Will new 1099-K thresold of $600 include sales made in 2021?

[mdes162nj]

The new 1099 threshold of $600 on any amount of transactions in place of $20,000 and 200 transactions goes into effect the end of Dec 2021.  Does any one know if it will apply to transactions made in 2021?  Or will it apply to transactions starting in 2022? 

[lonebuck-books]

"This new rule is ridiculous, and will probably cost the govt in paperwork/processing more than it will make,"

Since when has this ever been a concern of government?  They are experts at spending $100 on a 10 cent item and feeling justified in their spending.    You are dealing with crooks.  Once you understand that the government is nothing more than a criminal enterprise, you will understand that they simply do not care how it affects you or the government budget.

[releasethekraken_1]

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@m60driver wrote:

It is just so much easier to scare, intimidate, and tax the little guy who is already living on the financial margins rather than to tax the Trumps of the world.  As Donald's once fellow landlord Leona Helmsley once said:  "We don't pay taxes; only the little people pay taxes".

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What I'll never figure out is why so many people vote for the people who give the big tax breaks to the big guys, and screw the little guys. I guess their guns are more important than their wallets.

[sextons-sweet-deals]

If all true, I hope this also applies to Facebook, Nextdoor, and Craigslist.  I'm sure there are other sites out there, but these are the ones that come to mind. 

Will Goodwill also be charged for their online auction site? 

I stopped going to Goodwill because they sort the donations. Junk on the floor unless it is large / heavy. High brand names are pulled and listed on their auction site. Are those sales being reported? Probably not!

They claim that they help the people who may have disabilities, but they also allow people to work off thier "community service" for minor  / petty crimes. I assume that is an agreement with local law officials. 

[nobody*s_perfect]

The law being discussed here is not related to Craigslist, Goodwill, etc.  It's about the responsibilities of "marketplace facilitators" which process online payments.  Such as PayPal. And, now, eBay.

[magicjohnsonsvariety]

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@sextons-sweet-deals wrote:

If all true, I hope this also applies to Facebook, Nextdoor, and Craigslist.  I'm sure there are other sites out there, but these are the ones that come to mind. 

Will Goodwill also be charged for their online auction site? 

I stopped going to Goodwill because they sort the donations. Junk on the floor unless it is large / heavy. High brand names are pulled and listed on their auction site. Are those sales being reported? Probably not!

They claim that they help the people who may have disabilities, but they also allow people to work off thier "community service" for minor  / petty crimes. I assume that is an agreement with local law officials. 

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A little off topic, but I stopped going to goodwill for the same reason. 

There was a time when everything donated was put on the floor...pre 2000 I believe, but even then, volunteers had sticky fingers.

[monroe67]

My selling ID keeps track of all her sales anyway.  She's not a high volume seller, but she is a little obsessive. 

[sextons-sweet-deals]

It actually also applies to your personal garage sales!

Some cities / towns even require permits. 

[sextons-sweet-deals]

maybe a little, but I think most here get my point. 

[releasethekraken_1]

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@sextons-sweet-deals wrote:

If all true, I hope this also applies to Facebook, Nextdoor, and Craigslist.

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They never see the money, so no, it won't.

[books4less012510]

This bill was written by anti-gun rights Democrats.

[books4less012510]

Goodwill pays its CEO something like $600,000 a year and their managers make $100k+. They have been grandfathered in as a "charity" because they hire "unhireables." Which, by the way, every company does.

[jayjaspersgarage]

Well, if people were in the habit of saving receipts and tracking expenses it would not be a hassle to save money on your taxes every year.  2021 can be an opportunity to get our filing systems in order so that doing taxes will be easier than driving to Starbucks to waste $8 on a friggin' coffee 365 times per year.  Imagine the savings if people didn't spend $1,000 on an unneeded i-phone every three years.

I paid my vehicle off in the year 2000.  Imagine not having a car payment for 21 years.  But noooooo, people who subscribe to cable television at a cost of $80 a month watch the Kardashians buy stuff so they need to buy new clothes every other week and drive cars they can't afford.  

[jayjaspersgarage]

"... but the bookkeeping will be a hassle."

Well, if people were in the habit of saving receipts and tracking expenses it would not be a hassle to save money on your taxes every year.  2021 can be an opportunity to get our filing systems in order so that doing taxes will be easier than driving to Starbucks to waste $8 on a friggin' coffee 365 times per year.  Imagine the savings if people didn't spend $1,000 on an unneeded i-phone every three years.  I paid my vehicle off in the year 2000.  Imagine not having a car payment for 21 years.  But noooooo, people who subscribe to cable television at a cost of $80 a month watch the Kardashians buy stuff so they need to buy new clothes every other week and drive cars they can't afford.  

Bear with me, this is what happens on Monday mornings.   So when it comes to finally having to pony up a few dollars on sales of what, $1,500 or $625 after cheating the tax system out of countless amounts of evaded taxes for up to 25 years people scream, kick and complain about it for months on end.  

The next thing you know people who drive electric vehicles, especially former BMW drivers with their shiny new Teslas,  will complain about is the change in how driving taxes are shifting from a gas taxed basis to a 'miles driven' calculation.  That way ALL vehicle owners will pay for the wear and tear of the roads.  

That's all I have for this Monday's rant.  Peace out folks.  

[jayjaspersgarage]

"... but the bookkeeping will be a hassle."

Well, if people were in the habit of saving receipts and tracking expenses it would not be a hassle to save money on your taxes every year.  2021 can be an opportunity to get our filing systems in order so that doing taxes will be easier than driving to Starbucks to waste $8 on a friggin' coffee 365 times per year.  Imagine the savings if people didn't spend $1,000 on an unneeded i-phone every three years.  I paid my vehicle off in the year 2000.  Imagine not having a car payment for 21 years.  But noooooo, people who subscribe to cable television at a cost of $80 a month watch the Kardashians buy stuff so they need to buy new clothes every other week and drive cars they can't afford.  

Bear with me, this is what happens on Monday mornings.   So when it comes to finally having to pony up a few dollars on sales of what, $1,500 or $625 after cheating the tax system out of countless amounts of evaded taxes for up to 25 years people scream, kick and complain about it for months on end.  

The next thing you know people who drive electric vehicles, especially former BMW drivers with their shiny new Teslas,  will complain about is the change in how driving taxes are shifting from a gas taxed basis to a 'miles driven' calculation.  That way ALL vehicle owners will pay for the wear and tear of the roads.  

That's all I have for this Monday's rant.  Peace out folks.  

[releasethekraken_1]

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@books4less012510 wrote:

This bill was written by anti-gun rights Democrats.

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LOL

[superduty420]

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@mdes162nj wrote:

The new 1099 threshold of $600 on any amount of transactions in place of $20,000 and 200 transactions goes into effect the end of Dec 2021.  Does any one know if it will apply to transactions made in 2021?  Or will it apply to transactions starting in 2022? 

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It all officially starts Jan 1 of 2022 and will not include transactions from 2021, simply because the announcement came after the start of 2021 and by law 2021 transactions cannot count.