IRS $600 Paypal, Venom

[Fatal_Bert]

Itemized receipt or GTFO -IRS

They're not going to fall for peekaboo.

Okay dokey

 

[BigMike]

**** PayPal and the electronic person to person transfers. Cash is king, always has been.

 

[Thomas Eeyore]

What's Venom? Do you mean Venmo?

What ever it call

 

[Gingerbeard Man]

Taxing for goods and services only.

Use Friends and Family through PayPal if you’re going to pay digitally.

 

[thevalueman]

I'd never use Paypal for anything, much less firearms transactions...

I fired PayPal after that crap they pulled a couple months ago....screw um

 

[l33571]

I fired PayPal after that crap they pulled a couple months ago....screw um

Did you fire Venmo too? Paypal owns them. The only way around the $600 IRS 1099-K for goods & services is to use Zelle which is classed as an ACH service.

More details here:

Zelle Users Are Circumventing an IRS Tax Rule to Their Advantage

Zelle says the new IRS 1099-K reporting rules for third-party payment processors do not apply to them.

www.cpapracticeadvisor.com

 

[Chipshot]

Well, I guess that's one advantage of being an Old Fudd.

I don't have any of those apps.

<----still pays bills with paper checks

Never had, nor never will.

 

[NWSharpshooter]

Okay dokey

Send me $600 Venmo and put 10,000 lbs of silver in the subject line. Then I’ll claim the loss on my taxes. Profit.

 

[eightnsand]

TPTB will then outlaw bartering.

 

[coolformula]

What I don't understand if you make a profit you have to claim it, but you can't claim losses.....it should work both ways whichever way they pick