***Official Political Discussion Thread***

[biggie62]

My job has been pissing me off for the longest, and I got a homie that works for the IRS telling me come be an economist for them.

Best believe it I ever make the move, y'all better not be talking about any reselling around me.

If I get a hint that mplsdunk is flipping rabbit feed, and not claiming the profits, I'm alerting the authorities.

Or if @WASHED KING reselling Chelsea boots online.

I'm telling.

Let him sell a pair of Chelseas to @Belgium and I'm getting those two for wire fraud, money laundering and conspiracy to commit misogyny

Try me, and imma be on my work phone like...

Speaking of which. I did interview for them recently

 

[RustyShackleford]

Speaking of which. I did interview for them recently

This gonna be us at lunch after intiatating audits on this whole thread...

 

[biggie62]

This gonna be us at lunch after intiatating audits on this whole thread...

 

[Based Jesus]

This gonna be us at lunch after intiatating audits on this whole thread...

Just remember when it's your turn to have a baby and you post your amazon wishlist and I get your daughter some stuffed animal that she grows inseparable from before you send me to jail please

Forget everyone else, just remember Mr. Snuffles

 

[Mark Antony]

Me to the cashiers if I was in the supermarket with you...

"it looks like that gentleman needs assistance on self checkout #2"

Man Bing AI will not give me George Santos with 69 face tattoos. The fun is over.

 

[biggie62]

All I’ll say is if I’d go that route and would start auditing. You better just agree to my sum and not force me to dig more because best believe I’ll find double the errors when I come back the second time

 

[aepps20]

This gonna be us at lunch after intiatating audits on this whole thread...

Will come for you at lunch.

 

[mplsdunk]

F it I’m gonna apply too.

Samplegang dm me for da

You won’t have to sell your chelseas for brunch when I’m in charge.

 

[TooOlfForThisIsh]

What people are upset about is this. Perfect example. Person's parents pass away. They go over to clean out the house, and find some of their old stuff they had when they were a child (whatever it may be). Instead of throwing it away, they toss it up on eBay. Make a few bucks, enough to go over the $600 limit. But they don't want to pay tax because they don't have a receipt for the stuff since it was bought so long ago and they didn't make any money compared to what it was bought for new.

(Not tax advice. Ask your accountant)

Inherited assets get rebased at fair market value. If the asset was sokd shortly after the inheritance, the IRS would be hard pressed to argue the sale amount was anything other than fmv so cap gains would be zero. The sale should be tax-free.

 

[Based Jesus]

All I’ll say is if I’d go that route and would start auditing. You better just agree to my sum and not force me to dig more because best believe I’ll find double the errors when I come back the second time

How much we talking?

 

[elpablo21]

Reporting taxes is like reporting organic produce at self checkout. I’m not doing it unless you make me.

Reminds me recently I bought some organic grapes prepackaged but they wouldn't scan so bro working self check out walked over to help me out and he started typing in just the regular grapes price...

I almost pulled a

But walked out with the discount. I pray for forgiveness every day since

 

[RustyShackleford]

Reminds me recently I bought some organic grapes prepackaged but they wouldn't scan so bro working self check out walked over to help me out and he started typing in just the regular grapes price...

I almost pulled a

But walked out with the discount. I pray for forgiveness every day since

 

[gry60]

did you think I wouldn't check the link?

Why would I do that?

the polling is obviously more complex then that.

according to your source when presented with put more pressure on Israel or put more pressure on Palestine. including witholding aid

47.5% of democrats think that Biden should do neither, 8.5% think they should put more pressure on Palestine.
so 55% are against putting more pressure or withholding aid to Israel.

also 70% of independents think we should do neither. and 11% think we should put more pressure on Israel.

this is what i mean, you present this stuff like it's just good politics,
when it seems to me you are just laundering your own policy preferences under the guise of political strategy.

There are more takeaways in that poll like:

- a majority (2/3) of Democrats who know their representatives' stance on Israel find them much more supportive of the country than they actually are.

I just grabbed the part of the poll that countered the assertion that criticism of Biden's position was hyperbolic.

This is a description of the Biden approach from the inside:

Biden facing growing internal dissent over Israel's Gaza campaign

It has stirred an extraordinary level of criticism from within the president’s own administration.

www.bbc.com

The high number of Palestinian deaths is a "font of the dismay" in the administration, according to Gina Abercrombie-Winstanley, a former US diplomat who is now president of the Middle East Policy Council.


The administration's support for the Israeli military operation appears for many "far too much of a one-sided position for the US government", she said.

WATCH: White House holds briefing as Biden faces new demands to call for a cease-fire in Gaza

White House press secretary Karine Jean-Pierre held a news briefing on Monday as the Biden administration faces demands from open letters signed by federal workers calling for a cease-fire in Israel's war against Hamas.

www.pbs.org

As the deaths soar in Gaza, Biden and Congress are facing unusually public challenges from the inside over their support for Israel’s offensive. Hundreds of staffers in the administration and on Capitol Hill are signing on to open letters, speaking to reporters and holding vigils, all in an effort to shift U.S. policy toward more urgent action to stem Palestinian casualties.

“Most of our bosses on Capitol Hill are not listening to the people they represent,” one of the congressional staffers told the crowd at a protest this month. Wearing medical masks that obscured their faces, the roughly 100 congressional aides heaped flowers in front of Congress to honor the civilians killed in the conflict.

The objections coming from federal employees over the United States’ military and other backing for Israel’s Gaza campaign is partly an outgrowth of the changes happening more broadly across American society. As the United States becomes more diverse, so does the federal workforce, including more appointees of Muslim and Arab heritage. And surveys show public opinion shifting regarding U.S. ally Israel, with more people expressing unhappiness over the hard-right government of Israeli Prime Minister Benjamin Netanyahu.

After weeks of seeing images of bloodied children and fleeing families in Gaza, a significant number of Americans, including from Biden’s Democratic Party, disagree with his support of Israel’s military campaign. A poll by The Associated Press and NORC Center for Public Affairs Research in early November found 40 percent of the U.S. public believed Israel’s response in Gaza had gone too far. The war has roiled college campuses and set off nationwide protests.

As of late this past week, one open letter had been endorsed by 650 staffers of diverse religious backgrounds from more than 30 federal agencies, organizers said. The agencies range from the Executive Office of the President to the Census Bureau and include the State Department, U.S. Agency for International Development and the Department of Defense.

These are the people with the clearance levels who see how some of the sausage gets made, and they feel strongly enough about the WH and Congress' stance to sign open letters calling the administration to turn down the level of support for Israel.

so as a tribute to a dead family member...they will facilitate the election of Trump?
who will absolutly support and fund much more aggressive posture towards the Palestinians and openly call for their genocide.

that's an an insane thing to do, and I just think more highly of Arab Americans voters than you maybe.

You just need to accept that what's rational to you and me may not be rational to people who are close enough to this conflict to get worried when they see an international number on their phone.

Those voters are not looking at abstaining as "voting FOR Trump;" they're looking at it as not voting for someone who is not going to raise the finger to protect their families and friends. It's a moral thing, and morality is not always rational. Obviously, nothing says that they won't change their position in a year, but this is where we currently stand.

also "allow" this is exactly the type of hyperbole im talking about
Biden isn't "allowing" anything.

That's simply how they see it. Remember that we're talking about Biden is perceived by Arab-Americans. The 17% approval rating among that population did not fall from the sky.

Isreal doesn't need US support to prosecute this war.

we can influence them. but ultimately it's a gross over simplification to say "allow" unless you think we should go to war with Israel.

This is not quite true. Israel is a small nation, and calling up their reservists halts their economy. A long, prolonged war is not what their military is built for, which is why the US has deployed multiple navy carrier groups to avoid the opening of a second/third front in the WB or/and in Southern Lebanon and is providing financial assistance to make up for lost productivity.

 

[sneaksoy]

(Not tax advice. Ask your accountant)

Inherited assets get rebased at fair market value. If the asset was sokd shortly after the inheritance, the IRS would be hard pressed to argue the sale amount was anything other than fmv so cap gains would be zero. The sale should be tax-free.

Not every day we get to talk about basis in the PD thread.

On this topic - if I could change just one provision of the tax code, it’d be § 1014. Americans indirectly pay for trust fund kids’ lifestyles because they can inherit fortunes that no one ever pays a dime of taxes on because of 1014.

 

[mplsdunk]

Thread slowly turning into the “cheap things you do” thread

 

[05fordgt]

Dude you responded to me, so I assumed you are responding to my general points.

So you want to tell me a tax professional told you not to do something because they knew the IRS wasn't gonna hassle you about it.

Ok, cool

That doesn't really address anything at the core of this issue.



So someone got some free stuff, made a profit off of selling it, and are mad they have to pay money on that profit?

Ok, I am not sympathetic to that person when it comes to the tax incidence.

All the parents dying and childhood stuff just seems like a way to evoke sympathy for someone but has nothing to do with the actual issue.

They engaged in an economic activity, they made a profit, they should pay their taxes. If they wanted to get rid of it, then donate it. And from my understanding, the IRS will give people some leeway on estimating value when there isn't a receipt.

Furthermore, I'm not buying what alone is what has people worked up. In my personal life, every place I have read people's comments on this, on NT, in this thread, in this thread today, it is clear that people are just not mad about the random eBay seller possible getting pinched for a few dollars.

If someone is upset at the extra time it will take to do their taxes. Ok, fine. I completely understand.

But most of the complaints I hear is just basic whining that about a loophole they took advantage of closing.

I was ONLY replying to the singular point I stated. Please don't assume my reply was for everything you were covering . And I wasn't trying to evoke any sympathy. It was mearly an example. Maybe my example below is more in line with something less sympathetic in the eyes of some.

And you can't honestly say a "profit" for something because there was money spent on the item to purchase it. So if the item was say $50 new many years ago, but the person sold it for $35, there is technically a loss, but the IRS won't care as they want they're tax on the $35 made even though it's technically a loss. But most people, despite what they say, don't keep receipts for everything they buy years ago. That's all I'm saying.

Heck, I got some vintage Nikes I want to sell. Not wearable, due to age, but if wrapped in plastic, can be displayed on the shelf. It's purely a shoe for collectors. OG Foamposite Max. Those were I believe $170 new. If I throw them on eBay for $100 OBO, and they sell for $100, and that made me hit the $600 limit, I'd be expected to pay the tax on that $600 total (and that $100 is part of it) even though it's technically a loss though who the hell keeps a receipt from 2000 or whenever they originally released. This is what most are talking about (at least in the eBay/SX thread.

 

[TooOlfForThisIsh]

Not every day we get to talk about basis in the PD thread.

On this topic - if I could change just one provision of the tax code, it’d be § 1014. Americans indirectly pay for trust fund kids’ lifestyles because they can inherit fortunes that no one ever pays a dime of taxes on because of 1014.

1014 is bad, but 1031 + accelerated depreciation is my first choice since my guess is it’s way more widespread.

I won’t post this sentiment on the AMM 5 thread, but man it’s hard to get too excited about unsophisticated tax evasion when there’s so many legal schemes like these that the public doesn’t know about.

I mean, I happily pay a ton of taxes because I believe in the government as a tool for social change. I’d just really ge happier if the .1% were similarly enthusiastic about funding the society that they’ve extracted so much value from.

(Edited a typo)

 

[TooOlfForThisIsh]

I was ONLY replying to the singular point I stated. Please don't assume my reply was for everything you were covering . And I wasn't trying to evoke any sympathy. It was mearly an example. Maybe my example below is more in line with something less sympathetic in the eyes of some.

And you can't honestly say a "profit" for something because there was money spent on the item to purchase it. So if the item was say $50 new many years ago, but the person sold it for $35, there is technically a loss, but the IRS won't care as they want they're tax on the $35 made even though it's technically a loss. But most people, despite what they say, don't keep receipts for everything they buy years ago. That's all I'm saying.

Heck, I got some vintage Nikes I want to sell. Not wearable, due to age, but if wrapped in plastic, can be displayed on the shelf. It's purely a shoe for collectors. OG Foamposite Max. Those were I believe $170 new. If I throw them on eBay for $100 OBO, and they sell for $100, and that made me hit the $600 limit, I'd be expected to pay the tax on that $600 total (and that $100 is part of it) even though it's technically a loss though who the hell keeps a receipt from 2000 or whenever they originally released. This is what most are talking about (at least in the eBay/SX thread.

No one is going to audit, much less prosecute this and your lack of documentation for the sale is not evidence that basis on the shoes was 0 dollar.

 

[RustyShackleford]

I was ONLY replying to the singular point I stated. Please don't assume my reply was for everything you were covering . And I wasn't trying to evoke any sympathy. It was mearly an example. Maybe my example below is more in line with something less sympathetic in the eyes of some.

Ok fine.

And you can't honestly say a "profit" for something because there was money spent on the item to purchase it.

-Yes, it is profit. By definition, it is a profit. The positive difference between the selling price and the price you paid to acquire an item is a profit.

-Furthermore, in your example, the person selling the item is not the person who bought the item.

Their parent bought the item. If their parent had sold it, they could have deducted the purchase price.

The child got the item for free, and then as an adult, they sold it.

Who the economic actor is, and what action they take, are important.

So if the item was say $50 new many years ago, but the person sold it for $35, there is technically a loss, but the IRS won't care as they want they're tax on the $35 made even though it's technically a loss. But most people, despite what they say, don't keep receipts for everything they buy years ago. That's all I'm saying.

If you sell something for less than you paid for it, you look a loss.

The IRS won't tax you. They only tax on the positive difference between the price you sell it at, and the price you bought the item for.

Heck, I got some vintage Nikes I want to sell. Not wearable, due to age, but if wrapped in plastic, can be displayed on the shelf. It's purely a shoe for collectors. OG Foamposite Max. Those were I believe $170 new. If I throw them on eBay for $100 OBO, and they sell for $100, and that made me hit the $600 limit, I'd be expected to pay the tax on that $600 total (and that $100 is part of it) even though it's technically a loss though who the hell keeps a receipt from 2000 or whenever they originally released. This is what most are talking about (at least in the eBay/SX thread.

The $600 is the reporting threshold. The level at which companies facilitating this transition have to report your transactions to the IRS.

You don't have to pay taxes on your revenue (the $600), only the profit. The difference between their 600, and what you paid to acquire the items.

If that number is positive, you made a profit and owe taxes, if the number is negative, YOU OWE NO TAXES.

---

Famb to be honest, it is hard to tell if you are misunderstanding the law. I answered in this post based on this assumption

Or you understand it, but the receipt thing is now the issue. I answered below based on this assumption

 

[RustyShackleford]

Maybe I am misreading and the beef is with having to keep receipts

But even then, the IRS said they were not gonna hassle people about that, there would be leeway

The IRS doesn't have the people to even try to verify such stuff. It would grind the system to a halt.

They probably gonna let people lie their asses off within reason too.

People getting worked up over nothing

 

[IATT]

 

[biggie62]

Reminds me recently I bought some organic grapes prepackaged but they wouldn't scan so bro working self check out walked over to help me out and he started typing in just the regular grapes price...

I almost pulled a

But walked out with the discount. I pray for forgiveness every day since

Had this happen to me at Trader Joe’s last week. The checkout guy missed about $40 worth of products because he scanned only 1 and I had like 2-4 of the items. He did it on like 3-4. Hey I’m not complaining. The organic free range turkey was $65. Didn’t know turkey goes for $4.00 per pound.

 

[TooOlfForThisIsh]

The child got the item for free, and then as an adult, they sold it.

Again, talk to you accountant, but this isn’t true.

If you sell an inherited item, you only pay the capital gains between the sale price and the fair market valuation at time of inheritance,… not “what you paid for it”.

If grandma leaves you 10k of MSFT at spot, and you sell if for 12k, you only pay taxes on the 2k in gains, not the full 12k in sales minus the 0 you paid fOr it.

Inheritance tax is a consideration, but presumably not for anyone who is sweating StockX reporting limits.

 

[biggie62]

Again, talk to you accountant, but this isn’t true.

If you sell an inherited item, you only pay the capital gains between the sale price and the fair market valuation at time of inheritance,… not “what you paid for it”.

If grandma leaves you 10k of MSFT at spot, and you sell if for 12k, you only pay taxes on the 2k in gains, not the full 12k in sales minus the 0 you paid fOr it.

Inheritance tax is a consideration, but presumably not for anyone who is sweating StockX reporting limits.

This. The term you’re looking for is step up basis.

 

[wavycrocket]

Susan Surrandon, playing a comedic level villain version of Hillary, in “Blue Beetle” is some wild ****.

It’s great acting in a terrible movie, by a mind *****d actress, who’s somewhat right in her assessment, but a Tankie in real life. And some weird Uranian one conspiracy ****
That whole movie is weird as **** tho. HBO Max has like a low quality DVD version. And it’s low budget, but high at the same time. Strange movie