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  • Hoji

    Bowling-Pin Commando
    Rating - 100%
    36   0   0
    May 28, 2008
    17,700
    96
    Mustang Ridge

    Short version
    No longer will over $20,000 and 200 transactions get you a 1099k.

    It's now total transactions over $600 combined and any transaction number.
    DK Firearms
     

    WarBaby

    Member
    Rating - 0%
    0   0   0
    Jan 22, 2010
    187
    46
    DFW, TX
    Yep, and the stiff-in-chief is trying to give the IRS access to your bank account for transacations (withdrawals or deposits) of $600 or more as well. That is damn near everybody.

     

    TheDan

    deplorable malcontent scofflaw
    Rating - 100%
    8   0   0
    Nov 11, 2008
    27,536
    96
    Austin - Rockdale
    Just watched this this morning. He does a good job outlining the issue, how it should be in violation of existing law, past abuses, and how this fits into the plan of increased control with future digital currency.

    off topic: I really like his presentation style. I want one of those screens.

     

    oldag

    TGT Addict
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    7   0   0
    Feb 19, 2015
    17,425
    96
    Will the IRS be able to do anything with that data, or will they drown in the mass of data?
     

    Sam Colt

    Well-Known
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    0   0   0
    Feb 22, 2012
    2,245
    96
    Austin
    It's not every bank account over $600, it's every transaction over $600. And it's worse than that, because the transaction can have multiple parts.

    Say you pay someone $50 a week to mow your lawn. If you use a payment app, the money you send them would be tracked, and once the total paid to that individual reached $600 there would be a notification.
     

    Darqhelmet

    You had one job, one.
    Rating - 100%
    8   0   0
    Jul 5, 2018
    1,385
    96
    Kaufman County
    Look how else are they going to tax you on the money that they taxed you on before taxing you so they can tax the transaction to tax you for not paying taxes on services that they had nothing to do with but want to have a license so they can have a fee (tax) to issue the license to a holder and you can go get a permit (tax) for something to be done. That about cover it? (Written stupid on purpose)
     

    ZX9RCAM

    Over the Rainbow bridge...
    TGT Supporter
    Lifetime Member
    Rating - 100%
    2   0   0
    May 14, 2008
    59,732
    96
    The Woodlands, Tx.
    It's not every bank account over $600, it's every transaction over $600. And it's worse than that, because the transaction can have multiple parts.

    Say you pay someone $50 a week to mow your lawn. If you use a payment app, the money you send them would be tracked, and once the total paid to that individual reached $600 there would be a notification.

    How does this affect me negatively?
     

    G O B

    School of Hard Knocks and Sharp blows
    Rating - 0%
    0   0   0
    Dec 9, 2017
    1,101
    96
    Hays Co.
    I left Maryland when they TAXED THE RAIN!
    They have done it before, and will do it again! It cost them the Governors office. Well he IS a RINO, but still an R. But no matter HOW stupid the tax is, they WILL TRY AGAIN!
     

    toddnjoyce

    TGT Addict
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    4   0   0
    Sep 27, 2017
    19,285
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    Boerne

    ZX9RCAM

    Over the Rainbow bridge...
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    2   0   0
    May 14, 2008
    59,732
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    The Woodlands, Tx.
    You ever sell anything or provide a service you received more than $600 for within a year? Did you report that to the IRS?

    Even if you that part doesn't effect you, the cost of increased surveillance will.
    No.
    And I was was specifically asking about me making payments, not getting paid.
     

    toddnjoyce

    TGT Addict
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    4   0   0
    Sep 27, 2017
    19,285
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    Boerne
    You ever sell anything or provide a service you cumulatively received more than $600 for within a year? Did you report that to the IRS?

    Even if you that part doesn't effect you, the cost of increased surveillance will.

    Just one more reason for F2F cash sales when selling a gun, which is probably how most people here would be impacted if using zelle/paypal/wtf-ever payment systems for the money exchange.
     

    TheDan

    deplorable malcontent scofflaw
    Rating - 100%
    8   0   0
    Nov 11, 2008
    27,536
    96
    Austin - Rockdale
    Just one more reason for F2F cash sales when selling a gun, which is probably how most people here would be impacted if using zelle/paypal/wtf-ever payment systems for the money exchange.
    Yeah, just don't put that cash in your bank account.

    It's going to be real interesting to see what happens to cash when they roll out CBDC.
    What about money I send my kids through zelle?
    Will they end up getting taxed?
    Actually you would be. Currently as long as you gift less than $15k a year you're exempt. Not sure if that's changing with this other mess too or not.
     

    toddnjoyce

    TGT Addict
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    4   0   0
    Sep 27, 2017
    19,285
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    Boerne
    What about money I send my kids through zelle?
    Will they end up getting taxed?

    Maybe, I don’t know enough on payment platforms to know how they differentiate a gift vs a payment when it comes to IRS reporting. Interestingly, you can gift up to $15K without you having to pay the gift tax. Those gifts are cumulative though and count against estate tax exclusion.

    An unintended consequence could be that those transactions are flagged as income for the receiver and they get a 1099-K, but I just don’t know.
     
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