Online sellers will start paying taxes

New Federal Tax Law Changes Impact Marketplace Sellers - eBay Announcement

 

"The change will mainly impact those smaller sellers who previously have managed to fly under the radar"
We've watched who's made out the most over the last couple years, so it's only fitting that they crush the little guy some more.

 

All its gonna do is make everyone raise there prices so we all get to suffer together

 

Won't be long until bank transactions over 600 will have to be reported.

 

It’s no wonder the middle class is gone

 

That and increase the amount of cash transactions. Probably see a boost in the barter system too. The free market will adapt outside the constraints of the machine.

 

Next up will be outlawing cash.

 

I can't find anything that says it is in effect.

 

Taxpayers must report gig economy earnings when filing taxes | Internal Revenue Service

Pretty sure it used to be up to $20,000. Now its $600 since Jan 2022.

 

I believe that is referring to income.


What I was referring to was Brandon’s proposal that any transaction over 600 would have to be explained.

"Why did you withdraw 7000 on March 8th?"

 

Ah. I'll see if I can find anything.

 

Funny how places "didn't want" you to use cash during the height of the rona......

 

Any input or output of $10k of cash to a bank account must be reported to the government - has been that way for a long time.

Had to sign away my life at the bank when I withdrew funds to put down a cash down payment on my current Explorer - never mind that for years I had automatic withdrawals from my paycheck, to a dedicated account, just for that purpose. The dealership also had to report that cash payment, and I had to sign paperwork for that. Then the bank had to report the check I got from Carmax when I sold my car to them - had to sign more paperwork for the deposit.

 

Everyone I've ever talked to said you're better off taking a loan and just paying it off in a few months with your cash to avoid what you went through. Imagine if you'd pulled it out of a safe.

 

Nice, huh?

 

A way around that hassle is to have your money in a saving account and transfer it to a checking account and pay by check. On-line banking does make life a bit easier.

 

Birthday gift for Horkn.

 

I did take out a loan for the 2nd half of what the vehicle cost (until I sold the bike and car - which paid it off). It was really just an inconvenience, and the bank and dealership were both very apologetic about it.

I'll tell you what, it is kind of gratifying getting a big chunk of change (to me - not like I was buying a new vehicle), counted out in a private room at the bank. I could see exactly what I had accomplished working a 2nd job for a couple of years.

I'm not sure any business would have taken a private check that large without a holding period. And if buying from an individual, that certainly wouldn't fly. I could have gone with a bank check too, but I wasn't 100% positive that I was going to buy from that specific dealer. Cash gave me options right up to the time I signed on the dotted line.

 

That got shot down