Ebay tax reporting drops from $20,000 to $600

FrankWakefield · #1 01-27-2022, 11:10 PM

My recollection of the 1986 legislation was that it was called The Tax Reform Act of 1986. I think the simplification act was when President Clinton was in office. BobC, does that sound right, or were there multiple 1986 acts, or what??

BobC · #2 01-27-2022, 11:31 PM

Quote:

Originally Posted by FrankWakefield

My recollection of the 1986 legislation was that it was called The Tax Reform Act of 1986. I think the simplification act was when President Clinton was in office. BobC, does that sound right, or were there multiple 1986 acts, or what??

Ha ha, you might be right Frank, it's getting late and I'm getting old. My point was still valid regarding all the work it created and what we were calling it. I may have to go back and amend my post. Thanks.

FrankWakefield · #3 01-28-2022, 07:59 AM

I had a tax professor who left the classroom for a couple of weeks to go to DC to help with the Tax Reform Act of 1986. And when that Act became law it set things in motion that culminated in the greatest loss of life of Americans ever, occurring on April 15, 1987.

Just over 5 million Americans vanished. Before the Tax Reform Act of 1986, someone filing a 1040 just listed a number for minor children in the household. But the TRA of 86 placed a requirement of listing a minor child's SS# on the new returns. Taking into consideration that 17 year olds from the previous year would have turned 18, and subtracting out newborn children for that tax year, the returns filed in 1987 showed that there were just over 5 million kids who were claimed as dependents the previous year and who should be showing up on the 1987 returns for tax year 1986, but no one claimed them. Those kids vanished.

In the old days newborns didn't get a SS# application sent in as part of being in the hospital. I didn't. A few years after my (younger) brother was born, I recall Dad showing me that a SS card had arrived in the mail for me. Mom and Dad applied for both of us. Dad kept up with the cards, I was maybe 8 or 9, and if I'd gotten it then I'd have lost it. My brother and I have consecutive SS#s. About 30 years later my twins are born, the hospital is getting info for SS applications, and when their cards arrive their numbers are quite different. My old card has a line on it on the front, "not to be used for identification purposes," which greatly amuses me because that's exactly how it's used and they no longer put that on the cards.

BobC · #4 01-28-2022, 11:25 AM

Quote:

Originally Posted by FrankWakefield

I had a tax professor who left the classroom for a couple of weeks to go to DC to help with the Tax Reform Act of 1986. And when that Act became law it set things in motion that culminated in the greatest loss of life of Americans ever, occurring on April 15, 1987.

Just over 5 million Americans vanished. Before the Tax Reform Act of 1986, someone filing a 1040 just listed a number for minor children in the household. But the TRA of 86 placed a requirement of listing a minor child's SS# on the new returns. Taking into consideration that 17 year olds from the previous year would have turned 18, and subtracting out newborn children for that tax year, the returns filed in 1987 showed that there were just over 5 million kids who were claimed as dependents the previous year and who should be showing up on the 1987 returns for tax year 1986, but no one claimed them. Those kids vanished.

In the old days newborns didn't get a SS# application sent in as part of being in the hospital. I didn't. A few years after my (younger) brother was born, I recall Dad showing me that a SS card had arrived in the mail for me. Mom and Dad applied for both of us. Dad kept up with the cards, I was maybe 8 or 9, and if I'd gotten it then I'd have lost it. My brother and I have consecutive SS#s. About 30 years later my twins are born, the hospital is getting info for SS applications, and when their cards arrive their numbers are quite different. My old card has a line on it on the front, "not to be used for identification purposes," which greatly amuses me because that's exactly how it's used and they no longer put that on the cards.

I remember those days Frank, forgot about that sudden loss of kids being claimed as dependents. That was another crazy result from that 1986 tax act being passed. Nowadays a baby doesn't leave the hospital without a social security number at least being applied for.

Do you remember the phase-in/phase-out of certain deductions created by the Reform Act, or the impact the brand new Passive Loss Rule had on the nation's economy? Ugh!!! People often look back at how after the 2008 mortgage loan debacle the government stepped in to save businesses and our economy, and may think of that as the first time our government has had to cross the line and directly take over and deal with private businesses like that, at least since the Great Depression. They may have forgotten what happened after the Tax Reform Act of 1986 was passed and the feds had to form the Resolution Trust Corporation to deal with the aftermath of that legislation.

frankbmd · #5 01-29-2022, 11:47 PM

Quote:

Originally Posted by BobC

I remember those days Frank, forgot about that sudden loss of kids being claimed as dependents. That was another crazy result from that 1986 tax act being passed. Nowadays a baby doesn't leave the hospital without a social security number at least being applied for.

.........

Are social security applications available on the Rio Grande?

BobC · #6 01-30-2022, 02:19 AM

Quote:

Originally Posted by frankbmd

Are social security applications available on the Rio Grande?

That's a good one Frank! LOL

That brings up the law giving anyone born on US soil automatic citizenship, jus soli. That thinking/law exists in only about 33 countries in the world, almost all exclusively in the American continents.

So are you for or against "anchor babies"?

Snowman · #7 02-03-2022, 01:57 AM

Quote:

Originally Posted by frankbmd

Are social security applications available on the Rio Grande?

Quote:

Originally Posted by BobC

That's a good one Frank! LOL

That brings up the law giving anyone born on US soil automatic citizenship, jus soli. That thinking/law exists in only about 33 countries in the world, almost all exclusively in the American continents.

So are you for or against "anchor babies"?

I see the racists showed up to the party. Good to know.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Help reporting a T206 Cobb fake on Ebay!	hcv123	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	18	12-13-2021 04:11 PM
Reporting item on Ebay	AustinMike	Postwar Baseball Cards Forum (Pre-1980)	5	05-13-2013 08:14 PM
Ebay item reporting	bn2cardz	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	7	01-30-2012 11:29 AM
eBay Reporting Provision	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	7	06-21-2008 10:36 PM
slightly OT: Reporting Shills to Ebay question...	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	2	10-24-2005 08:17 PM