Did anyone notice this from Reverb?

F

fearhk213

Well-known member
riffsfordaze said:
Cash never goes out of style
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Agreed. The only thing is with banks having to report accounts with more than $10,000 in and out, the IRS would see any cash deposits. It's probably not going to raise any red flags if they're small amounts, but it might if you sell a few big items for cash and deposit the cash. I guess it'll just depend on what types of amounts and practices will trigger them to want to audit someone.
 
Wizard of Ozz

Wizard of Ozz

Well-known member
fearhk213 said:
Agreed. The only thing is with banks having to report accounts with more than $10,000 in and out, the IRS would see any cash deposits. It's probably not going to raise any red flags if they're small amounts, but it might if you sell a few big items for cash and deposit the cash. I guess it'll just depend on what types of amounts and practices will trigger them to want to audit someone.
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Offshore accounts. F-them.
 
DanTravis62

DanTravis62

Well-known member
I love how the dems scream in hysteria about taxing the rich out of the side of their mouth

and then introduce a ridiculous authoritarian law that sets an insane, 1984 style precedent.

you guys who are saying this "doesnt matter" because you aren't taxed if you dont make a profit (as if that somehow lessens the terrifying Orwellian-ness of this) aren't getting the big picture.

These items were purchased new, and taxes were paid on them. If you have the right to tax an item everytime it moves hands privately, you can use the IRS as a weapon to target literally anyone you want to, because you make all sorts of transactions like this ALL THE TIME without even thinking about it. Obviously the IRS aren't going to waste their time with you making 200$ on that cab you picked up at the pawn shop, or whatever..... thats obviously ridiculous.

But eventually, they WILL use it as another tool to fuck people over who dont bow down to GloboHomo©.

Obama used the IRS against against his ideological foes, and gave us the first taste of this a few years ago.

This is insane government overreach, and honestly pretty scary shit.
 
Beyond Black

Beyond Black

Well-known member
DanTravis62 said:
I love how the dems scream in hysteria about taxing the rich out of the side of their mouth

and then introduce a ridiculous authoritarian law that sets an insane, 1984 style precedent.

you guys who are saying this "doesnt matter" because you aren't taxed if you dont make a profit (as if that somehow lessens the terrifying Orwellian-ness of this) aren't getting the big picture.

These items were purchased new, and taxes were paid on them. If you have the right to tax an item everytime it moves hands privately, you can use the IRS as a weapon to target literally anyone you want to, because you make all sorts of transactions like this ALL THE TIME without even thinking about it. Obviously the IRS aren't going to waste their time with you making 200$ on that cab you picked up at the pawn shop, or whatever..... thats obviously ridiculous.

But eventually, they WILL use it as another tool to fuck people over who dont bow down to GloboHomo©.

Obama used the IRS against against his ideological foes, and gave us the first taste of this a few years ago.

This is insane government overreach, and honestly pretty scary shit.
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Hate to tell you this, but the red state South Dakota initiated this lawsuit over internet taxation, and the four out of five Supreme Court judges that handed them the victory were conservative, so both sides can take a bite out of this shit sandwich.
And as far as Obama using the IRS as a tool to over reach, I’ve got two words for ya. PATRIOT ACT.
 
DanTravis62

DanTravis62

Well-known member
Beyond Black said:
Hate to tell you this, but the red state South Dakota initiated this lawsuit over internet taxation, and the four out of five Supreme Court judges that handed them the victory were conservative, so both sides can take a bite out of this shit sandwich.
And as far as Obama using the IRS as a tool to over reach, I’ve got two words for ya. PATRIOT ACT.
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Ah yes, because the neocon Bush has a lot in common with the neo-liberals in power now. I see your point. They have been doing it for a long time.
 
Meeotch

Meeotch

Active member
DanTravis62 said:
I love how the dems scream in hysteria about taxing the rich out of the side of their mouth

and then introduce a ridiculous authoritarian law that sets an insane, 1984 style precedent.

you guys who are saying this "doesnt matter" because you aren't taxed if you dont make a profit (as if that somehow lessens the terrifying Orwellian-ness of this) aren't getting the big picture.

These items were purchased new, and taxes were paid on them. If you have the right to tax an item everytime it moves hands privately, you can use the IRS as a weapon to target literally anyone you want to, because you make all sorts of transactions like this ALL THE TIME without even thinking about it. Obviously the IRS aren't going to waste their time with you making 200$ on that cab you picked up at the pawn shop, or whatever..... thats obviously ridiculous.

But eventually, they WILL use it as another tool to fuck people over who dont bow down to GloboHomo©.

Obama used the IRS against against his ideological foes, and gave us the first taste of this a few years ago.

This is insane government overreach, and honestly pretty scary shit.
Click to expand...
Not saying I don't agree with you, but taxing used car purchases has always been the norm as long as I can remember.

Seems like this is an inevitable progression, just like tax free internet purchases have fizzled out.
 
DanTravis62

DanTravis62

Well-known member
Meeotch said:
Not saying I don't agree with you, but taxing used car purchases has always been the norm as long as I can remember.

Seems like this is an inevitable progression, just like tax free internet purchases have fizzled out.
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An inevitable march toward a totalitarian state? yeah, certainly.
 
Dino 939

Dino 939

Well-known member
mhenson42 said:
You only pay tax if you have a gain. By the way... that was always the case...there was just no enforcement mechanism. The new rules help with enforcement....along with the 89 thousand new IRS agents Brandon and the Demon-crats want to hire to audit all the billionaires and millionaires. lol

You have to prove your cost basis, if the IRS asks for it. Keep receipts. The IRS doesn't have to prove anything to force you to pay tax. They can force you to pay tax on the whole 1099 amount if you can't substantiate a cost basis.
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Mhenson...YOU'RE HIRED.
No wonder you hold all the killer's &
no filler's..dude, you got your head screwed on tight!
F'n 'G.
 
Beyond Black

Beyond Black

Well-known member
DanTravis62 said:
Ah yes, because the neocon Bush has a lot in common with the neo-liberals in power now. I see your point. They have been doing it for a long time.
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Meeotch said:
Not saying I don't agree with you, but taxing used car purchases has always been the norm as long as I can remember.

Seems like this is an inevitable progression, just like tax free internet purchases have fizzled out.
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I’m surprised we’ve gotten away with it for this long. I’ve been expecting this to happen for years.
 
T

TheGreatGreen

Well-known member
If you want to say "fuck Joe Biden" just say "fuck Joe Biden." He sucks. But can we just stop with the "tee hee hee BRANDON haha secret codes wink wink" nonsense?

Saying "Brandon" instead of "Joe Biden" and then running off giggling like a little girl is so infantile that I'm surprised Matt Gaetz hasn't tried to fuck it.
 
mhenson42

mhenson42

Well-known member
TheGreatGreen said:
If you want to say "fuck Joe Biden" just say "fuck Joe Biden." He sucks. But can we just stop with the "tee hee hee BRANDON haha secret codes wink wink" nonsense?

Saying "Brandon" instead of "Joe Biden" and then running off giggling like a little girl is so infantile that I'm surprised Matt Gaetz hasn't tried to fuck it.
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I think it’s great…to me it’s more a stab at the complicit media rather than Joe…. He doesn’t even understand it… much less what planet he’s on
 
Markedman

Markedman

Well-known member
So back to the thing. Most of us that care about this, buy and sell gear and would report a net loss at the end of the year, especially when you add in depreciation of gear. If you start an LLC, you could give yourself a salary and take a loss for 3 years. But, I am not certain about any of this shit.

What to do?
Start an LLC?
Fuck it and not sell shit?
Realize the man can't possibly check everyone for everything?
Start a spread sheet and keep records of where your GAS cash comes and goes?
Start a new bank account just for gear to track every sale and purchase?
It is more than selling gear. PayPal, Venmo, etc. are in on this reporting. Now that is fucked up shit right there!

I blame all of this on Trump, no, I blame Biden or Brandon or Hillary. Comey did it with Ted Cruz because Rush Limbaugh told him to do it. So actually I blame Obama and Bush, the first Bush. Dan Quayle. Remember that guy? He did not do it, for sure. He was pretty vacant.
 
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