new 1099-K rules

[BobC]

Originally Posted by Johnny630

I see a lot on this board from people who say they just love the cards and could care less about the value of the cards most claim they would never sell they’re just going to die with them and pass them on to their heirs. Sounds like none of this would be applicable If you never sell any of your cards.

Why is everyone so worked up over this ? I think it’s smart for the IRS to be more diligent over collecting revenues from cards sales, there must be way more selling them ever. Maybe this is what the supposed FBI investigation over alleged trimming and shilling revealed lol. Make them pay up or at least put the fear of God in them over it, seems to be working based of this post.

You could be right about the FBI thing. As for people getting worked up so much about all this, I think it may be due to many people not knowing what or how to properly report their card collecting activities, or what records and details they need to keep, as much as them just not wanting to pay taxes they may owe on cards they're selling. No one is trying to put the fear of God in anyone, at least I know I'm not.

When it comes to topics and areas like this, ignorance is not bliss, in fact in many cases it can turn out to be the polar opposite. Warning people of this change in tax reporting laws at the start of the first tax year it takes effect, as opposed to them initially learning about it at the end of the tax year, will allow them to be much more proactive in how they decide to handle the new change. This is in contrast to the more limited, reactionary responses they would have, had they learned of changes so much later.

Not surprised at all about the potentially expanded reporting requirements and closer monitoring of businesses and people when it comes to taxes. Just look at the costs and record amount of national debt we have now assumed, primarily as a direct result of the pandemic. Add on the additional costs of finally looking to address the long overdue needs of our country's infrastructure, and any fool can see the government needs cash, which they get via taxes. And in these critical and vulnerable economic times, with the pandemic still raging and inflation breaking down the door, one of the last things politicians would ever want to do is raise taxes to potentially further damage the economy. Not to mention the political suicide it can turn into for politicians voting for such tax increases. So instead, people turn to the actual truth and often ask, rather than raise and pile new taxes on me Mr. Politician, why don't you do a better of job of enforcing the tax laws already in place, and getting the people and businesses that aren't properly paying their taxes now to start doing so? And now the politicians are............