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Posted on 9/26/23 at 3:36 pm to HubbaBubba
quote:Zelle does not send transaction information to the IRS.
using Zelle for bills
Posted on 9/26/23 at 4:09 pm to Diamondawg
Will Venmo?
We have a sunflower field that we use to benefit fundraising for St Jude. People send donations for visits, cutting stems and photos to our Venmo.
It’s 100% donation. I refuse to pay taxes on that.
We have a sunflower field that we use to benefit fundraising for St Jude. People send donations for visits, cutting stems and photos to our Venmo.
It’s 100% donation. I refuse to pay taxes on that.
Posted on 9/26/23 at 4:11 pm to LSURussian
quote:
Mom #1 can show her cost basis for acquiring the tickets as $2,200 on IRS Form 8949 "Sales and Other Dispositions of Capital Assets" which would bring her taxable income on the ticket sales to $0.00. She would owe no taxes on the transactions.
why should mom 1 have deal with the hassle of that?
Posted on 9/26/23 at 4:16 pm to j1897
quote:
Good, pay your fricking taxes.
Idiots when Biden says he is building up the IRS to chase wealthy tax cheats:
“Uhh uhh you want billionaires to get away with tax evasion!?!? Huh?? Huh?!?”
Idiots when you are taxed on an item you bought with taxed money and then taxed again to purchase said item:
“Uhh uhh pay more taxes you middle class peons!! Farr sharrr!! Far sharrr!!”
Posted on 9/26/23 at 4:21 pm to LSURussian
quote:
Mom #1 can show her cost basis for acquiring the tickets as $2,200 on IRS Form 8949 "Sales and Other Dispositions of Capital Assets" which would bring her taxable income on the ticket sales to $0.00.
In a society that is pumping out high school graduates who are barely literate? All that jive sounds racist!! 
Posted on 9/26/23 at 4:23 pm to LSURussian
quote:
Mom #1 can show her cost basis for acquiring the tickets as $2,200 on IRS Form 8949 "Sales and Other Dispositions of Capital Assets" which would bring her taxable income on the ticket sales to $0.00.
She would owe no taxes on the transactions
I'm aware she can get out of the taxes but she shouldn't have to go through this sort of hassle. It is ridiculous.
If she just happens to forget about the 1099 when filing (which 100% will happen to some people) the IRS will catch it and penalize them.
They may or may not be able to get our of the penalty but again, they are dealing with more hassle, cost for amending returns not to mention the stress of dealing with the IRS.
Posted on 9/26/23 at 4:30 pm to ksayetiger
quote:
You have no issue with the government monitoring every transaction worth 600 bucks?
This isn't only for transactions over $600. It is for ALL transactions over the course of the tax year if those transactions, combined, total more than $600.
Posted on 9/26/23 at 4:34 pm to Diamondawg
Yes, they do. They're required to. If you meant some sort of bill pay via mail through your bank, they send it too.
Posted on 9/26/23 at 4:38 pm to Helo
quote:
If she just happens to forget about the 1099 when filing (which 100% will happen to some people) the IRS will catch it and penalize them
IRS doing IRS things. My half of dance "tuition" will probably be over $5k in 2023. My ex will get a 1099K from Venmo. What are the criteria for her explaining that she shouldn't pay taxes on it? Who knows. What about the sports team where you Venmo the coach to buy jerseys for the 2024 season?
As I've learned with meaningless shite, the burden of proving you are not guilty with the IRS is totally upon you. You will almost always lose.
But we're rebuilding America, right?
Posted on 9/26/23 at 4:42 pm to Helo
quote:
Mom 1 buys the tickets for soccer camp for kiddies for the team to make it easy with each ticket costing $200.
Moms 2-12 Venmos Mom 1 $200 ea resulting in a 1099 for $2200 for Mom 1.
Or they could just not do that.
Posted on 9/26/23 at 4:47 pm to Helo
quote:
I'm aware she can get out of the taxes but she shouldn't have to go through this sort of hassle. It is ridiculous.
This isn’t for reimbursements it’s for people who make money using Venmo. Y’all should read more instead of jumping straight to outrage.
Posted on 9/26/23 at 4:48 pm to Timeoday
I'm going to try to explain this in a rational fashion, which probably means I'll set a downvote record... but here goes.
1) This is not "required" by the IRS. This is "required" by the American Rescue Plan, passed by congress (with no GOP votes) and signed by Biden.
2) It only applies to purchases of goods and services. You know how when you send money via venmo it asks you if this is for a purchase? This is why, if you say NO, it won't be part of the threshhold for the seller.
3) You can deduct expenses and costs against this. If you sell a used car for $1,000 and paid $20,000 for it, you wil owe no tax. You will need to report this, though.
4) If you paid $195 for T-Swift tickets and sell them for $2000 each, you need to pay taxes, and I don't care if you like that or not.
5) Eveyr single transation that is "now taxable" was 100 percent taxable in the past, now, it's just being snitched on.
6) The IRS doesn't want these forms, they don't care about the $678 worth of stuff you sold on Ebay that cost you $657 to buy. That's why they suspended the rule for 2022. They may well again do so for 2023. They are trying to give Congress time to fix this. Congress though can't do anything right.
1) This is not "required" by the IRS. This is "required" by the American Rescue Plan, passed by congress (with no GOP votes) and signed by Biden.
2) It only applies to purchases of goods and services. You know how when you send money via venmo it asks you if this is for a purchase? This is why, if you say NO, it won't be part of the threshhold for the seller.
3) You can deduct expenses and costs against this. If you sell a used car for $1,000 and paid $20,000 for it, you wil owe no tax. You will need to report this, though.
4) If you paid $195 for T-Swift tickets and sell them for $2000 each, you need to pay taxes, and I don't care if you like that or not.
5) Eveyr single transation that is "now taxable" was 100 percent taxable in the past, now, it's just being snitched on.
6) The IRS doesn't want these forms, they don't care about the $678 worth of stuff you sold on Ebay that cost you $657 to buy. That's why they suspended the rule for 2022. They may well again do so for 2023. They are trying to give Congress time to fix this. Congress though can't do anything right.
Posted on 9/26/23 at 4:51 pm to LSURussian
quote:
Omit it from your tax return and the IRS will be happy to charge you interest and penalties for not including the 1099-K on your 1040 tax return.
Not only that, but when you call the IRS to ask about it, they won't answer the phone. When you respond to the notice with proof that you don't actually owe because it wasn't for sales, they won't respond to you for 9 months while continuing to send you threatening letters.
And when you (not you, LSURussian) come on here to complain, the answer is easy... well, no one wanted to fund the IRS at a level that allows them to be competent.
Posted on 9/26/23 at 4:53 pm to Helo
quote:
I'm aware she can get out of the taxes but she shouldn't have to go through this sort of hassle. It is ridiculous.
Maybe then she should cuss out her congresscritter.
Posted on 9/26/23 at 5:33 pm to LSURussian
The Wall Street Journal reported the IRS is bracing for up to 44 million of these forms for the 2023 tax year, which will be roughly four times as many as the agency received in 2021.
Are you saying the WSJ is lying?
Are you saying the WSJ is lying?
This post was edited on 9/26/23 at 5:35 pm
Posted on 9/26/23 at 5:48 pm to Timeoday
quote:NO, I'm saying that once again you don't know what you're talking about.
Are you saying the WSJ is lying?
Large volume issuers of 1099's, such as tickets sales websites and retail resellers, submit the forms electronically to the IRS. There is almost no manual handling involved with those forms.
You seem to believe the IRS is going to receive 44 million pieces of paper to process. You're wrong. Again.
Posted on 9/26/23 at 6:33 pm to Timeoday
What is the exact date this goes into effect and is it retroactive?
Posted on 9/26/23 at 6:39 pm to LSUFanHouston
quote:
2) It only applies to purchases of goods and services. You know how when you send money via venmo it asks you if this is for a purchase? This is why, if you say NO, it won't be part of the threshhold for the seller.
I pay 1/2 of a mortgage through Venmo and Zelle and have never seen this
As an aside. I go on a 16 person trip each year. One guy puts everything on his card and we all Venmo him when done - about $2000 each. How will that work?
Posted on 9/26/23 at 6:49 pm to Helo
quote:
People will go back to cash.
LOL, haven't you heard. Cash is about to go the way of the dinosaurs.
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