Forum bank account

[jeepwm69 7,606]

On 3/4/2022 at 6:04 PM, Fishfiles said:

I seen that donate box before , the other night a window popped up on me ,   that was Pay Pal and Mark Mccray Donation box , I was not trying to donate at the time , may have hit the donate button by accident 

 

Well ,  right after the first of the year , I was contacted by facebook , saying they needed my tax I.D. number or my social security number for thing I sold thru market place , so I decided to not sell anything off market place any more, now they will not let me delete the ads   ---- I see a lot of people putting in the add , selling for a friend , don't contact me , call the phone number , don't know what good that does 

 

That was part of the 2000 page bill that biden put into effect ------ there are many new laws dealing with tracking money that just started Jan 1 2022 --------  one I remember reading is ,  if you sell anything over $600 you need to file a tax paper with the IRS on that sale --- another is if you deposit more than $600 in to your account , a form is sent to the IRS 

 

That's why the name on the Paypal account changed.  That also means that Retro is going to get a tax bill on donations to the site at the end of the year unless we can figure out a way to get it changed. 

 

In the grand scheme of things, it won't amount to much, and Retro said not to worry about it, but on principle it completely sucks.  .gov is completely out of control in this country and needs to be reigned in.

 

I'm not buying any more projects to flip, because I won't be able to advertise them anywhere anymore without having to provide a bunch of personal info, and if I buy an ATV for $100, and sell it for $1000, the IRS wants taxes on that $900, even though the additional value is due to hours of labor to get it ready to sell.  The burden is on me to show what I paid for the machine, how much I spent on parts for the machine, and then they're try to tax me on the "profit".  If I take my "profit" on what I make on machines I've bought to fix up I'm paying myself about $4-5/hour.  I do it because I like to make old things that don't work useful again.  .gov still wants their cut.  They take a break-even hobby for me and treat it like a business, just like they treat this 100% non-profit forum as a business.   They want to tax everything, and then they squander the money.

 

We need to do away with all of the three letter agencies in this country.  Their only purpose is to prey on the citizens who fund them.

 

Rant over.

[toodeep 1,758]

@jeepwm69 I'm not a tax guy but I bet the IRS will want the taxes off of the $1,000. The initial cost and whatever money to make it sell again goes into your expense side that hopefully you can deduct. They are going to have fun watching my account because money goes out faster than it goes in and almost every deposit is over their $600 which won't even cover one loan payment or a couple weeks of insulin (if I didn't have insurance).

[Fishfiles 20,145]

I  agree with toodeep , I think  it would  be on the total gross of your deposits , then you have to have your taxes prepared with " legitimate  "  deductions to offset those gains  , and my tax people have already told me  ,  this year is going to be a lot more costly  than last year , cause many things have changed