Any one else going to have trouble with this new law making all cash Apps report over $600 a year

[OuchThatHurts]

See how that works out. Dailygrievences.net Oy vey..

 

[OuchThatHurts]

I'm liberal on some stuff, conservative on others. F*** the rules of the game. Both parties are pathetic. But all my life 35+ years, all firearms got me was good meat. Now I'm getting Christmas photos Edit: Too Political with a Christmas tree, and they're all holding weapons. Not hunting weapons either. And Democrats are no different with running around trying to pin every society ill on race. While ****** is on every night telling their 75 yr old white audience terrified they're being bred out. I hear things like this:

"I'm pro-life and Jesus is my vaccine but I still carry this AR-15 with flash suppressor and muzzle brake with JHP chest exploders because freedom."

Yea, right.

 

[Gunsmith]

So exactly how does this work , you are sent a 1099 for every transaction over $600 or once you reach $600.???

For instance is I sell 8 products to 8 different people for $700 dollars each I'm gonna get 8 separate 1099??

Or once I break the $600 limit they just keep a tally and if I make $10k at the end of the year I get one 1099 on that??

 

[maldorf]

See how that works out. Dailygrievences.net Oy vey..

I'm loving it so far.

 

[maldorf]

So exactly how does this work , you are sent a 1099 for every transaction over $600 or once you reach $600.???

For instance is I sell 8 products to 8 different people for $700 dollars each I'm gonna get 8 separate 1099??

Or once I break the $600 limit they just keep a tally and if I make $10k at the end of the year I get one 1099 on that??

I think it's the last suggestion.

 

[maldorf]

 

[buck]

I wonder if the government will give us back money if we lose it in the market?

Crypto is considered property and governed by the same rules as all other property. There can be profits or losses.

As cash app is owned by Square. The do not allow the sale of firearms, ammo or parts. So i will continue to refuse to use their services. Each to their own.

Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service

Frequently asked questions and answers about Virtual Currency transactions.

www.irs.gov

 

[maldorf]

Crypto is considered property and governed by the same rules as all other property. There can be profits or losses.

As cash app is owned by Square. The do not allow the sale of firearms, ammo or parts. So i will continue to refuse to use their services. Each to their own.

Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service

Frequently asked questions and answers about Virtual Currency transactions.

www.irs.gov

So it sounds like you can file a capital loss. I was wondering if it was a one or two way street.

 

[buck]

So it sounds like you can file a capital loss. I was wondering if it was a one or two way street.

Also depends on if it was a long or short term capitol gain or loss.

 

[hollaback6]

What's really crazy is that people actually believed (including myself in the beginning) that the world's financiers wouldn't think, "Hey Let's hire some geeks to make our blockchain!" That's why I'm reducing my crypto exposure. I've started investing more and more in hard assets. Whether it's properties, a Harley Davidson or a Rolex watch - those never depreciate, always will have use, and only increase in value over time. Fuck volatility. I still have two elementary school girls, 5th grade and kindergarten.

View attachment 151658

Reducing your crypto exposure is a bad idea. Alt season is around the corner and stuff will be going parabolic. Crypto is literally the way for the little man to become wealthy.

 

[hollaback6]

They even wanted to tax us on unrealized gains! Like if your property value goes up. Give them an inch and they take a mile.

That will never pass imo.

 

[maldorf]

That will never pass imo.

I sure hope not. There is a significabt group in congress that want it though. Let's just hope that doesn't grow larger in the midterms this year.

 

[OuchThatHurts]

Reducing your crypto exposure is a bad idea. Alt season is around the corner and stuff will be going parabolic. Crypto is literally the way for the little man to become wealthy.

I "literally" already am.

 

[Gnrmmk]

I don’t think you quite understand the situation with this to say the least…..

No, u dont

Ive been getting away wit worse sht 4 over 5 years, especially in the crypto world


As i said, dw kid, il get away with it, u dont understand the situation to say the least.

 

[OuchThatHurts]

No, u dont

Ive been getting away wit worse sht 4 over 5 years, especially in the crypto world


As i said, dw kid, il get away with it, u dont understand the situation to say the least.

U dint a voyd gettin yo azz d booht

 

[SOUR DIESEL]

What's really crazy is that people actually believed (including myself in the beginning) that the world's financiers wouldn't think, "Hey Let's hire some geeks to make our blockchain!" That's why I'm reducing my crypto exposure. I've started investing more and more in hard assets. Whether it's properties, a Harley Davidson or a Rolex watch - those never depreciate, always will have use, and only increase in value over time. Fuck volatility. I still have two elementary school girls, 5th grade and kindergarten.

View attachment 151658

^^^looks like you are already VERY WEALTHY my friend


that's a wonderful crew ..you'r a good man Charlie Brown


.


.

 

[OuchThatHurts]

^^^looks like you are already VERY WEALTHY my friend


that's a wonderful crew ..you'r a good man Charlie Brown


.


.

They keep me on my toes that's for sure!

 

[hollaback6]

I sure hope not. There is a significabt group in congress that want it though. Let's just hope that doesn't grow larger in the midterms this year.

yea i know yellen is pushing for that. It makes zero sense and will only hurt the middle class investor.

 

[OuchThatHurts]

We should probably pump the brakes on the political leanings. I don't want to create more work for my bros. I'm going to find myself in the doghouse.

 

[Sassy]

So exactly how does this work , you are sent a 1099 for every transaction over $600 or once you reach $600.???

For instance is I sell 8 products to 8 different people for $700 dollars each I'm gonna get 8 separate 1099??

Or once I break the $600 limit they just keep a tally and if I make $10k at the end of the year I get one 1099 on that??

At the end of the year if you received $600 in transactions for products/services, they will send you one 1099 a copy of that 1099 will also go to the IRS.

It's going to be a real problem for me too, because I receive a 1099 from the company that I sell for, so I'm going to get double. I'm not sure how that's going to work out.