Facebook collecting Tax data?

RatLabGuy said:
Eggs zachary.
It only applies if you are using their Checkout service. E.g. selling directly through them.
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And the other thing to consider, I'm part of a couple magnified ocular device groups...wanna know how many posts have pics of what's actually being sold or contain a dollar value. Of course fine sir, I am most definitely interested in 8 to 32 of your finest Nightforce branded grapes...what is the best method of communication to discuss logistics. Tons of 'illegal' 'waffle' and BST groups out there skirting the rules in plain sight.
 
shelby27604 said:
I get the death and taxes idiom.....but for a county that declared taxing tea as the last straw.....we seem to be making a lot of bad decisions lately.
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IMO (which nobody asked for :D ) this is a case of good intent, bad execution. The intenton of the rule is to get people paying taxes when they should - there's a shitpile of revenue lost bc of people running "unofficial" businesses and such. I don't personally have a problem with that - while I don't enjoy taxes, or how they are spent, I do believe everyone should be paying their share in a legal manner.
In theory, if everyone paid their taxes apprpriately, then eveyrone would have to pay less b/c the need would be met sooner. Of course thats a big LOL bc the Gov would just spen more money anyway.

But the point is iIt's just a case of poorly thought out execution that will entrap a lot of people into paying what they should not have to.
 
With the exception of someone w an online buisness/store or a fans only account, I probably sell as much or more online than anybody here.If it happens (and I feel it will) it will just mean more for me to keep up with.I already get a 1099 from Ebay so I have to keep w things there. I wanna know what theyre gonna do about the flea market folks???
 
shawn said:
The hysteria is caused by the new regulations requiring IRS notification. You're going to get a 1099 from FB/CL/Ebay/etc.
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Ebay has sent a 1099 for any sales or 20K for several years now.
 
shelby27604 said:
Who decides if I have sold it for more than I paid? If I buy a CJ for $3k today, put tons under it and swap in an LS motor and sell it for $10k in a month/year/decade how does the IRS view that sale?

As a private sale, do I get to subtract my labor costs? If it is deemed taxable income, can my poor financial decisions also be a deduction in the event I lose money?

I typically drive beaters, spend tons of man hours making them presentable and 100% functional. 6-18months later I get bored (or distracted by the next shiney vehicle) and sell it. Often for "more than I paid"......but am I making profit....
Not really. I would bet uncle Sam would require every receipt for every part I replaced to justify not taxing the sale.
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For starters dont take soo long or get distracted so easily.:D
 
Ron said:
You aren't required to keep receipts just proof of cost. A credit card or bank statement will do that.
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Heres where I run into trouble every Jan.I almost 100% of the time pay in cash so if I dont immediately write down what i spent and where there's a chance it gonna be forgotten.Ill plan my trips usaully w multiple stops and when you have 5/6 stops per trip your in a hurry to get to the next one.
 
1-tonmudder said:
Heres where I run into trouble every Jan.I almost 100% of the time pay in cash so if I dont immediately write down what i spent and where there's a chance it gonna be forgotten.Ill plan my trips usaully w multiple stops and when you have 5/6 stops per trip your in a hurry to get to the next one.
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What I do - and my former accountant suggested this 10 years ago and I’m still at it - I have a dedicated email address let’s call it’s 1-tonmudder$$$ at gmail…that email never gets given out. Ever. If I spend cash on something I’ve disciplined myself to email myself I even have a shortcut on my phone.
So if I met you and bought a part when I get back in truck it’s hey Google or hey siri email mycash. 250 dollars to big mountain man for brake pads.

Nothing else goes to that email address I review it maybe 4x a year and delete all the spam. Basically if it didn’t come from my real email address it can be deleted.
That now serves as a record of cash spent. And a basis for if I ever needed to “track down” receipts

I also have a business credit card I use just for side business and I pay gas or anything that’s a business expense where I can use a credit card there.
 
Ron said:
What I do - and my former accountant suggested this 10 years ago and I’m still at it - I have a dedicated email address let’s call it’s 1-tonmudder$$$ at gmail…that email never gets given out. Ever. If I spend cash on something I’ve disciplined myself to email myself I even have a shortcut on my phone.
So if I met you and bought a part when I get back in truck it’s hey Google or hey siri email mycash. 250 dollars to big mountain man for brake pads.

Nothing else goes to that email address I review it maybe 4x a year and delete all the spam. Basically if it didn’t come from my real email address it can be deleted.
That now serves as a record of cash spent. And a basis for if I ever needed to “track down” receipts
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Tonya left JD about three years ago and since my heart attack (6 months after she left) she wont hardly let me go real far by myself,She's been doin the "book keeping" and navigatiing while we're gone and its gotten better but I know theres stuff we still miss.
 
1-tonmudder said:
Tonya left JD about three years ago and since my heart attack (6 months after she left) she wont hardly let me go real far by myself,She's been doin the "book keeping" and navigatiing while we're gone and its gotten better but I know theres stuff we still miss.
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The chances of ever getting audited if you are less than 400k agi is tiny
 
1-tonmudder said:
Ebay has sent a 1099 for any sales or 20K for several years now.
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That was the old rule.
shelby27604 said:
The Zuk spends days on end Infront of Congress defending the deplorable things that company does in the name of capitalism.....I guess this one just bothers me more than most.
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This suggests FB is ambivalent about the rule change. They support it because compliance costs reinforce their monopoly and increase barriers of entry to competing services.

Same reason you saw all the big online retailers support changing the sales tax rules on out of state mail order purchases.
 
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Figured this would apply to some of you ne’er do wells.
 
RatLabGuy said:
In theory, if everyone paid their taxes apprpriately, then eveyrone would have to pay less b/c the need would be met sooner. Of course thats a big LOL bc the Gov would just spen more money anyway.
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What's the national debt up to today? As if they ever wanted to fix it. That should be Congress and President Job #1 but no, let me distract you with all these other shiny items.

It is getting close to $30 TRILLION dollars if anyone is even paying attention. https://www.usdebtclock.org/
 
OnlyOneDR said:
What's the national debt up to today? As if they ever wanted to fix it. That should be Congress and President Job #1 but no, let me distract you with all these other shiny items.

It is getting close to $30 TRILLION dollars if anyone is even paying attention. https://www.usdebtclock.org/
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$88k per citizen, $233,000 PER TAXPAYER! :kaioken: They've bought an extra house on everyone's behalf.
 
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So if you sell something on fb but then say you didn’t and then delete add…..how can they prove it
 
OnlyOneDR said:
What's the national debt up to today? As if they ever wanted to fix it. That should be Congress and President Job #1 but no, let me distract you with all these other shiny items.

It is getting close to $30 TRILLION dollars if anyone is even paying attention. https://www.usdebtclock.org/
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While that number is upsetting enough, what pisses me of even more is HOW FAST IT'S GROWING! In 2016 it was $20 Trillion, and by that website is projected to be $48T by 2025!

Duane
 
CLRracer said:
While that number is upsetting enough, what pisses me of even more is HOW FAST IT'S GROWING! In 2016 it was $20 Trillion, and by that website is projected to be $48T by 2025!

Duane
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BUT with the rate that inflation is plugging along, $48T in 2025 dollars will be like $10T in 2016 dollars.....seems like a government driven cost savings!
 
CLRracer said:
While that number is upsetting enough, what pisses me of even more is HOW FAST IT'S GROWING! In 2016 it was $20 Trillion, and by that website is projected to be $48T by 2025!

Duane
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shelby27604 said:
BUT with the rate that inflation is plugging along, $48T in 2025 dollars will be like $10T in 2016 dollars.....seems like a government driven cost savings!
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As dumb as it sounds, it's almost as if the Fed believes that they can outpace their own debt by devaluing the dollar through excess supply. Which will continue to be true, until it suddenly isn't.
 
jeepinmatt said:
$88k per citizen, $233,000 PER TAXPAYER! :kaioken: They've bought an extra house on everyone's behalf.
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I wish there was like a buy out program, similar to a life time hunting license or something, where you could write a check and tell .gov to piss off and leave me alone on taxes. Keep my social security, let me pay off the balance owed after that...then transition me and my family to a reasonable flat tax.
 
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