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New $600 IRS rule

B

Buckhunter

Active Member
Joined
Sep 13, 2017
Messages
194
Does anyone know the facts on this new law, if you use friends and family on pay pal do you have to report it, is it a one time payment or a combined total at end of year, also just heard they extended it to next year, very confusing.
 
They extended it from last year to this year. Anything over $600 is reported as 1099 taxable income.
 
Thanks, unbelievable, pay pal sent email wanting tax I’d number, didn’t respond, thought it might be a scam.
 
elk yinzer said:
It's much ado about nothing. It's to go after tax evaders and money launderers not random people selling their junk on the internet.
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Gonna have to disagree on that one.

If you buy item X for $1000 with individual income which has already been taxed, and you sell it later for $750, you’ve taken a loss. With this IRS rule you would still be required to include that $750 as income, when it’s not.
 
ShooterMike said:
Gonna have to disagree on that one.

If you buy item X for $1000 with individual income which has already been taxed, and you sell it later for $750, you’ve taken a loss. With this IRS rule you would still be required to include that $750 as income, when it’s not.
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No, that's false. A 1099 is an informational return. It's for the IRS to match against what you report on your return. In that case it's not income. But if say you build a guy a website for instance, it would be. Same exact 1099, two different tax treatments.
 
elk yinzer said:
No, that's false. A 1099 is an informational return. It's for the IRS to match against what you report on your return. In that case it's not income. But if say you build a guy a website for instance, it would be. Same exact 1099, two different tax treatments.
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Wrong. I get a few 1099’s each year, and they each increase taxable income, thus affecting the amount of income my tax liability is based upon.

As you stated, it’s for the IRS to match what you report.

IRS receives your 1099 info from PayPal or whomever, but you don’t report it …. You’re committing tax fraud.

Semper Fi,
Mike
 
ShooterMike said:
Wrong. I get a few 1099’s each year, and they each increase taxable income, thus affecting the amount of income my tax liability is based upon.

As you stated, it’s for the IRS to match what you report.

IRS receives your 1099 info from PayPal or whomever, but you don’t report it …. You’re committing tax fraud.


Semper Fi,
Mike
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There are different 1099's. 1099NEC and Misc are indeed usually self employment income. 1099-k is not the same.
 
elk yinzer said:
There are different 1099's. 1099NEC and Misc are indeed usually self employment income. 1099-k is not the same.
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You’re right, and they all are used to report different categories of monies to the IRS.

Answer this then …. By your logic, if it’s not income, then why report “goods and services” transactions by way of a 1099? Do you honestly think whatever type of 1099 it is is not used for affecting taxable income? Really?

If it’s not income then why does the IRS need to know?


Semper Fi,
Mike
 
ShooterMike said:
You’re right, and they all are used to report different categories of monies to the IRS.

Answer this then …. By your logic, if it’s not income, then why report “goods and services” transactions by way of a 1099? Do you honestly think whatever type of 1099 it is is not used for affecting taxable income? Really?

If it’s not income then why does the IRS need to know?


Semper Fi,
Mike
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It's not my logic, it's just the tax law. Just read the FAQs, it's not all that complicated and covers most of this convo.

https://www.irs.gov/newsroom/form-1099-k-frequently-asked-questions-general#:~:text=If I get a Form,not be taxable to you.
 
elk yinzer said:
It's not my logic, it's just the tax law. Just read the FAQs, it's not all that complicated and covers most of this convo.

https://www.irs.gov/newsroom/form-1099-k-frequently-asked-questions-general#:~:text=If I get a Form,not be taxable to you.
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Yeah, I don’t trust the IRS. You may be very well versed in tax law and accounting than I am, but I don’t buy it.

They’ve held off on requiring reporting again this year. Next year, maybe they’ll require it. And I 100% believe they’ll change the rules.

I don’t trust anyone who taxes me on what I’ve buy with already taxed money, taxes me to own it, and taxes me when I sell it. Scoundrels. Taxes are a crime


Semper Fi,
Mike
 
More to the point … consider how difficult it will become for the individual filer who needs to fill out and prove on another tax form, that an item was sold for a loss. The state of current taxation is criminal.


Semper Fi,
Mike
 
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