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Author Topic: If you have thought of selling things you've acquired or inherited...listen up  (Read 721 times)

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Offline Texacon

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If you have thought of selling things you've acquired or inherited...listen up
« on: April 05, 2022, 12:43:47 PM »
2 Separate postings, same topic.  Funny responses.  They were warned and didn't believe it was in the bill.  The most informed people on the planet.   :lmao:

https://www.democraticunderground.com/100216564572

https://democraticunderground.com/10262424


Quote
Grasswire2 (11,487 posts)


If you have thought of selling things you've acquired or inherited...listen up

IRS has a new rule. If you sell more than $600 worth of stuff, it will be considered taxable income. If you sell on a site like eBay or use PayPal or another method for payment, you'll be getting a 1099 to submit with your taxes.

No getting around it. This is going to hit a huge amount of people.

So much for the idea that anyone who makes less than $400,000 will not see an increase in tax liability.

See this other DU thread in the Ebay and collectibles topic.

https://democraticunderground.com/10262424


KC
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Offline Ralph Wiggum

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #1 on: April 05, 2022, 01:43:17 PM »
Some infamous person once said that they have to pass the bill to find out what's in it.
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Offline Texacon

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #2 on: April 05, 2022, 01:53:02 PM »
Funny how they act/react when they know something is going to come out of their pocket and not their neighbors pocket.  I see them type paying taxes is patriotic, then they get pissed when they have to pay taxes. 

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Offline miskie

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #3 on: April 05, 2022, 03:00:46 PM »
This is why this website generates *NOTHING* in income - not even ad revenue. **Especially** because of the nature of this website. The Biden IRS, much like the Obama IRS would be all over it (and me) if there was anything to take..

Too bad, primitives.
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Offline 67 Rover

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #4 on: April 05, 2022, 03:56:41 PM »
Quote
Grasswire2 (11,487 posts)


If you have thought of selling things you've acquired or inherited...listen up

IRS has a new rule. If you sell more than $600 worth of stuff, it will be considered taxable income. If you sell on a site like eBay or use PayPal or another method for payment, you'll be getting a 1099 to submit with your taxes.

No getting around it. This is going to hit a huge amount of people.

So much for the idea that anyone who makes less than $400,000 will not see an increase in tax liability.

See this other DU thread in the Ebay and collectibles topic.

https://democraticunderground.com/10262424

What happened to your free pie giveaway?  :lmao:
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Offline jukin

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #5 on: April 05, 2022, 04:20:18 PM »
You'd have to have a heart of stone not to laugh at the DUmmys over this.
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Offline BannedFromDU

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #6 on: April 05, 2022, 04:28:58 PM »
Quote from: jukin on April 05, 2022, 04:20:18 PM
You'd have to have a heart of stone not to laugh at the DUmmys over this.

     I cannot for the life of me understand why they're not looking for every possible chance to send cash to the government.
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NJCher (31,658 posts)

5. IMO

a certain percentage of DU is depressed and has other mental issues.

Offline Rebel

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #7 on: April 05, 2022, 06:45:11 PM »
....but they're ok with a generationally-owned, family farm having to be sold so the inheritors have to pay the damn taxes on it, only to have it sucked up by a big corporation. They just don't want their shit taxed. Got it. F'n idiots.
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Offline BamaMoose

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #8 on: April 05, 2022, 10:24:23 PM »
She's not just upset that she may have a harder time defrauding the IRS, she also is upset that other people may be prevented from artificially inflating their business expenses to defraud the IRS.  Apparently, she's spent a lot of time figuring out how to steal from the government.  Of course, she's just one of many over there that are trying their best to suck up as much money as they can from the government, legally or illegally.

Quote
Grasswire2 (11,517 posts)

82. also this..

And if someone should happen to send you any money on PP -- a friend or family member or whatever -- if they happen to check a particular box, you'll be getting a 1099 for that, too.

Example: A friend sends you $400 on PayPal to pay his/her share in a vacation expense or as a gift, whatever. If he checks the wrong little box as he sends it.... maybe he wants to declare it as a business expense, so he checks the box "goods and services" instead of "friends and family"

Bingo. You'll be getting a 1099 for it. It happened to me. It doesn't have to be $600 for PP to tee it up.
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Offline dandi

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #9 on: April 05, 2022, 10:59:28 PM »
Pay yer taxes with a smile, ya deadbeat bastards! How else are you going to keep the investigations going?
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Offline DefiantSix

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #10 on: April 05, 2022, 11:10:51 PM »
Quote from: dandi on April 05, 2022, 10:59:28 PM
Pay yer taxes with a smile, ya deadbeat bastards! How else are you going to keep the investigations going?

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Offline 67 Rover

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #11 on: April 06, 2022, 05:58:27 AM »
Quote
Grasswire2 (11,517 posts)

82. also this..

And if someone should happen to send you any money on PP -- a friend or family member or whatever -- if they happen to check a particular box, you'll be getting a 1099 for that, too.

Example: A friend sends you $400 on PayPal to pay his/her share in a vacation expense or as a gift, whatever. If he checks the wrong little box as he sends it.... maybe he wants to declare it as a business expense, so he checks the box "goods and services" instead of "friends and family"

Bingo. You'll be getting a 1099 for it. It happened to me. It doesn't have to be $600 for PP to tee it up.

Just think of it as you paying someone else's tuition. There that feels better now right?
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Offline Karin

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #12 on: April 06, 2022, 07:51:23 AM »
They're also getting hopelessly mixed up over there between income taxes and sales taxes.   :rotf:
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Offline Ralph Wiggum

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #13 on: April 06, 2022, 08:40:35 AM »
Quote from: Karin on April 06, 2022, 07:51:23 AM
They're also getting hopelessly mixed up over there between income taxes and sales taxes.   :rotf:

Smartest people on the internet, don't ya' know?
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Offline Karin

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #14 on: April 06, 2022, 02:44:32 PM »
They're also getting hopelessly mixed up over there between income taxes and sales taxes.   :rotf:
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Offline CollectivismMustDie

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #15 on: April 06, 2022, 05:02:51 PM »
Hey DUmmies,

Which President made that happen?




 :ownit:

 :rotf:

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Offline Delmar

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #16 on: April 06, 2022, 07:59:35 PM »
I'm disappointed that DU bon vivant and former thrift store scrounger Rock Head hasn't chimed in on this tailor made for him topic.
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Offline 3rd-try

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #17 on: April 06, 2022, 09:54:48 PM »

Quote
So much for the idea that anyone who makes less than $400,000 will not see an increase in tax liability.

Grasswire, this sentence from your post suggests you actually believed Biden when he said it. Did you? Seriously?!
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Offline SVPete

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Re: If you have thought of selling things you've acquired or inherited...listen up
« Reply #18 on: April 07, 2022, 08:16:05 AM »
Quote from: 3rd-try on April 06, 2022, 09:54:48 PM
Grasswire, this sentence from your post suggests you actually believed Biden when he said it. Did you? Seriously?!

To ask is to answer.
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