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

[hotrod]

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??

Yes for every pay app where you receive more than 600 dollars you will get a 1099 regardless if its for personal or not, its up to you to report what is taxable. It wil just state the amount not a itemized form of every transaction

 

[perfection]

Maybe someone can answer this one, what if you send bitcoin to someone? Do you get a 1099 for that? Can you label it as a donation for sending it?

 

[The Big MC]

By law, you should get a 1099 from an exchange if you receive/trade bitcoin which will also be reported to the IRS. The quickest way to get flagged for audit is to not report a w2/1099 that they have on file. Their computers pick that up. Of course, the only way the government knows about it is if the exchange gives a 1099 so...

 

[zonnick]

这太疯狂了，所以现在我必须拆分为个人和业务，但我仍然有他们两个的 1099k 表格

 

[zonnick]

good

 

[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.

What were you saying, now?

 

[Lethalius]

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.

Yes, I heard about this. They want to tax us on unrealized gains in our investments, meaning just for holding the stock or mutual fund- not selling it for proceeds. We already get triple taxed (or worse). First- your income wages (W2), then any dividends/interest in your investments, then from the proceeds of selling an investment (stock, bond, fund etc.). Even discussing borrowing from 401k's for the debt ceiling issue in 2023. This is not minimal government intervention in people's lives- this is rape of the citizens! The bigger the government continues to get, the more regulations will be incurred by businesses, more taxes on the people and most importantly- less freedom!!!!!

 

[OuchThatHurts]

Yes, I heard about this. They want to tax us on unrealized gains in our investments, meaning just for holding the stock or mutual fund- not selling it for proceeds. We already get triple taxed (or worse). First- your income wages (W2), then any dividends/interest in your investments, then from the proceeds of selling an investment (stock, bond, fund etc.). Even discussing borrowing from 401k's for the debt ceiling issue in 2023. This is not minimal government intervention in people's lives- this is rape of the citizens! The bigger the government continues to get, the more regulations will be incurred by businesses, more taxes on the people and most importantly- less freedom!!!!!

Not in the US. Here, our income is taxed only once (unless you include sales tax and OPT). If you're using a 401k, than you deserve what you get. Withdrawing pre-tax funds from an IRA early you then have to pay the taxes and a penalty. At least do a Roth IRA if you must have an IRA. Or better yet, just do stocks and mutual funds yourself. Real estate, also. Buy and rent. Employer 401k matching seems like a good deal until you need the cash before retirement age and then the employer matching amounts to jack squat - sometimes even a loss.

You pay interest once on income. Including dividends/capital gains. If you sell having paid taxes on growth all the way, the money is all available to you at that moment and you pay no taxes. Losses can also be counted against capital gain in other areas. Unless the investment was done via a 401k. A 401k is a pre-tax vehicle. Dollars are invested pre-tax and it grows pre-tax. Unfortunately, when you sell, you pay big capital gains tax on the income invested (and possibly a penalty, too). Screw IRAs.