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

[Go_NoGo]

The French Revolution happened because of social inequality, financial overleverage, and overall taxation. Your enemies are at the doorstep. You silent patriots need to start adding value rather than think you are lethal adding value. This isn't Ruby Ridge and you're not a martyr. Ego is the enemy. Before you ask me "what do you do for this cause." I train others, I train.myself daily, i advocate, and I financially support bigger causes. Dont ask me, ask yourself. I've met some great dudes here, also see some talkers. The IRS is overreach. Hold the line.

 

[Theslowcummins]

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

Yes, this is only for accounts that are linked to a business. I got pissed because I do stump grinding and a lot of my payments come via PayPal, Venmo etc. This does not affect any personal accounts

 

[coolformula]

I held off on cleaning out the junk cause didn’t want to worry about the taxes I didn’t owe(selling at a loss, but still need to keep records for years) now they delay it.

This law makes zero sense. The amount of people they would need to track this and 95 percent is not even taxable due to people selling garage sell items a loss anyway.

Taxes are way too complicated we need to live to make them easier to understand and file.

 

[Mr. Goodbar]

It got delayed for a year

 

[Bushwhacker]

I haven't read it, but is there a limit on the number of transactions? Would multiple transactions of $599 tip off the federal gestapo??

 

[Triptones]

I held off on cleaning out the junk cause didn’t want to worry about the taxes I didn’t owe(selling at a loss, but still need to keep records for years) now they delay it.

This law makes zero sense. The amount of people they would need to track this and 95 percent is not even taxable due to people selling garage sell items a loss anyway.

Taxes are way too complicated we need to live to make them easier to understand and file.

Everything I will sell will be at a loss and I will add that to my taxes.

 

[Theslowcummins]

I haven't read it, but is there a limit on the number of transactions? Would multiple transactions of $599 tip off the federal gestapo??

Shouldn’t, as long as it’s $599 or less.

 

[coolformula]

Everything I will sell will be at a loss and I will add that to my taxes.

I'm not a tax guy, but didn't think you can do that for personal property. Such as buy a couch for 600, sell for 200.

Anyway most of us don't itemize since the new tax laws so even if you could, doubt most of could anyway.

Taxes are way too complicated.

 

[Mr. Goodbar]

Shouldn’t, as long as it’s $599 or less.

I haven't read it, but is there a limit on the number of transactions? Would multiple transactions of $599 tip off the federal gestapo??

No, doesn’t matter transactions number is irrelevant, $600 total for a year not per transaction

 

[Triptones]

I'm not a tax guy, but didn't think you can do that for personal property. Such as buy a couch for 600, sell for 200.

Anyway most of us don't itemize since the new tax laws so even if you could, doubt most of could anyway.

Taxes are way too complicated.

Unfortunately charging tax on a used item over $600 then will be double taxation on said item. That is why yard sale, Craigslist, Facebook yard sales work best. But it will only be a matter of time before the gov stick their slimy little hands in that as well.