new IRS $600 threshold for selling goods for transactions such as Venmo or PayPal

[coolformula]

But legally you don’t owe the tax since you lost money. You just legally I think have to track the price you paid and the price you sold it for and the documents to prove that couch from 1987 you sold for 5 dollars was not a profit.

The pain factor is huge which used to be a normal thing (such as cleaning the garage)

Hopefully they will just scrap the whole rule

 

[H2O MAN]

The FairTax would eliminate the IRS... maybe it's finally time for this to happen.

 

[Piglatinhater]

It got delayed for a year

Got an official link? I've been low key dreading this upcoming year

 

[KB1176]

Got an official link? I've been low key dreading this upcoming year

I was actually looking at this last night. I got hit for 2020 earlier this year. Interest and penalties. In case it ever happens to you, look up a form C. That’s what you need to fill out.

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K | Internal Revenue Service

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

www.irs.gov

 

[Gimmebackmybullets]

Just business, but you might have some extra work to do at tax time if Venmo mixes personal and business to report personal receipts on the 1099. A good tax accountant should be able to handle it on the tax return without much extra trouble.

BTW, the $600 figure is a red herring. The first dollar of income is taxable, but vendors don't have the burden of reporting taxable payments unless they exceed $599.99 in a given year. Anything under $600 is reportable on your income tax return on the honor system.

Honor System????WTF Is honorable about the blood sucking bastards enforcing this ruling?
So we can support illegals crossing borders, give **** to Afghanistan, and pay pedifiles to vacation at Epstien Island?

I don't see my roads I travel getting re paved, but I see new police cars everywhere.

WTF is honorable in a liberal communist ran country in the 21st century, with 81 million of these bastards voting with a hard on to continue this lunacy.
I'm real confused.

 

[Shags]

They will…. And tax it too !

Just like the corporations... somethings are too big to be taxed

 

[41mag]

The FairTax would eliminate the IRS... maybe it's finally time for this to happen.

View attachment 5216034

Past time for this ! This should have been done years ago - but that takes the power out of the govt hands and they don’t like to relinquish control of ANY money .

 

[Triptones]

Past time for this ! This should have been done years ago - but that takes the power out of the govt hands and they don’t like to relinquish control of ANY money .

Truth and then everyone would pay taxes daily but the government could not harass, burden and lock innocent people up. No more fun for them as they cheat on their taxes. Wait maybe that’s why the Fair Tax will never be voted in. The reps in Washington would be forced to pay their fair share.

 

[41mag]

Truth and then everyone would pay taxes daily but the government could not harass, burden and lock innocent people up. No more fun for them as they cheat on their taxes. Wait maybe that’s why the Fair Tax will never be voted in. The reps in Washington would be forced to pay their fair share.

That and would cut the IRS payroll in half…..if not more !

 

[H2O MAN]

That and would cut the IRS payroll in half…..if not more !

That would be a good start.