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The scary part for a lot of people is that this new $600 threshold puts a reporting burden on low value personal property that few people bother documenting the
by thaeli 4y ago
The scary part for a lot of people is that this new $600 threshold puts a reporting burden on low value personal property that few people bother documenting their basis in. Until very recently, this didn't matter, because it was very unlikely someone would hit the $20k threshold from these sorts of ordinary "garage sale" activities.
Most Americans are scared of being audited. Whether or not that's a rational fear, it drives a lot of consumer behavior.
- noodlesUK 4y ago> Most Americans are scared of being audited. Whether or not that's a rational fear, it drives a lot of consumer behavior. This is so true. I'm terrified of the IRS in a way I'm simply not terrified of HMRC. I don't think it's rational at all, but going through the rigmarole of "file these papers you don't really understand, if you screw up, your life is going to get turned upside down" every year for their entire adult lives definitely plays into it.
- orwin 4y agoI don't know how the IRS work in the us, but if it's the same as in my country, they basically do the accounting for you, send you a letter that read 'you owe us XXX for 2015 and XXXX for 2017, please send the money to this address or contact us via mail so we can etch a repayment plan. I would be more afraid of our poorly trained cops firing guns near me.
- aaaaaaaaata 4y agoIt is not, and they do not. You send them a guess, and if it's wrong, they mail you back, possibly with a fine or other punishment threatened.