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

[41mag]

There ain't enough to tax

Bwahahaha!!
I guess it is one time that some are glad they don’t have much ??!!
I just hope I never get “audited” !

 

[Omega]

 

[Mr. Goodbar]

So is this only business related, like they are looking at accounts that have businesses. I send money on zelle mostly, sometimes venmo, to family members all the time

 

[LordMDP]

I think its complete bull**** we have to pay sales tax on USED auto parts (or used anything for that matter) on eBay

 

[letusbuyyourcar]

That's why I closed my E bay account, they wouldn't let me list an item without giving them my ss number. Closed my paypal as well never had a Venmo.

Venmo sucks ass! I had to install the app to get paid one week not long ago. Don't know what they charge the person paying but the person receiving has to either wait between 24 and 72 hours for the funds to be available OR pay Venmo $25.00. Either option sucks.

 

[Georgia Terrapin]

So is this only business related, like they are looking at accounts that have businesses. I send money on zelle mostly, sometimes venmo, to family members all the time

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.

 

[Fatstacks]

We keep voting these blood sucking politicians into office, it’s only going to get worse

 

[joeldworkin307]

Just got delayed a year:

https://www.cnn.com/2022/12/23/investing/irs-delays-threshold-increase-for-business-transactions/index.html

 

[Triptones]

Yep looks like they put a one year hold on the new rule. I love how if you sell something over $600 it requires you to pay a Capitol gains tax but of you sell simmering for a loss you can’t claim the loss…..

IRS pauses rule requiring people to report PayPal, Venmo transactions over $600. Here's what went wrong.

The IRS is delaying a rule that would have required e-commerce sites and payment platforms to send out tax paperwork to a much wider swath of people in 2023.

www.marketwatch.com

 

[Go_NoGo]

This sounds not good...

IRS warns taxpayers about new $600 threshold for third-party payment reporting

The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments. Here's why you may receive one.

www.cnbc.com

• The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments.
• The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods.

Its also on hold. Ill find the link later.