GS & IRS $600 rule

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12-09-2022, 08:31 AM
beldannon5

Quote:

Originally Posted by gilchristr

"Isn't it standard practice here for buyers to mark our payments as gifts/F&F?"

Form over substance. You do not get a pass on paying tax simply because a payment is "marked" as friends and family. The true nature of the transaction is what controls. While this might not sound cool, you should pay the taxes you owe, and not cheat

Taxes i owe? Hmm I received a good amount of money from people but put almost all of it back in the game. Should I pay taxes on that or just what I came out ahead. Where does it get figured out? There is a fine lone between paying and cheating. Also the government fkng sucks taxing everything. That's not how it was supposed to be.
12-09-2022, 08:35 AM
Parkbandit

Quote:

Originally Posted by beldannon5

Taxes i owe? Hmm I received a good amount of money from people but put almost all of it back in the game. Should I pay taxes on that or just what I came out ahead. Where does it get figured out? There is a fine lone between paying and cheating. Also the government fkng sucks taxing everything. That's not how it was supposed to be.

I fucking HATE dealing with taxes and figuring shit out, but I believe that unless you are doing it under a company structure where you can determine revenue vs. costs to determine "profit", then you might be screwed.

All year long I was preaching this to my daughter who sells shit on Etsy.. I was telling her all year long "You should make a company so you can take advantage of the tax loopholes" but she didn't listen.
12-09-2022, 10:56 AM
drumpel

Quote:

Originally Posted by Archigeek

It does seem rather petty, especially considering that short of large somes of money, collecting is going to be a money losing proposition. On the other hand, the IRS has always assumed that your money coming in is income. What I don't understand is, why bother? Next thing you know they'll be after the kids who shovel my sidewalk for 25 bucks.

The one that really caught me off guard was years ago, after being let go at my job and bills piled up and blah, blah, blah. After eventually getting my feet under me and paying off a debt on a defaulted credit card......in the mail came a 1099-C (if I remember correctly). So not only did I pay off a debt I had, the government now tells me that the debt I paid off was taxable income that I now had to give the government money against it. That's fucked up. Straight up, fucked up.

The government has overextended their reach by so much when it comes to taking money from people and they constantly want more, more, more.
12-09-2022, 11:38 AM
Neveragain

Quote:

Originally Posted by drumpel

The one that really caught me off guard was years ago, after being let go at my job and bills piled up and blah, blah, blah. After eventually getting my feet under me and paying off a debt on a defaulted credit card......in the mail came a 1099-C (if I remember correctly). So not only did I pay off a debt I had, the government now tells me that the debt I paid off was taxable income that I now had to give the government money against it. That's fucked up. Straight up, fucked up.

The government has overextended their reach by so much when it comes to taking money from people and they constantly want more, more, more.

If you have ever been caught up in the "IRS shuffle" you will never support the IRS again.
12-09-2022, 11:55 AM
Parkbandit

Quote:

Originally Posted by Neveragain

If you have ever been caught up in the "IRS shuffle" you will never support the IRS again.

My favorite is their deadlines to tax payers... meet this deadline or you will be penalized.. no ands, ifs or buts about it.

But when they mistakenly tried to steal more money out of me, my accountant sent them back a letter saying they fucked up and that the actual correct number was you owe my client an additional $10000.00

They sent me back a letter saying something like "We need additional time to complete our review. If we can't figure this out in the next 90 days, we will send you another letter asking for additional time"

Fucking morons.

If you can't hack it as an accountant, then the IRS has a job opening for you!
12-09-2022, 11:56 AM
Gelston

GS is destroyed by the IRS, Whatley flees to Russia.
12-09-2022, 12:20 PM
Neveragain

Quote:

Originally Posted by Parkbandit

My favorite is their deadlines to tax payers... meet this deadline or you will be penalized.. no ands, ifs or buts about it.

But when they mistakenly tried to steal more money out of me, my accountant sent them back a letter saying they fucked up and that the actual correct number was you owe my client an additional $10000.00

They sent me back a letter saying something like "We need additional time to complete our review. If we can't figure this out in the next 90 days, we will send you another letter asking for additional time"

Fucking morons.

If you can't hack it as an accountant, then the IRS has a job opening for you!

Took nearly a decade to clear up my troubles with the IRS after receiving some inheritance. They must have changed case handlers 5 times and lost all my paperwork several times.

Would receive a notice, send in all the paperwork, not hear anything for a couple years, think I was in the clear and then receive another letter. I would call them and get the same shit "Oh, your files have been handed to a different agent and we need your paperwork again"
12-09-2022, 01:41 PM
BLZrizz

Quote:

Originally Posted by drumpel

The one that really caught me off guard was years ago, after being let go at my job and bills piled up and blah, blah, blah. After eventually getting my feet under me and paying off a debt on a defaulted credit card......in the mail came a 1099-C (if I remember correctly). So not only did I pay off a debt I had, the government now tells me that the debt I paid off was taxable income that I now had to give the government money against it. That's fucked up. Straight up, fucked up.

That doesn’t make sense. If you had a debt that was forgiven or discharged, yes the government would consider that taxable income.
12-09-2022, 06:41 PM
Fortybox

Quote:

Originally Posted by beldannon5

Taxes i owe? Hmm I received a good amount of money from people but put almost all of it back in the game. Should I pay taxes on that or just what I came out ahead. Where does it get figured out? There is a fine lone between paying and cheating. Also the government fkng sucks taxing everything. That's not how it was supposed to be.

You’re screwed.
12-09-2022, 06:42 PM
Fortybox

Quote:

Originally Posted by Rjex

This exactly. We're dealing with bullshit virtual items and currencies and no way to prove any of it is real. Anything they see coming in is going to be assumed to be 100% profit when it might 5% profit or worse yet, a loss. A few years ago you might have paid $4k for that piece of gear and now you can barely sell it for half of its value? Doesn't matter, better get ready to pay tax on that 2k pure profit that you just made according to the IRS.

Why are you complaining about this now? This was known for awhile now.

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