***Official Political Discussion Thread***

[cragmatic]

You leaving out the part when you yourself tried to throw out insults but because it backfired spectacularly, you know try to stick with this "Rusty is mean" schtick

Dude, you are a grown man, stop being so fragile because someone doesn't coddle your bad takes.

There you go . There’s your catch phrase

Soooo predictable.

And gaslighting more.

Say the line Rusty , say it

“You’re so fragile because your bad takes aren’t coddled.”

The projection is wild, coming from a GROWN man such as yourself.

 

[cragmatic]

Rusty gets mad at me all the time. He just called me the devil.

He is a passionate about government topics. You gotta have some thick skin to be in here.

This is almost a washed man’s HT.

It’s just hilarious seeing someone who gets mad all the time accuse others of being mad and soft like bro I’m just adding to the discourse, educate me or don’t. You don’t have to be so upset and angry all the time.

 

[biggie62]

So I have to have an LLC to capture losses, but I don’t need one for them to tax my gains? That doesn’t seem one sided? This doesn’t apply to trading securities.



Smh this is all cause I slandered the Suns

It’s because stocks are a capital asset. This is considering a hobby/side hustle. If you want to capture losses to capture for future gains register as a LLC. Hobbies are completely different. It’s like gambling losses. You can’t take losses in 2023 to offset your 2024 gains. Sorry.

 

[RustyShackleford]

Rusty gets mad at me all the time. He just called me the devil.

He is a passionate about government topics. You gotta have some thick skin to be in here.

This is almost a washed man’s HT.

The meme was a joke, I am not seriously calling you the devil

Dude came in here angry and he:

-Didn't understand the law being discussed
-Didn't understand how taxation works
-And then when he got pushback in his defense he showed he doesn't know what the IRS does

And now he is upset I was not sufficiently nice when I challenged his points. The did something similar in the COVID thread too.

This is a grown man with this long standing beef with me over my lack of niceness toward him. He acts like he is standing on principle, all while he insults me to. At some point it just smells like privilege to me.

He made a bad argument, I pushed back on it. And he took the libertarian comment as some major slight. It seems rather silly to me.

 

[RustyShackleford]

There you go . There’s your catch phrase

Soooo predictable.

And gaslighting more.

Say the line Rusty , say it

“You’re so fragile because your bad takes aren’t coddled.”

The projection is wild, coming from a GROWN man such as yourself.

We are waste other people's time with this nonsense

I'm ready to move on

 

[cragmatic]

The meme was a joke, I am not seriously calling you the devil

Dude came in here angry and he:

-Didn't understand the law being discussed
-Didn't understand how taxation works
-And then when he got pushback in his defense he showed he doesn't know what the IRS does

And now he is upset I was not sufficiently nice when I challenged his points. The did something similar in the COVID thread too.

This is a grown man with this long standing beef with me over my lack of niceness toward him. He acts like he is standing on principle, all while he insults me to. At some point it just smells like privilege to me.

Thank you for proving my point.

Unable to humbly educate, only gaslight and insult.

I’m insulting you by calling out what you’re doing? Crying victim as well

I’ve told you on numerous occasions I have nothing against you. LOL

 

[RustyShackleford]

 

[cragmatic]

I’m gonna leave this post with a quote from a J Cole song, on the topic of taxes.

“Better yet let me decide, it’s 2018, let me pick the things I’m funding from an app on a screen, better than letting some whack congressmen I’ve never seen, dictate where my money go, straight into the palms of some money hungry company, that make guns that circulate the country, then wind up in my hood making bloody clothes.”

And I’m off to walk my dog.

 

[stuntman mike]

Crypto boys know loss

*fixed

 

[jordanequalsme]

How so? If you want to capture losses to offset future gains then register yourself as a sneaker reseller and start your own LLC. You are doing this as a hobby and not your business. You want that cake then you need to do extra leg work.

I was under the impression you can’t deduct any expenses for hobby income, only if you are operating as a business. My experience with this is in sports cards and my research basically led me to conclude I would be responsible for the tax on the full sale of a card even if I lost money on a product I purchased overall. (Which is usually the case )

Just copied this from HRBlock quickly

“Hobby Income and Expenses

If the activity is a hobby, you will report the income on Schedule 1, line 8 of Form 1040. The income won’t be subject to self-employment tax.

Because of a change made as part of tax reform, you won’t be able to deduct expenses associated with your hobby.”



I’d be happy to be wrong on this one so if I’m thinking of this the wrong way someone please correct me

 

[IATT]

 

[Methodical Management]

I'd hate for this to get lost in the tax talk, but, for those unaware, the world lost a legend today: https://www.washingtonpost.com/obituaries/2023/04/25/harry-belafonte-singer-dies/

It seems almost contradictory that someone could so maximize their platform and fame for good while so humbly minimizing their own contributions.

We may never know the full extent of all that Mr. Belafonte did - and sacrificed - for our generation and beyond - but we owe him an his contemporaries an enormous debt that ought to be paid forward at every opportunity.

Is the search feature broken for anyone else?

I noticed that it won't return any posts prior to today

We rebuilt the search index. It should be working fine now.

why do conservatives worry about lgbt and transgenders all day??!!

I have a group chat with about 100 people on Whats App, and there are a couple people in there who ONLY wants to talk LGBT topics and about how much they hate them, bruh lol.

It's not just conservatives, sadly. A lot of "independent"/libertarian soft-right/"both sides" "I voted for Obama but liberals have gone too far" types love to harp on this because they think it's a 'losing issue' for Democrats, morality be damned - which is, not coincidentally, the same thing they say about critical race theory, police accountability/reform, or anything else lumped into the smurf-esque conservative culture war catchall category of "woke."

It is sad to see to extent to which so many assorted weirdos have become utterly obsessed with commenting on transgender people. Despite the ample supply of free time they dedicate to this crusade, "trans skeptics" all want to pretend that they have some legitimate grievance beyond their self-evident prejudice - be it the Helen Lovejoys who thought the sky was falling in the 90's because of single-parent households, the 00's because gay and lesbian couples were permitted to marry, and again now that they've been made aware that transgender people exist in public spaces, the terminally insecure Chelsea-clad "modern man" terrified of losing their "masculine" status, or the deeply unimpressive, unctuous little edge lord B-students who fancy themselves biologists each time they paraphrase Daily Wire affiliates and re-post puerile 4chan memes.

If only they possessed an ounce of self-awareness, some of these washed up, childless cranks might credibly ask themselves why it is that they've developed a sudden fixation on, say, the fear of a Black mermaid, spokescandy wardrobe changes, or competitive balance in amateur women's sports. And yet, they insist they're the adults in the room.

Beyond parody.

 

[biggie62]

I was under the impression you can’t deduct any expenses for hobby income, only if you are operating as a business. My experience with this is in sports cards and my research basically led me to conclude I would be responsible for the tax on the full sale of a card even if I lost money on a product I purchased overall. (Which is usually the case )

Just copied this from HRBlock quickly

“Hobby Income and Expenses

If the activity is a hobby, you will report the income on Schedule 1, line 8 of Form 1040. The income won’t be subject to self-employment tax.

Because of a change made as part of tax reform, you won’t be able to deduct expenses associated with your hobby.”



I’d be happy to be wrong on this one so if I’m thinking of this the wrong way someone please correct me

You can approach it how you want I’ll approach it the way I know my firm has been telling our clients and their children to approach it My source is directly from a few partners at my firm. Now might we be stretching it a bit. Maybe, but you can stretch things a bit as long as you’re consistent and not flip flopping from year to year to get a biggest benefit that year.

 

[noskey]

My understanding, according to my fiance who has a Masters in Taxation, is that hobby expenses can be deducted if it's tied to a profit-seeking hobby. Like an Etsy store or something. We also discussed this a while ago so i might be misremembering.

 

[jordanequalsme]

You can approach it how you want I’ll approach it the way I know my firm has been telling our clients and their children to approach it My source is directly from a few partners at my firm. Now might we be stretching it a bit. Maybe, but you can stretch things a bit as long as you’re consistent and not flip flopping from year to year to get a biggest benefit that year.

Honestly just trying to educate myself. I’m more than happy if what you’re saying is I can just tell myself I’m a business and that’s good enough as long as I keep it consistent.

 

[RustyShackleford]

I all want from this change in the tax code is for it to lead to dwalk31 's StockX business getting audited

 

[biggie62]

I all want from this change in the tax code is for it to lead to dwalk31 's StockX business getting audited

I want them to audit his PPP loan application more than anything else.

 

[WASHED KING]

Well what if I don’t consider shoes a hobby? What makes something a hobby?

 

[aepps20]

RustyShackleford needs a check left hook to da jaw to soften him up not no rabbit. Good news is that ninja finally has da bus fare to make it to Nevada to make our dreams come true.

 

[noskey]

Well what if I don’t consider shoes a hobby? What makes something a hobby?

Do you consider it a business? If so you need to file the paperwork and file your taxes as the business (individual or corporation). If not, the tax code is so complicated that I couldn't give you an answer as to what is a hobby. This is why I'm not an accountant and god help biggie62 because I see the kind of **** yall go through on a daily basis

 

[biggie62]

Do you consider it a business? If so you need to file the paperwork and file your taxes as the business (individual or corporation). If not, the tax code is so complicated that I couldn't give you an answer as to what is a hobby. This is why I'm not an accountant and god help biggie62 because I see the kind of **** yall go through on a daily basis

You def really have to enjoy this. Because not only do you have to understand federal rules but then each state and city jurisdiction and what they conform with to federal rules and how they differ. And in my case also understanding book accounting to know how to adjust it for tax accounting. Honestly we are underpaid for what we do

 

[Mark Antony]

I just knew once son injected himself "so here's my beef..." He would end up crying.

 

[osh kosh bosh]

this gotta be a joke.

 

[RustyShackleford]

Cenk Uygur can be so full of **** sometimes

 

[IATT]