You Said: Simply deducting one's basis from the proceeds they got from something they sold, to determine their net taxable income/gain, is NOT just in and of itself ever going to trigger an IRS audit. In fact, the IRS pretty much fully expects everyone reporting such sales on their tax return is also going to be deducting the basis of what they sold.
Will you personally commit to that for the next 5 years? Will you commit to paying the attorney fees of anyone who is audited for failing to pay their claimed tax liability under an IRS audit for noncompliance with the new 1099 rules if they are ultimately found innocent?
You Said: I probably have no more, and maybe even less, trust in our government and politicians than you, and also am not a big fan of encroachment and even more government oversight and regulations.
I doubt it.
You Said: I am merely speaking to the tax laws and requirements/reporting in place, and what people need to be aware of in complying with what is out there. I am not commenting on and either approving or condemning our government and the tax laws they passed, just trying to better explain them and how they are supposed to work for people, especially in regard to how those tax laws can impact their collecting activities.
Great. Carry on.
Last edited by sreader3; 12-11-2022 at 08:56 PM.
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12-11-2022, 08:54 PM
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