Cost basis - Warning tax related topic

[Stupe the Second Sacker]

Originally Posted by Exhibitman

That argument is entirely based on a logical fallacy: "two wrongs make a right." Everyone is supposed to pay the taxes they owe. You cannot justify one tax cheat by pointing out another one you think is worse.

Also, you have your facts wrong. The 1099 threshold lowering law is new; it was passed in 2021 to commence 1/1/22 and was kicked over a year after intense lobbying by the facilitated marketplace vendors like eBay who will have to prepare the 1099s.

More to the point, whether the 1099 law is new or not is irrelevant. As the CPAs here have repeatedly pointed out, the 1099 is merely a mechanism for the IRS to check compliance with existing tax reporting requirements. The underlying obligation to declare taxable income has been around for over a hundred years.

Calling people you disagree with sanctimonious is not an argument, it is an ad hominem attack.

The fact you clearly do not want to acknowledge is that only someone who has not been reporting his card-related income will get stung by the 1099 rules. Anyone who declares his income and pays his taxes already has no need to be concerned with the 1099 threshold changes. I got a 1099 in 2021 under the old threshold rules. Meant nothing to me because I maintain books for my card selling activity and report my income.

This is too rich. Point of fact. You're the one who said the law isn't new. Please scroll up and read your own words. I'm the one questioning why you're even bringing that up. If your own retort confuses you, how do you expect anyone else to follow it? Here...I'll save you the scroll:

Originally Posted by Exhibitman

This. The law ain't new; the enforcement effort is.

Second, to the defenders of the old/new/revised/whatever enforcement...If it doesn't get the primary offenders, what's the GD point? It's a lot of extra effort for all, with little payoff. The proverbial juice isn't worth the squeeze. If you want to make a difference, abolish cash sales at card shows. Then you'll see some added revenue. Suddenly, every mom & pop dealer in the country has the best sales year of their lives.