WTF is Crypto Art?
Luls. Id be very surprised if even 10% of people who resell posters in any capacity that is under the current 1099k limit report that income on their taxes.ygolohcysp wrote: ↑Sat Nov 20, 2021 8:36 pmThat's tough to say. I know one person that tries to avoid by using multiple PayPal accounts and keeping each under $20k/200 transactions. That is dumb so I don't expect there to be too many others following suit.acidburn wrote: ↑Sat Nov 20, 2021 8:25 pmYes but how many ppl flipping posters really report it? Is the entire market made up evil tax evaders?ygolohcysp wrote: ↑Sat Nov 20, 2021 8:01 pmCheating on your taxes is dumb af. Nearly everything is digital. All it takes is one IRS cowboy to learn a few good queries.
Anytime you receive more than $600 from the same source you're on the hook to report the income. You're still supposed to report it anyways regardless of the source or amount. Ignorance is never a valid excuse, and it certainly doesn't reduce the penalties.
I imagine most people don't willfully exclude parts of their income when filing their taxes. So I'll take a guess at answering your question and say at least 75% of people flipping posters are truthful when declaring their income. It's all digital! I think most people realize this and then there's a small amount of people that think they're smarter and try to cheat.
RupertPupkin wrote:I live by this rule and this rule alone: people are drymounting idiots.
this. pretty sure the majority of resellers that are reporting it on their taxes are ones that run their own businesses.Codeblue wrote: ↑Sun Nov 21, 2021 1:31 amLuls. Id be very surprised if even 10% of people who resell posters in any capacity that is under the current 1099k limit report that income on their taxes.ygolohcysp wrote: ↑Sat Nov 20, 2021 8:36 pmThat's tough to say. I know one person that tries to avoid by using multiple PayPal accounts and keeping each under $20k/200 transactions. That is dumb so I don't expect there to be too many others following suit.acidburn wrote: ↑Sat Nov 20, 2021 8:25 pmYes but how many ppl flipping posters really report it? Is the entire market made up evil tax evaders?ygolohcysp wrote: ↑Sat Nov 20, 2021 8:01 pmCheating on your taxes is dumb af. Nearly everything is digital. All it takes is one IRS cowboy to learn a few good queries.
Anytime you receive more than $600 from the same source you're on the hook to report the income. You're still supposed to report it anyways regardless of the source or amount. Ignorance is never a valid excuse, and it certainly doesn't reduce the penalties.
I imagine most people don't willfully exclude parts of their income when filing their taxes. So I'll take a guess at answering your question and say at least 75% of people flipping posters are truthful when declaring their income. It's all digital! I think most people realize this and then there's a small amount of people that think they're smarter and try to cheat.
- ygolohcysp
- Art Expert
- Posts: 2627
- Joined: Wed Jun 04, 2014 12:57 pm
Well it's entirely speculation from each of us anyways, but I think you guys are overestimating the % of people willing to commit tax fraud. Or disproportionately weighing their presence among the reseller group.
It's not tax fraud as the type of self dealing sales are not covered, that's the point and the reason NFTs are the scam haven they are. Proposed legislation would make the type of sales used to fake NFT value reportable. Once that happens the criminals will move on.ygolohcysp wrote: ↑Sun Nov 21, 2021 4:36 pmWell it's entirely speculation from each of us anyways, but I think you guys are overestimating the % of people willing to commit tax fraud. Or disproportionately weighing their presence among the reseller group.
I read this in a sedated, Jonestown-y tone.
just a foil for me today, thanks
I, for one, am ambivalent about it atm. Perhaps when/if I free up enough fiats, I'll try to #earngame like #NFTDaddy.
RupertPupkin wrote:I live by this rule and this rule alone: people are drymounting idiots.
- HisBobness
- Art Expert
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- Joined: Mon Dec 05, 2011 7:32 pm
- Location: California
Presale is over, should have posted this last week. Super excited of Genomes!
https://miso.sushi.com/auctions/0xA017E ... 500b4B3Cb9
DESCRIPTION:
GenomesDAO is a genomic data security company that democratizes and decentralizes genomics in Healthcare. Users make passive income on their DNA stored in AMD SEV-ES, vaults using DeFi Protocol governance and DAO membership is only achieved by staking GENE, the deflationary GenomesDAO utility token
https://miso.sushi.com/auctions/0xA017E ... 500b4B3Cb9
DESCRIPTION:
GenomesDAO is a genomic data security company that democratizes and decentralizes genomics in Healthcare. Users make passive income on their DNA stored in AMD SEV-ES, vaults using DeFi Protocol governance and DAO membership is only achieved by staking GENE, the deflationary GenomesDAO utility token
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- Art Connoisseur
- Posts: 261
- Joined: Mon Jul 22, 2019 11:05 am
And now everything is shut down on the blockchain (how is that possible, honestly?) while they work out "issues" and continue to sell other items for the "upcoming game".
I can maybe understand the PFP being a membership, but anything that involves staking (not selling) to earn Disney Dollars (or whatever they want to call the make belief money that only is good "in game") is screaming of a pump and dump. I've called NFTs "ICO 2.0" previously, and this is lining up exactly with what happened during ICO 1.0. A "roadmap" and then "test release" would come out that people would buy into, the project would go on hold with less and less updates, and then it would eventually disappear/disband/be too "technically difficult".
Let's see who is right about Wolf Game
There is absolutely no point of giving you an answer.
This is the biggest fail of them all btw.
What you could have used with this time to better your life instead of caring whether or not I sold a digital wolf (I did) would probably be more self rewarding.
I will never understand the enjoyment of watching ppl fail. It’s a common theme with your posts and I just personally can’t grasp that idea of that excitement. It must really suck.Let's see who is right about Wolf Game
Updated your previous time.I've spent 55-65 minutes total complaining about NFTs.
This is the biggest fail of them all btw.
What you could have used with this time to better your life instead of caring whether or not I sold a digital wolf (I did) would probably be more self rewarding.