IRS $600 Paypal, Venom

[GeauxLSU]

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

Stop being old.

<---- Doesn't write checks. Makes wife do it.

 

[thevalueman]

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

I don't do Venmo

 

[cdb400]

 

[TresMonos]

 

[spencer60]

But wait... I thought this new tax legislation was only to make millionaires pay their 'fair' share!

 

[thevalueman]

Apparently we are the millionaires....

 

[Go_NoGo]

So I guess people selling guns on here will no longer take Paypal or Venom as a form of payment?

I'm not a smart man but maybe 2 transactions would loophole this depending on how u label it to cya.

 

[Go_NoGo]

It doesnt matter if you are selling your stuff on here, or on any platform as long as you are not making a profit. If you sell a $1000 item, (watch, golf club, gun, sofa, car, whatever) for equal to or less than you paid for it, the IRS cannot tax you. If you sell it for $1100, they can tax you on the $100 profit you made on it.

The pain in the ass is going to be receipts for all the old crap you decide to sell. Or maybe the IRS will give us a pass like they did with obama care fines and not require documentation.

If you are selling stuff on ebay or etsy, you should have some cost basis, and you can claim that as non-taxable. Again, you will probably need receipts, ie pain in the ass.

The platforms offer receipts. Its all trash use cash. This thread is dumb. Use your head (not you specifically). Only thing i heard here that made sense was "digital currency in place". That is facts. They want control and will have it until the rise up, which will be what will be. Isolated until the people unite.

 

[spencer60]

It's funny, because at the end of the day you were always supposed to pay taxes on any profit you make from selling stuff. The law hasn't changed any, just the enforcement.

I'm not that concerned about PayPal and their ilk when it comes to gun stuff, since not a lot of folks use it that way. You won't get 1099'd for friends and family transfers which is how anyone does gun stuff anyway.

It's really going to be the micro-businesses on Etsy and such that will bear the brunt of this.

 

[Glock 21]

Apparently we are the millionaires....

Can you please let my bank know they’ve made a terrible mistake with my account balance