Steve Bruzonsky
400 Club - QQ All-Star
RESERVED - I will summarize the best tips here!
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FYI, the limit for 2022 and 2023 was 200 transactions AND $20,000. The law passed by Congress set the limit at $600 with no transaction minimum, but the IRS has delayed the implementation of that threshold. As I mentioned earlier, the IRS is currently planning to delay further by implementing a $5,000 threshold for 2024, though Congress may force them otherwise. We won't know until later this year.Last time I looked the 1099 limit was $400 and 20 transactions.
This is also my understanding of the matter. There's still a chance the whole thing will get called off, one might imagine the amount of overhead needed (staffing) at the IRS to accomplish this is pretty immense. And there's no guaranteeing the IRS will even break even after paying for that extra staffing/resources. IMHO big business gets the free ride, they should be focusing more on tightening tax code and increasing corporate tax a percent or two. Milking lower income people only creates an atmosphere of distrust that leads to things like January 6th. It's easy to be viewed as a villain when acting like a thief.FYI, the limit for 2022 and 2023 was 200 transactions AND $20,000. The law passed by Congress set the limit at $600 with no transaction minimum, but the IRS has delayed the implementation of that threshold. As I mentioned earlier, the IRS is currently planning to delay further by implementing a $5,000 threshold for 2024, though Congress may force them otherwise. We won't know until later this year.
This is also my understanding of the matter. There's still a chance the whole thing will get called off, one might imagine the amount of overhead needed (staffing) at the IRS to accomplish this is pretty immense. And there's no guaranteeing the IRS will even break even after paying for that extra staffing/resources. IMHO big business gets the free ride, they should be focusing more on tightening tax code and increasing corporate tax a percent or two. Milking lower income people only creates an atmosphere of distrust that leads to things like January 6th. It's easy to be viewed as a villain when acting like a thief.
My wife would have definitely done that (but she passed away some years ago)!My son said he will just post the following Facebook Marketplace ad.
"Free. First person to come, take it all."
I'm sorry to hear that Steve.My wife would have definitely done that (but she passed away some years ago)!
I plan to live many years - having so much fun with grandkids!!!I'm sorry to hear that Steve.
It is a valid statement / thought process to just give it all away as it is unfair to burden a family member with a large music collection, not to mention all the speakers and gear.
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