoke on it months ago... You'll see what follows.

Good luck selling shit for $ on here now.

Switch to bitcoin or other cryptocurrencies. Problem solved.

[Whirlin]

Switch to bitcoin or other cryptocurrencies. Problem solved.
FinCEN's responsibilities was expanded in Dec 2020 under Trump has having responsibilities to enforce AML over Cryptocurrencies. We just haven't seen what FinCEN's new policies on crypto are going to be.

I think that there's an assumption about the privacy of banking information that's inherently erroneous. Transactions over 10k have always been reportable, gift transactions to particular individuals have been reportable on an annual basis for estate planning purposes. And Ever since the IRS reform of the 90s, lifestyle audits have gathered information about credit and bank information on individuals. The regulations for Know Your Customer and other protections help draw individual responsibilities over accounts that enabled them to be more tracible and aggregable. Having a bank account is more like having a cell phone than having a lockbox in your car. There's a reason that our generation was brought up on the idea of Swiss Bank Accounts being the only way to truly hide your money. Because things have been reported for our entire lifetimes.

Don't get me wrong, I don't think changes in the values from existing AML/Sanction regulations is necessary, I'm just pointing out that it's not as much of an expansion as your fearmongering it to be. A lot of Cash app / Paypal-esque services have skirted and subverted reporting requirements on transactions by not being FDIC insured, and not truly existing within the FinTech world.

[Shaps]

I'm not fear mongering... I'm stating what they're trying to do, and the potential (probable) abuse of such unrestricted free access.

[Neveragain]

Switch to bitcoin or other cryptocurrencies. Problem solved.

I think it's probable that they will either find a way to tax crypto or they will make it illegal.

[Bhaalizmo]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

"Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement"

Watch out!

Somehow this shit got put back in at the last minute... I spoke on it months ago... You'll see what follows.

Good luck selling shit for $ on here now.

https://media.giphy.com/media/7k2LoEykY5i1hfeWQB/giphy.gif

People will adapt and do it a different way.

[Gelston]

Better than the original plan, where'd they'd be informed over every deposit 600 or more into any bank account.

[Seran]

Not disagreeing with your above statement.. you'd have to look it up yourself to see how the banking one was written up.. but essentially it's a work around of the 4th Amendment so that the IRS could directly examine any persons bank activity without "probable cause"... because the "probable cause" is "any transaction over $600" that could be used to justify an audit...

That would never get abused...nope, not at all.

Found it... and if you think they won't try to sneak it in again.. LOL.. people need to wake the fuck up... seriously...

https://abcnews.go.com/Politics/biden-admin-backs-tracking-bank-accounts-600-annual/story?id=80665505

"The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions"

They're now trying for...

"Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions"

And it's not a single transaction... it would allow them to audit your bank accounts for anything you spend totaling over $10000 for the whole YEAR. Which is in effect everyone on mortgage/rent alone in a calendar year... hence, the result? IRS full access to everyone's bank account.

Nope.. they're not trying to control every aspect of an individuals life at all...

The IRS has had the ability to audit taxpayers or non-filers for decades, this is absolutely nothing new. Nor is their ability to audit a violation of due process or the Fourth Amendment. The fact that non-bank institutions now handle more daily cash transactions for individuals than any single institution created the necessity for these platforms to have the same 1099 requirements of any institution. $600 dollars instead of $10,000 dollars, big deal. People are going to have to realize their tax evasion isn't a Constitutional right.

[~Rocktar~]

Switch to bitcoin or other cryptocurrencies. Problem solved.

Pretty sure mortgage and utility companies are not keen on taking Bitcoin.

[Solkern]

They're also trying to apply this to people personal bank accounts... so any transaction over $600 dollars can trigger a look at your bank statements by the IRS if they want to... and see everything you choose to spend your money on.

Hopefully that doesn't make it in... but I'm sure the dumbasses who think the Voting Rights Bill being pushed is actually about Voting Rights won't pay any attention to the actual details either... so we're pretty much fucked because of uniformed, headline reading, self-righteous dipshits.

Just send less than $600 and you’re fine.

[ClydeR]

Is your complaint that people who were cheating on their taxes won't be able to anymore?

[Whirlin]

Actually... I went back and thought about it last evening... This may be one of the best things to happen to Gemstone. They're forcing Tax compliance by treating hobbies as small businesses by reviewing transactions is the dumbest thing for the IRS to do.

Standard disclosure. Do not utilize my statements in this post as direct tax advice. These thoughts is predominantly driven by tax theory from my master's degree in the later 2000s, and not direct section by section breakdowns of the 2020+ code. Discuss these matters with your CPA and tax preparation professionals for how to handle this in the future. I would recommend leveraging these elements in the discussion with your tax preparation professionals. Except don't be asking folks at like, an H&R block for advice... talk to real CPAs.


Lets look at my Patreon for example. My Patreon distributes upgraded training sheets, some damage modeling simulations, and host a separate discussion venue for mechanics, theorycrafting and advice on Gemstone. Technically speaking, under current tax law, this is a source of earned income, and subject to taxation. However, because of the value, Patreon does not issue 1099 forms until you surpass a certain monthly income bracket. Because of the non-tangible goods being issued, only a subset of the patreon revenue is subject to sales tax, which is paid by Patreon on my behalf.

All revenues have related expenses to the obtaining, holding, and distribution/disbursement of assets/services. However, since I was below the threshold, I don't go through itemization and oversight into all elements of my activities that are related. However, if they're forcing compliance of income, I guess it's time to evaluate how this looks as a sole priorietorship, properly 1099'ed business.

My subscriptions on X accounts with Simutronics are no longer a hobby. They are now a required expense in order to perform research, stay up to date on changes, and provide the value to my patrons to keep the revenue stream running. So my $X I pay to Simutronics is now a fundamental business expense, reducing that patreon income.
Since this is now more a small business, and not W-2 based income. While Trump got rid of the Home Office Expense for W-2 Salaried Employees, a 1099 proprietorship is eligible for home office deductions in accordance the longer standing regulations. I can apportion out the square footage of my house for the room that's dedicated to playing gemstone as a home office, and take a marginal expense of my mortgage, heating, and home maintenance bills. Cool, now I get a portion of my house paid for.

Now if we consider folks that are whaling, suddenly, any investment that they make into something like simucoins could be considered an investment, with the time/energy they utilize towards marketing, transfers, accounting, management, distribution, etc, as expenses that offset reported revenue from the sale of virtual goods.

Lastly, this actually creates a tax loophole. If Goat invests $1000 into Simucoins, and sells off all of the Bloodscrip books for $999. This reporting may enable him to recognize a loss of $1. However, if Goat is also getting 2% cash back on credit card... I don't personally ever remember seeing reporting on credit card incentives being reported ever since credit card interests were removed from being deductibles, which could enable him to recognize a loss on the sale, while seeing a profit. This could be a win-win for whales.

While yes, they may be uncovering 25% unreported revenue in the documentation the IRS is putting out, they're also forgetting the unreported expenses associated with those revenues.

[ClydeR]

Is your complaint that people who were cheating on their taxes won't be able to anymore? If you have taxable income, you are required by law to report it to the IRS, even if it is less than $600,regardless of whether or not a bank or Paypal sends a notice to the IRS.

[Whirlin]

Is your complaint that people who were cheating on their taxes won't be able to anymore? If you have taxable income, you are required by law to report it to the IRS, even if it is less than $600,regardless of whether or not a bank or Paypal sends a notice to the IRS.
While accurate, there's the concept of materiality in the accounting/taxation/audit world. Where is it worth worrying about small stuff when it doesn't impact the big picture. Specific to tax approach, where the price of enforcement/oversight to the anticipated gains out of the costs of that enforcement oversight. This is why companies like patreon, and I would assume onlyfans, fiver, and other gig-based internet services only push reporting over a certain revenue value. However, to the best of my knowledge, there's no specific value set forth on what those thresholds should be for such services. And these changes would establish that. However, I'm once again going to repeat that the thresholds proposed are far too low... but I also saw that they were meant as a starting point for negotiations, and were purposefully set incredibly low with the anticipation of resulting much much higher.

It's not worth engaging a $1000 audit over a 20% chance of recapturing $200 in back taxes. It's a waste of everyone's time in the process.

[Shaps]

Whirlin... that was a really good read. Interesting approach you came up with.

[Suppa Hobbit Mage]

It's not worth engaging a $1000 audit over a 20% chance of recapturing $200 in back taxes. It's a waste of everyone's time in the process.

I love the rationalization, Whirlin. Very logical and I'd suggest this would be true were you speaking of a for profit entity. The government is clearly not in that camp.

[Whirlin]

Spoke with a CPA friend of mine about it.

There's a line between Hobby and Small Business. These lines were further solidified via the Tax Cut and Jobs Act in 2017. However, while making them clear cut, they're also soooo much worse for us.

If you are receiving any money from a hobby, Trump via the TCJA removed Recognition of ANY expense related to revenue generated until 2025. If you play chess for fun and win the grand prize of $1000, even if you paid $5000 in lessons, all $1000 is taxable income, with no offsets. This has been law since 2017. So my previous posts were ONLY in regards to defining playing Gemstone for profit as a sole proprietor small business.

So prior to 2017, this was typically not enforced or considered because most folks would be able to offset hobby income with their hobby expenses to reduce those values to a 0 income. However, since Trump removed recognition of hobby expenses, those are now just endless unreported revenue streams that are unreported. This however, only hurts folks that have not established businesses/LLCs around their activities as 'small businesses' to carry the losses. Folks are misconstruing enforcement of laws as the attack whereas the original founding of the laws was the attack, and this is the necessary follow through to uphold the law.


There are a set 9 questions you should ask yourself to delineate a small business from a hobby:


Do you treat the activity like a business by maintaining accounting records?
Do you put in the time and effort appropriate to turn a profit?
Do you depend on the activity’s income for your livelihood?
Are the losses sustained in the activity beyond your control? Did the losses happen during the activity’s startup phase?
Have you changed your operations to try to achieve or improve profitability?
Do you or your advisors have the knowledge to run a successful business?
Have you profited from running similar businesses in the past?
Has the activity ever made a profit and, if so, how much?
Can you reasonably expect the activity to earn a profit from the appreciation of assets used in the activity?

Many of these are pretty subjective, but straight YES's point 100% to a valid small business. Any less is a little more ambiguous, but I think the only one that's a bit iffy for us Gemstone folks is Losses beyond our control. 8 is also a little iffy to answer YES to, unless you've declared that income in the past on previous returns, you could be opening yourself up to have previous years' reviews reviewed, you'll just need to do a little mental acrobatics to skirt it, or point to it being an immaterial amount of money, or observed others making profit/etc. Per a CPA's advice, "Read these questions before an audited, and know that they're going to ask you these questions with different wording, and that they're looking for YESs, and you'll be all set... but I've never had anyone audited on this in over a dozen years"

The CPA also pointed out that more than 2 years of straight losses raises a lot of red flags and could increase the likelihood of being audited if perpetually taking losses on small businesses. It is anticipated to be 'profitable' between 2-5 years. Other recommendations are adding some rigor by forming an LLC to buffer your own liability/etc. But, much more overhead.

One of my awesome patrons pointed out when we were discussing this that you can absolutely go invest $2k into a Lumnis brooch as an upfront expense, declare yourself a small business with anticipated profit in 2-5 years, and recognize the $2k losses to reduce income on your taxes. Especially if you're doing a 2-5 year plan, there ya go. You can't afford NOT to recognize this loss now.

Another concern I brought up the concern with quarterly tax payments that sole businesses are responsible for. And this is accurate, if your total witholdings do not cover your total taxes due. If you receive a refund, no problem. Even if you owe some money, he said it was typically insubstantial unless you're pushing additional taxes due in April over $10k.

I think the important thing is to protect your hobby income by establishing a small business by going through your characters and beginning to establish stronger oversight on your intangible assets to be able to recognize your expenses to offset your hobby income. Some whales I've spoken to have been doing this forever, so it's nothing new... but if you're a weekend warrior that's never really considered the possibility of getting tax advantageous XP Brooches and Simucoin block purchases, then you should consider investing in WhirlBooks, the new accounting infrastructure for Gemstone. Never before has it been easier to track revenues, expenses, and assets for your Gemstone Accounts with the option to directly feed in your INVDB data. Get more information at Patreon.com/LordWhirlin. But that's a joke... but also not a joke. I could absolutely make something if folks are interested and would like me to.

[Ardwen]

This like the 200th Death of Gemstone, if I had to hazard a guess, and I and the rest of us do, not a damn thing will change.

[Whirlin]

I love the rationalization, Whirlin. Very logical and I'd suggest this would be true were you speaking of a for profit entity. The government is clearly not in that camp.
While true for more service oriented elements of the government, IRS itself is more gap motivated than other organizations, and is the only (that I'm aware of) organization that returns a net profit per dollar spent in their compliance operations. While approximately 10-15% audits are truly random, a majority are risk rated based upon the risk scoring done by evaluating current versus past revenues and expenses, quality of living relative to expenditures, and other elements. Mostly because their efforts are to drive compliance. With the amount of ambiguity in the tax code, per my materiality discussion earlier, they don't want to go into nitpicky debates, they want to go after the slam dunk, easy work, so they'll only focus on the biggest indefensible. It's not worth the time/energy if it progresses to tax court/etc.

This come across as projecting, but this was based on lessons I was taught in an IRS Audits, Methods, and Process class I took for my master's degree taught from an ex-agent who had retired only 5 years prior. I also just did some quick googling to see if there was more information, and I could see risk factors being referenced in multiple areas. The class was a decade ago at this point, and I'm sure %s of randomness and risk factors have evolved, but to the best of what I've read/observed, the overarching methodology has remained consistent.

[SHAFT]

Pretty sure mortgage and utility companies are not keen on taking Bitcoin.

Yet.

Also, if you’re using gemstone to pay the bills…. ��

[SonoftheNorth]

You could just pay taxes on it

[Parkbandit]

Also, if you steal anything from Gemstone, ala Androidpk, and don't return it in the same year.. you are liable for the taxes on that "income"...

[Archigeek]

I'm still hoping that someone will decide that all my old Gemstone shit is an "NFT" and they'll pay me a bunch for it because Snoop Dog bought something in Gemstone once.

Hell, if an old calculator from the 80's is an antique, I've got a locker full of antiques!

PS: I don't believe this changes anyone's actual tax liability, but it does change a perceived push by the government to net income that they were letting slide because they hadn't quite figured out how they wanted to pursue it yet. And therefore, as Whirlin says, it promotes compliance. It might stiffle some cash sales of Gemstone stuff in the process. If you think using "friends and family" gets you out of tax liability I've got a broadsword to sell you.

[Tgo01]

If you think using "friends and family" gets you out of tax liability I've got a broadsword to sell you.

Problem is I don't think Congress/IRS has quite tackled virtual goods yet. They have gotten around to things like Bitcoin and other virtual currency because those currencies typically have a real world value that you can easily trade it in for, but how do they tax things like selling bloodscrip for real dollars?

Someone spends 1000 real dollars to buy SimuCoins to run arenas and they end up selling all of their earned bloodscrip for 1200 dollars. Can the person deduct the initial 1000 dollars or do they have to pay taxes on the whole 1200? Can they deduct their monthly GS account fee? What about what they pay for internet? And how is it supposed to be reported? As regular income or is the person supposed to be considered a business?

I think this is the problem with the IRS just being given all of this information without any details, are they going to look at it and be like "Holy shit! This guy received 25k via PayPal and didn't report any of it! They owe us thousands of dollars!" without even realizing the possibility that this person genuinely received 2k in gifts and spent 20k to earn the other 3k they received? This just seems like a way for the IRS to put the onus on citizens to prove they don't owe taxes rather than the IRS proving the person does owe taxes.

[Archigeek]

Problem is I don't think Congress/IRS has quite tackled virtual goods yet. They have gotten around to things like Bitcoin and other virtual currency because those currencies typically have a real world value that you can easily trade it in for, but how do they tax things like selling bloodscrip for real dollars?

Someone spends 1000 real dollars to buy SimuCoins to run arenas and they end up selling all of their earned bloodscrip for 1200 dollars. Can the person deduct the initial 1000 dollars or do they have to pay taxes on the whole 1200? Can they deduct their monthly GS account fee? What about what they pay for internet? And how is it supposed to be reported? As regular income or is the person supposed to be considered a business?

I think this is the problem with the IRS just being given all of this information without any details, are they going to look at it and be like "Holy shit! This guy received 25k via PayPal and didn't report any of it! They owe us thousands of dollars!" without even realizing the possibility that this person genuinely received 2k in gifts and spent 20k to earn the other 3k they received? This just seems like a way for the IRS to put the onus on citizens to prove they don't owe taxes rather than the IRS proving the person does owe taxes.

If you buy something, and sell it for a profit, it doesn't matter what it is or whether or not the IRS has figured out how to prove it yet, you owe taxes. This is true for illegal drugs, NFTs, and Gemstone silvers. Not getting found out is not the same as not owing the tax on the income, and if you deliberately try to hide it, well that's probably a whole different set of penalties. It's one thing to deceive PayPal, and another to hide income from the IRS.

I totally agree that they haven't got it all figured out, but that doesn't change what you're technically liable for. I'll probably talk to my tax accountant about it, and I honestly have no idea what he'll say. "Wait, you sold a text axe for $12,000? Explain this to me one more time."

[Tgo01]

If you buy something, and sell it for a profit, it doesn't matter what it is or whether or not the IRS has figured out how to prove it yet, you owe taxes.

Yeah but how is it classified and how does it work? If I spent 5k buying an item and I sell it for 6k do I pay taxes on the 1k profit or the whole 6k? Is it income similar to working income or is it considered business income? Do I have to pay social security taxes on this?

If the IRS hasn't spelled any of this out yet then it's kind of absurd for them to expect people to comply with this.

[Shaps]

Really liking the conversations so far in this thread... learning some stuff myself.

I think people haven't thought about some other random stuff... ie...

Parents with kids at college... a lot of parents send money throughout the year to their kid... their kid is now going to need to file taxes on that money they are receiving from their parents...

Sons/Daughters that send money to their parents/siblings... same thing...

Family loans that go out to help... etc...

$ is already taxed like 4-5 times by time we get to spend it.... now it's just getting taxed again and again each time people transfer money they've earned already to friends/family/whatever potentially.

[Tgo01]

Parents with kids at college... a lot of parents send money throughout the year to their kid... their kid is now going to need to file taxes on that money they are receiving from their parents...

Sons/Daughters that send money to their parents/siblings... same thing...

To be fair gifts have always been taxable, but the person giving the gift is the one responsible for paying the taxes and you can give something like 15k dollars per person per year that is 100% non-taxable, anything over that amount and the giver has to pay taxes.

But like I said before if this is all happening on PayPal it's going to send up red flags to the IRS. Like, just for shits and giggles, let's say 4 people send the same person 15k via PayPal in a single year, that's 60k that the IRS is looking at and thinking "That sure looks like a large amount of unreported income to us." What are they going to do with this information? Set up an audit? Harass this person into proving it was all a gift?

Just handing over this information to the IRS with absolutely no information behind the payments is dumb.

[Whirlin]

Problem is I don't think Congress/IRS has quite tackled virtual goods yet. They have gotten around to things like Bitcoin and other virtual currency because those currencies typically have a real world value that you can easily trade it in for, but how do they tax things like selling bloodscrip for real dollars?

Someone spends 1000 real dollars to buy SimuCoins to run arenas and they end up selling all of their earned bloodscrip for 1200 dollars. Can the person deduct the initial 1000 dollars or do they have to pay taxes on the whole 1200? Can they deduct their monthly GS account fee? What about what they pay for internet? And how is it supposed to be reported? As regular income or is the person supposed to be considered a business?

I think this is the problem with the IRS just being given all of this information without any details, are they going to look at it and be like "Holy shit! This guy received 25k via PayPal and didn't report any of it! They owe us thousands of dollars!" without even realizing the possibility that this person genuinely received 2k in gifts and spent 20k to earn the other 3k they received? This just seems like a way for the IRS to put the onus on citizens to prove they don't owe taxes rather than the IRS proving the person does owe taxes.
I literally just answered this a few posts ago. You used to be able to reduce the earnings, Trump removed that ability if it's a Hobby. You'd need to treat it like a small business.


Yeah but how is it classified and how does it work? If I spent 5k buying an item and I sell it for 6k do I pay taxes on the 1k profit or the whole 6k? Is it income similar to working income or is it considered business income? Do I have to pay social security taxes on this?

If the IRS hasn't spelled any of this out yet then it's kind of absurd for them to expect people to comply with this.
Yes... they have. Multiple times. This is inherent with the management of hobby versus small businesses.
If it's consider a hobby, and not a small business, the 5k expenses is no longer realizable, and you're taxed for the full 6k income per Trump's reforms. Previously, and post 2025, you'll be able to realize the associated hobby losses associated with the revenue that's generated.
Previously, 9/10 times, it was considered to net out, because hobbies are expenses. However, with Trump's change, it's a new revenue stream that's untapped.

[Whirlin]

To be fair gifts have always been taxable, but the person giving the gift is the one responsible for paying the taxes and you can give something like 15k dollars per person per year that is 100% non-taxable, anything over that amount and the giver has to pay taxes.

But like I said before if this is all happening on PayPal it's going to send up red flags to the IRS. Like, just for shits and giggles, let's say 4 people send the same person 15k via PayPal in a single year, that's 60k that the IRS is looking at and thinking "That sure looks like a large amount of unreported income to us." What are they going to do with this information? Set up an audit? Harass this person into proving it was all a gift?

Just handing over this information to the IRS with absolutely no information behind the payments is dumb.
15k per sender per recipient. I could give you 15k, I could give shaps 15k, I could give PB 15k, before any gift taxes are enforced. And even then. If I paid you 20k, that would be 5k off of my death tax estate which is currently like, over 10 million. So instead I may have taxes garnished on the amount I have over $9,995,000. Gift taxes really aren't consequential. And if I have that much money, I'm setting up a trust anyway, and skirting the death tax holistically.
Right now, those transactions, because they're over 10k, are already required to be submitted by any financial institution to the IRS, because of the existing AML laws.
It's worth pointing out... Paypal is not an FDIC insured institution, doesn't comply with regulations, and no money that Paypal has is secured or protected, and they are under no obligation to return/protect your money.

[C.Difficile]

Be careful, some very bad misinformation being passed around here.

For example, cost of good sold is always "deductible", since the TCJA only removed deductions on INCOME. If you paid 5k for something and sold it for 6k, only the 1k is income, and you can't deduct any expenses from that amount.

https://www.taxwarriors.com/blog/did-your-hobby-became-more-expensive-under-tcja

[Whirlin]

Really liking the conversations so far in this thread... learning some stuff myself.
I think people haven't thought about some other random stuff... ie...
Parents with kids at college... a lot of parents send money throughout the year to their kid... their kid is now going to need to file taxes on that money they are receiving from their parents...

Most parents make the payments direct to the college on their kids behalf, the money never really changes hands to the kids before payment. Before Trump, tuition education expenses used to be a For Adjusted Gross Income Reduction of income with a phaseout depending on income, so the payer of the tuition bills would receive some tax incentive for paying for college. This was removed.



Sons/Daughters that send money to their parents/siblings... same thing...
Family loans that go out to help... etc...

There's no sale. This is not revenue. This is a gift, and subject to estate taxes. Right now the max is $15k/yr per individual per recipient. Essentially, if I'm on my deathbed, sitting on $50m, and I would need to pay taxes on 40m of it when I die (assuming the current threshold is 10m, it changes every year), I can't just go around and start writing $1m checks to avoid that final taxation. Every dollar sent to a person over 15k reduces your estate before the death taxes hit. So if you write a check for $1015,000, your estate taxes would begin at 9m instead of 10m.


$ is already taxed like 4-5 times by time we get to spend it.... now it's just getting taxed again and again each time people transfer money they've earned already to friends/family/whatever potentially.
Yes, it's the velocity of money in economic theory. And again, this is not related to the changing the gift/estate taxes, it's a mechanism to identify revenue streams. The way it's proposed now, yes, you may need to substantiate/flag the transactions that entered your account that were gifts, where they came from, etc to verify that they're not revenue streams. However, the larger revenue generation comes from unregulated earning ability through 'the gig based economy' which they are using as a term to reference websites like Fiver, Etsy, Patreon, EBay, Facebook Market Place, etc, where individuals may be doing hundreds of onsy-twosy sales, which aggregate up into an entire way of life, but those goods and services and do not necessarily enforce revenue reporting (I think some may over a threshold).

That being said, this is speculative, but I wouldn't be surprised to identify a gift, you may be required to provide an SSN or something of the sender. You should be close enough to that person, trust that person, and be able to identify/obtain that information. Otherwise, is it really a gift?

Lastly... another loophole would be using Simu's GoA for smaller sales. But I doubt they'd be hitting those proposed reporting thresholds anyway.

[Tgo01]

For example, cost of good sold is always "deductible", since the TCJA only removed deductions on INCOME. If you paid 5k for something and sold it for 6k, only the 1k is income, and you can't deduct any expenses from that amount.

I didn't think it made any sense at all that you could in theory pay 100k dollars for something, sell it for 90k dollars, and be taxed for the full 90k, which would not only mean you lost 10k in the transaction but you now have to pay taxes on something you lost money on.

[Methais]

This like the 200th Death of Gemstone, if I had to hazard a guess, and I and the rest of us do, not a damn thing will change.

https://i.imgur.com/7bHHl8y.jpg

[Methais]

I'll probably talk to my tax accountant about it, and I honestly have no idea what he'll say. "Wait, you sold a text axe for $12,000? Explain this to me one more time."

Please follow up on this post with his reaction.

[Neveragain]

If you buy something, and sell it for a profit, it doesn't matter what it is or whether or not the IRS has figured out how to prove it yet, you owe taxes. This is true for illegal drugs, NFTs, and Gemstone silvers. Not getting found out is not the same as not owing the tax on the income, and if you deliberately try to hide it, well that's probably a whole different set of penalties. It's one thing to deceive PayPal, and another to hide income from the IRS.

I totally agree that they haven't got it all figured out, but that doesn't change what you're technically liable for. I'll probably talk to my tax accountant about it, and I honestly have no idea what he'll say. "Wait, you sold a text axe for $12,000? Explain this to me one more time."

Pretty much every time I tell people about $20,000 text boots their first comment is "That sounds like money laundering."

And you have to admit that it does and I'm sure the IRS will be thinking the same thing.

[Flap]

Hahahaha, yes of course you'd think this is the death of Gemstone.

OH NO I HAVE TO PAY TAXES ON MY INCOME BUH HUH HOO I HAVE TO CONTRIBUTE TO THE SYSTEMS I BENEFIT FROM!!!

[C.Difficile]

Pretty much every time I tell people about $20,000 text boots their first comment is "That sounds like money laundering."

And you have to admit that it does and I'm sure the IRS will be thinking the same thing.

They won't, because they actually know what money laundering is.

[Bryce]

Switch to bitcoin or other cryptocurrencies. Problem solved.

Can’t because scumbag Biden and his scumbag brethren in congress included $600.00 for coinbase and every crypto exchange in the USA. The democrats are using the IRS as puppets to do their dirty work and steal from the poor and middle class while saying “we won’t tax the poor or the middle class”. “If you like your plan you can keep your plan.”

Just one more way the new socialist democrats are pushing our Republic one step closer to communism. Economy crumbling, inflation out of control, borders flowing with illegals…. Children getting little to no education. Crime at an all time high. Suicides at an all time high. Gas prices at an all time high. USA no longer energy independent. democrats begging OPEC, like bitches, to help lower the price of gas after we shut down oil production…. A 2 cheeseburger happy meal is $13.14 now.

This new socialist democrat party is ruining our country, but hey we voted the orange guy out at least!

[SHAFT]

Can’t because scumbag Biden and his scumbag brethren in congress included $600.00 for coinbase and every crypto exchange in the USA. The democrats are just using the IRS as puppets to do their dirty work and steal from the poor and middle class while saying “we won’t tax the poor or the middle class”. “If you like your plan you can keep your plan.”

Just one more way the socialist democrats are pushing our Republic one step closer to communism. Economy crumbling, inflation out of control, borders flowing with illegals…. Children getting little to no education. Crime at an all time high. Suicides at an all time high. Gas prices at an all time high. USA no longer energy independent. democrats begging OPEC, like bitches, to help lower the price of gas after we shut down oil production…. A 2 cheeseburger happy meal are $13.14 now. But hey we voted the orange guy out at least!

Have you talked to a therapist about this?

[C.Difficile]

Can’t because scumbag Biden and his scumbag brethren in congress included $600.00 for coinbase and every crypto exchange in the USA. The democrats are just using the IRS as puppets to do their dirty work and steal from the poor and middle class while saying “we won’t tax the poor or the middle class”. “If you like your plan you can keep your plan.”

I don't understand, crypto and 1099 income has always been taxable, even under Trump. This was a reporting change that will prevent people from lying about taxes they already owe, isn't that a good thing?

[audioserf]

Pathragers have you considered getting a job

[SonoftheNorth]

Pathragers have you considered getting a job

KFC?

[Bryce]

Obama in 2012 started the 1099R. It was $20,000 and 200 transactions per year. Biden changed it to $600.00 and 1 transaction. The problem isn’t paying or not paying taxes, the problem is it puts undue burden on the taxpayer. You now have to keep receipts for 7 years on anything you sell. Prior to this law you didn’t need to keep receipts unless you were a business or made a profit. If sold at a loss you didn’t need to keep a receipt. Another tax on the poors and the middle class.

[~Rocktar~]

Every single tax is a tax on the poor and middle class.

[Parkbandit]

Every single tax is a tax on the poor and middle class.

Death tax?

Luxury tax?

Estate tax?

[~Rocktar~]

Death tax?

Luxury tax?

Estate tax?

Yep. How do the people that pay those taxes get the money to purchase the goods that push them into those taxes? They sell goods and services to others. That's fair and nothing exploitive or bad. Now, they tend to not want to cut their income because of taxes so, they increase their prices to cover the gap. This continues through the supply chain until invariably the increase in prices reaches fundamental goods and services to the final consumer, the poor and middle class.

So yeah, pretty much every single tax ends up born by the poor and middle class despite what it looks like on the surface. There are very few if any substantive taxes that don't end up this way.

[Parkbandit]

Yep. How do the people that pay those taxes get the money to purchase the goods that push them into those taxes? They sell goods and services to others. That's fair and nothing exploitive or bad. Now, they tend to not want to cut their income because of taxes so, they increase their prices to cover the gap. This continues through the supply chain until invariably the increase in prices reaches fundamental goods and services to the final consumer, the poor and middle class.

So yeah, pretty much every single tax ends up born by the poor and middle class despite what it looks like on the surface. There are very few if any substantive taxes that don't end up this way.

You realize that most people who pay death tax, luxury tax and estate taxes don't start out poor... right?

[~Rocktar~]

You realize that most people who pay death tax, luxury tax and estate taxes don't start out poor... right?

Over 80% of all millionaires in the US are self made, see "The Millionaire Next Door" by Thomas Stanley. So yes, they did.

[Alfster]

Is being a millionaire even enough to call it winning anymore? Good luck retiring without at least that much.

[Suppa Hobbit Mage]

Is being a millionaire even enough to call it winning anymore? Good luck retiring without at least that much.

Depends on savings, age and expenses, like any equation. I have over a million in my 401k and ~200k in a Roth, another 80k in an annuity but if I were to retire right now I'd have no income at all as I don't have a pension and at least 12 years until eligible for SS. I have a couple years left on a home loan and a year left on my wife's car. With the market doing what it's doing the past few years (just the general volatility), the need for healthcare and the cost of living (I don't mean inflation so much as groceries, electric, gas, water, etc) I am not comfortable retiring. Way too many variables outside of my control.

If I could do anything different, it would have been to work for the government in some capacity or have joined the military - just so I could get some of that sweet sweet government retirement and healthcare plans. Although I'm not even sure how sweet they are anymore, they are better than a non-pension job for the most part.

[Methais]

Is being a millionaire even enough to call it winning anymore? Good luck retiring without at least that much.

It really depends where you live. Some places you might as well be on welfare, other places you'll live like a king.

[Gelston]

Is being a millionaire even enough to call it winning anymore? Good luck retiring without at least that much.

If you have everything paid off you can retire with a lot less and move to a way less expensive area.

[Methais]

the need for healthcare and the cost of living (I don't mean inflation so much as groceries, electric, gas, water, fire extinguisher inspections, etc) I am not comfortable retiring.

Fixed.

[Gelston]

Depends on savings, age and expenses, like any equation. I have over a million in my 401k and ~200k in a Roth, another 80k in an annuity but if I were to retire right now I'd have no income at all as I don't have a pension and at least 12 years until eligible for SS. I have a couple years left on a home loan and a year left on my wife's car. With the market doing what it's doing the past few years (just the general volatility), the need for healthcare and the cost of living (I don't mean inflation so much as groceries, electric, gas, water, etc) I am not comfortable retiring. Way too many variables outside of my control.

If I could do anything different, it would have been to work for the government in some capacity or have joined the military - just so I could get some of that sweet sweet government retirement and healthcare plans. Although I'm not even sure how sweet they are anymore, they are better than a non-pension job for the most part.

You'd have only gotten the retirement pay after doing 20 years of service, even then, it wasn't that high. 30 years is better. It is money coming in, but yeah, you could do a lot better working 20-30 years in a private industry instead. Doing military for the monetary benefits is never the best idea compared to just about anything else.

[Suppa Hobbit Mage]

You'd have only gotten the retirement pay after doing 20 years of service, even then, it wasn't that high. 30 years is better. It is money coming in, but yeah, you could do a lot better working 20-30 years in a private industry instead. Doing military for the monetary benefits is never the best idea compared to just about anything else.

I honestly was thinking more along the civil servant side of things. My brother retired at 59 as an ES18 I think and my father a GS15 and they both have/had benefits that rival my current post tax income in retirement. But they both put in 30 years also so I totally get your point.

[Gelston]

I honestly was thinking more along the civil servant side of things. My brother retired at 59 as an ES18 I think and my father a GS15 and they both have/had benefits that rival my current post tax income in retirement. But they both put in 30 years also so I totally get your point.

A GS-15 is the equivalent of a Colonel, and yeah, you'd have great retirement at that rank. Thing is, most people never make it to that rank.

I've never heard of an ES-18 so I couldn't tell you shit about that.

[Suppa Hobbit Mage]

ES = Executive Service

[Bhaalizmo]

ES = Executive Service

So like, Stormy Daniels?

[Orthin]

A GS-15 is the equivalent of a Colonel, and yeah, you'd have great retirement at that rank. Thing is, most people never make it to that rank.

I've never heard of an ES-18 so I couldn't tell you shit about that.

This is what I am thinking Executive Service tables would be for salary. I was genuinely intrigued because I know someone who is SES and was able to find what they make too, and they are doing fine (on top of their 20 year military retirement)

Salary Table No. 2022-EX
Rates of Basic Pay for the Executive Schedule (EX)
Effective January 2022
Level Rate
Level I $226,300
Level II $203,700
Level III $187,300
Level IV $176,300
Level V $165,300
Note: Section 160 of the Continuing Appropriations Act, 2022, as added by section 101 of the Further Continuing Appropriations Act, 2022, continues a freeze on the payable rates of pay for certain
senior political officials through February 18, 2022 (unless an earlier end date is established by subsequent law). For more information, p

[Methais]

So like, Stormy Daniels?

Rent free 24/7. :lol:

https://c.tenor.com/ieyItdm7qI8AAAAM/ass-play.gif

[Parkbandit]

Rent free 24/7. :lol:

https://c.tenor.com/ieyItdm7qI8AAAAM/ass-play.gif

In his defense... he only has room for one thing on his brain at a time.

It's been ZOMGTRUMP for 5 years now. One day, he'll get over him.

[Bhaalizmo]

In his defense... he only has room for one thing on his brain at a time.

It's been ZOMGTRUMP for 5 years now. One day, he'll get over him.

Most of what you said above is your typical dumb bullshit.

But one thing is correct.

One day, I'll get over 4 5. That will be on the day he is sentenced.

[Suppa Hobbit Mage]

One day, I'll get over 4 5. That will be on the day he is sentenced.

What do you think he'll be sentenced for?

[Bhaalizmo]

What do you think he'll be sentenced for?

Considering the number of legal actions he's involved in, the options are plentiful. But I think in order of best odds, I'd go with:

The New York tax valuations thing. So much history there, and the lawsuits of the past where Mary Trump lost, included roomfuls of documentation about Fred Trumps estate (which NY AG now has in their possession), how his son devalued it all (his favorite one trick), and so on. New York got played on that one, they get played every time he runs that scam, and they're coming for him.

Inciting an insurrection / trying to prevent peaceful transfer of power as a close second.

[Methais]

What do you think he'll be sentenced for?

Mean tweets.

[Methais]

Most of what you said above is your typical dumb bullshit.

But one thing is correct.

One day, I'll get over 4 5. That will be on the day he is sentenced.

In other words, you're never gonna get over Trump and are still gonna be butthurt when you're 80 and still posting in your meltdown Trump thread.

[Suppa Hobbit Mage]

Considering the number of legal actions he's involved in, the options are plentiful. But I think in order of best odds, I'd go with:

The New York tax valuations thing. So much history there, and the lawsuits of the past where Mary Trump lost, included roomfuls of documentation about Fred Trumps estate (which NY AG now has in their possession), how his son devalued it all (his favorite one trick), and so on. New York got played on that one, they get played every time he runs that scam, and they're coming for him.

Inciting an insurrection / trying to prevent peaceful transfer of power as a close second.

NY stuff might have legs, but the insurrection IMO won't ever materialize to anything more than a political tool.

[Parkbandit]

What do you think he'll be sentenced for?

That's a low blow SHM.

[Bhaalizmo]

That's a low blow SHM.

Boom, got em.

With one of your 5 comebacks.

Great job grandpa.

Go back to sleep.

[Parkbandit]

Boom, got em.

With one of your 5 comebacks.

Great job grandpa.

Go back to sleep.

My comebacks are normal though.

Having a 12 year old thread, objectifying women you have no chance with is creepy as fuck.

And I won't even go into your thread about how upset Trump was elected... that's just picking on your mental disabilities and I won't be involved in that.

But if it weren't for your creepiness and mental issues... you would have nothing.

So just be you and illustrate to everyone why you should be avoided.

[Bhaalizmo]

Waaaaaaaa.

Waaaaaaa.

Waaaaaaaaaaaaa.


https://c.tenor.com/rYSBKEcela4AAAAC/sure-klan.gif

[Parkbandit]

I suffer from being a total creep and mental illness.

Truth hurts.

[Bhaalizmo]

Truth hurts.

Interesting. Is that why you angrily project gay on everybody?

[Neveragain]

Honestly, the pin-up thread is something one would expect out of a pre-teen going through puberty...... or a greasy dude that hangs out in his creepy garage.

[Parkbandit]

Interesting. Is that why you angrily project gay on everybody?

I only call people who act all faggot like gay.

Like you.

Sorry.

You're either a complete fucking creep who can't get laid or a closeted homosexual.

No normal person posts 8000+ pictures of women in undress for 12 years without some major mental issues.

[Methais]

Honestly, the pin-up thread is something one would expect out of a pre-teen going through puberty...... or a greasy dude that hangs out in his creepy garage.

He wants us to know who he's fapping to on that day.

[Parkbandit]

He wants us to believe this is who he's fapping to on that day... not dudes banging other dudes.

FTFY

[Bhaalizmo]

I only call people who act all faggot like gay.

Like you.

Sorry.

You're either a complete fucking creep who can't get laid or a closeted homosexual.

No normal person posts 8000+ pictures of women in undress for 12 years without some major mental issues.

Whatever you say grandpa. We all know you can't imagine more than one or two reasons for anybody to do or say anything. It's ok. Nobody expects any better from you.

[Bryce]

If any of you want a respectable honest job after you retire and get bored my brother sent me this for ya all.

https://www.payscale.com/research/US/Employer=Kentucky_Fried_Chicken_(KFC)_Corporation/Hourly_Rate

Fry cooks are up to $12.00 an hour

[Parkbandit]

Whatever you say grandpa.

OMG THAT IS A GOOD ONE! I HAVE NEVER HEARD THAT ONE BEFORE!!


We all know you can't imagine more than one or two reasons for anybody to do or say anything. It's ok. Nobody expects any better from you.

In your case, there is only 2 reasons.

So, which one is it?

[nocturnix]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

"Venmo, PayPal and Cash App will now have to report transactions totaling more than $600 to the IRS as Biden plans to ramp up financial enforcement"

Watch out!

Somehow this shit got put back in at the last minute... I spoke on it months ago... You'll see what follows.

Good luck selling shit for $ on here now.

The sky is falling! Gemstone is OVER!

Just divide your payments into a few, problem solved. Plus most people are sending less than <600 i think. Finally if all that fails GS community needs to adopt crypto. Send BTC/ETH for stuff instead of paypal/fiat.

[Parkbandit]

The sky is falling! Gemstone is OVER!

Just divide your payments into a few, problem solved. Plus most people are sending less than <600 i think. Finally if all that fails GS community needs to adopt crypto. Send BTC/ETH for stuff instead of paypal/fiat.

It's an aggregate... so if you send 1 payment of $1000 or if you send 10 payments of $100, the services will still report to the IRS you sent $1000.

[Gelston]

The sky is falling! Gemstone is OVER!

Just divide your payments into a few, problem solved. Plus most people are sending less than <600 i think. Finally if all that fails GS community needs to adopt crypto. Send BTC/ETH for stuff instead of paypal/fiat.

Or just report it on your taxes.

[C.Difficile]

The sky is falling! Gemstone is OVER!

Just divide your payments into a few, problem solved. Plus most people are sending less than <600 i think. Finally if all that fails GS community needs to adopt crypto. Send BTC/ETH for stuff instead of paypal/fiat.

Just that:
a) as someone stated above, it's $600 aggregate
b) altering payment size to circumvent reporting threshholds is called "structuring" which is a felony on top of the tax violations
c) crypto exchanges are also required to report 1099s now

Easier to just do the right thing

[Methais]

The sky is falling! Gemstone is OVER!

Just divide your payments into a few, problem solved. Plus most people are sending less than <600 i think. Finally if all that fails GS community needs to adopt crypto. Send BTC/ETH for stuff instead of paypal/fiat.

SELLING SILVERS MONEY ORDER OR WESTERN UNION ONLYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY Y