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Plan on moving out of Illinois?


usmc2111
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Plan on moving out of Illinois?  

82 members have voted

  1. 1. Do you plan on moving out of Illinois?

    • I plan on moving out of Illinois in the future (1-2) years
      33
    • I plan on remaining in Illinois.
      5
    • I would like to leave Illinois but cannot do to any number of reasons (family, financial, job, etc)
      44


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Our timeframe to move was 4-5 years based on wife's planned retirement date.  However, vax mandates and other bureaucracy have turned her work into a compliance job versus being able to help more people in a given day or week. Thanks Democrats, for wrecking the productivity of good people.  When you short circuit the ability of people to earn the income to pay the taxes AND interfere with the work itself, it's time to bail.

 

BTW, as y'all sell off your stuff for pennies on the dollar via garage sales, ebay, craigslist, etc. be aware that Illinois has a very low threshold ($600) for issuing 1099's on that income (compared to other states). How many hours will you waste hunting for old faded receipts to prove your junk-clearing efforts netted a loss vs a profit?  

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On 1/11/2022 at 12:19 PM, RECarry said:

Our timeframe to move was 4-5 years based on wife's planned retirement date.  However, vax mandates and other bureaucracy have turned her work into a compliance job versus being able to help more people in a given day or week. Thanks Democrats, for wrecking the productivity of good people.  When you short circuit the ability of people to earn the income to pay the taxes AND interfere with the work itself, it's time to bail.

 

BTW, as y'all sell off your stuff for pennies on the dollar via garage sales, ebay, craigslist, etc. be aware that Illinois has a very low threshold ($600) for issuing 1099's on that income (compared to other states). How many hours will you waste hunting for old faded receipts to prove your junk-clearing efforts netted a loss vs a profit?  

I think venmo and paypal now report over $600 to the IRS the rest is the dishonor system.  There's also cash and multiple payments. 

 

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On 1/11/2022 at 1:33 PM, SiliconSorcerer said:

I think venmo and paypal now report over $600 to the IRS the rest is the dishonor system.  There's also cash and multiple payments. 

 

 

So... who wants a cashless society!

 

The $600/1099 thing is a Federal IRS requirement. Smaller income receipts are on the honor system... we are all required to report all income. Venmo and PayPay go beyond this... they have an agreement with the IRS because (I imagine) they are moving lots of money around.

 

Your Venmo Agreement

Quote

You acknowledge that we may make certain reports to state and federal tax authorities regarding transactions that we process. For example, PayPal is required to report to the Internal Revenue Service the total amount of payments for goods and services you receive each calendar year into all of your PayPal accounts (including Venmo accounts) associated with the same tax identification number once if you receive more than (i) $20,000 in payments for goods and services and (ii) process more than 200 transactions involving goods or services through those PayPal accounts in the same calendar year (the “Reporting Threshold”). After December 31, 2021, the Reporting Threshold will be reduced to $600 in aggregate payments for goods or services, with no minimum transaction requirement. We are also required to report payments for goods and services to applicable state and local governments.Our IRS, state, and local reporting obligations are not limited to payments you receive for goods and services transactions.  If you receive other types of income (for example, proceeds from the sale of Crypto Assets), these are reportable payments by the aforementioned tax authorities, and we will send you any necessary forms 1099s or 1042-s. These forms will also be transmitted to the relevant tax authority.

 

IRS 1099 Misc

Quote

 

File Form 1099-MISC for each person to whom you have paid during the year:

  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
  • At least $600 in:
    • Rents.
    • Prizes and awards.
    • Other income payments.

 

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We moved to the Florida Panhandle 2 years ago.

Turned out to be a great choice. 2A friendly, great seafood, hunting and fishing, beaches are clean and only 5 miles away..

Just finished an inground pool with spa in October.

Illinois State Police accepted my FL CCL and I am still accepted to certify Illinois FCCL. I'm going to see if there is a market for 3-hour renewal classes for Illinois snowbirds.

 

 

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On 1/12/2022 at 10:58 AM, riverbend said:

We moved to the Florida Panhandle 2 years ago.

Turned out to be a great choice. 2A friendly, great seafood, hunting and fishing, beaches are clean and only 5 miles away..

Just finished an inground pool with spa in October.

Illinois State Police accepted my FL CCL and I am still accepted to certify Illinois FCCL. I'm going to see if there is a market for 3-hour renewal classes for Illinois snowbirds.

 

 

You can not have an Illinois FCCL as a Florida resident because Illinois does not recognize Florida as a state that is substantially similar.  

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King,

You are very correct. I had to return my Illinois FCCL and my FOID. However the ISP still allows me to be an Illinois Instructor.

So I can train or renew  Illinois residents or 'Substantially Similar" out of state residents.

I believe I may be the only such instructor in the Panhandle area.

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On 1/14/2022 at 3:15 PM, riverbend said:

King,

You are very correct. I had to return my Illinois FCCL and my FOID. However the ISP still allows me to be an Illinois Instructor.

So I can train or renew  Illinois residents or 'Substantially Similar" out of state residents.

I believe I may be the only such instructor in the Panhandle area.

👍 

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