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It's crazy these threshold dollar amounts seem to never increase. $600 reporting requirement has been $600 forever it seems. It used to be my annual lawncare e
by conductr 5y ago
It's crazy these threshold dollar amounts seem to never increase.
$600 reporting requirement has been $600 forever it seems. It used to be my annual lawncare expense was less than $600/year. Now I pay roughly 2x-3x and it's over $600 so I am shouldered with this burden due to inflation/COL/time and a fixed IRS dollar amount.
Just like how cash transactions >$10,000 need to be filed with IRS. That was set in the '80s I believe, when $10,000 in cash was much more substantial. It's not increased with time so the reporting burden just becomes more burdensome. Pretty soon a trip to the ATM will trigger an IRS report.
- zionic 5y agoThis is by design. They want to track everything but that’s too much too quick, so instead they set the limit high and let inflation do the job.