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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 4:14 pm to fightin tigers
Posted on 6/8/22 at 4:14 pm to fightin tigers
quote:
There is a 20k limit.
Sorry, I meant now if they're removing the limit.
I think I misread the story
This post was edited on 6/8/22 at 4:15 pm
1
Posted on 6/8/22 at 4:15 pm to Screaming Viking
quote:
someone has a side hustle that brings in 3/4000 per year. all very small transactions. $25-$100. is it going to affect this person??
Better call saul for your little weed selling business
Posted on 6/8/22 at 4:15 pm to beauchristopher
quote:
I no longer buy and resell used stuff any longer due to this crap.
Need to add to that You will own or sell nothing...
Posted on 6/8/22 at 4:16 pm to hikingfan
The sports card hobby has been buzzing about this for a while now. Your side hustle is forfeit.
Posted on 6/8/22 at 4:19 pm to beauchristopher
Oh I see. I see "Create a Business Profile" as a thing you can do in the app, so maybe that's how they track.
Posted on 6/8/22 at 4:22 pm to LouisianaLady
Even if they remove the 20k, it is personal, not business. Don't check goods and services.
Posted on 6/8/22 at 4:23 pm to Cajunhawk81
It's certainly going to make the hobby a lot more complex. Basis, grading fees, shipping fees, packaging costs, supplies.
Posted on 6/8/22 at 4:27 pm to fightin tigers
Gotcha. I’ve never seen a goods and services option pop up before so I didn’t know it existed. That makes sense.
Posted on 6/8/22 at 4:28 pm to beauchristopher
quote:
Not everybody selling small items around the house are trying to make profits/running some business. This is so stupid to have to deal with.
Right. It's more of a pain in the arse to have to deal with. In this scenario, I'm pretty sure you don't owe taxes on selling things around the house as long as you sell them for less than you paid for them. The problem is it's still going to get reported on a 1099-k and you'd have to disclose that some how. Just another headache to deal with.
Posted on 6/8/22 at 4:29 pm to beauchristopher
quote:
It is now $600 per selling place. On any platform. On ebay if you sell $600 you have to fill out a form and report. On mercari if you sell $600 you have to fill out a form.
I thought it was only when a single transaction exceeded $600
Posted on 6/8/22 at 4:30 pm to beauchristopher
quote:
I hated when they included this crap during whatever stimulus package it was.
$600 per year is such a ridiculously low amount to require reporting. I no longer buy and resell used stuff any longer due to this crap.
Dude, everybody knows there are millions of billionaires out there evading taxes by moving money around with paypal. Don't you follow Liz Warrens twitter.
Posted on 6/8/22 at 4:30 pm to LouisianaLady
There is a toggle switch that almost no one uses. Last step of payment process.
Only reason would be for protection if you don't know the seller.
Only reason would be for protection if you don't know the seller.
Posted on 6/8/22 at 4:31 pm to hikingfan
unpopular opinion, but good (if it's actually income)
pay your taxes
pay your taxes
Posted on 6/8/22 at 4:33 pm to hikingfan
Cash, hand-to-hand. They can’t track that.
Everything else you are going to pay income tax. They lure you in with a bait-&-switch tactic first.
“No, you don’t have to report X amount of income if you use this payment app.”
But once enough small and part-time business owners are using it, then….. they report everything to the IRS.
Lawn services, maids, pool cleaners, weekend bakers, Onlyfans strippers, regular strippers, escorts, babysitters, etc.
Everything else you are going to pay income tax. They lure you in with a bait-&-switch tactic first.
“No, you don’t have to report X amount of income if you use this payment app.”
But once enough small and part-time business owners are using it, then….. they report everything to the IRS.
Lawn services, maids, pool cleaners, weekend bakers, Onlyfans strippers, regular strippers, escorts, babysitters, etc.
Posted on 6/8/22 at 4:34 pm to GreatLakesTiger24
quote:
unpopular opinion, but good (if it's actually income)
pay your taxes
That money has already been taxed, and I pay enough already.
Posted on 6/8/22 at 4:34 pm to Ghost of Colby
quote:
“No, you don’t have to report X amount of income if you use this payment app.”
This was never true
Posted on 6/8/22 at 4:38 pm to Mingo Was His NameO
quote:
There's no new tax here, it's just leering the documentation thresholds to try to increase compliance, but the IRS has as much as said they don't have the ability and won't be enforcing this.
I have a brand new laptop I desperately want to sell right now. I need the money. However, I don't want to sell on eBay, because I don't want to get into any issues with reporting or documentation. Are you saying I can just do it and not worry about it?
Posted on 6/8/22 at 4:39 pm to beauchristopher
quote:
I have a brand new laptop I desperately want to sell right now. I need the money. However, I don't want to sell on eBay, because I don't want to get into any issues with reporting or documentation. Are you saying I can just do it and not worry about it?
if you sell it for what you paid for it or less you don't owe any income tax anyway
Posted on 6/8/22 at 4:43 pm to GreatLakesTiger24
quote:
unpopular opinion, but good (if it's actually income)
pay your taxes
It's already been taxed, often twice. I buy an item that was taxed for both parties. Then I resell it for less money and it's taxed both ways again. There should be no reason for me to have to fill out documentation for it when it's barely over $600 dollars. It's just silly. I wish they limit would have stayed at 20k. It's easy to meet that $600 limit now. I use to sell online probably 1-2k worth of stuff a year. Very minor. Not as a business. Just used items I no longer wanted. Now I don't do any selling online, because of this.
Posted on 6/8/22 at 4:46 pm to Mingo Was His NameO
quote:
if you sell it for what you paid for it or less you don't owe any income tax anyway
That's what I was told. However, I am not even worried about paying more taxes or anything. I will happily pay more to be able to sell online.
If I sell on eBay even just over $600 they will then send me a form which would require me to have to file? When say I don't normally meet the necessary amount for single filing status. Do I have to file now? This is what confuses me.
This post was edited on 6/8/22 at 4:50 pm
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