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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 8:37 pm to fightin tigers
Posted on 6/8/22 at 8:37 pm to fightin tigers
quote:Cuck. The taxation of one's labor is fricking bullshite.
Oh no! Income tax!
Posted on 6/8/22 at 8:40 pm to Mingo Was His NameO
quote:No, the law states that if you make more than $600 per year, PP, etc. has to report it and send you this form. Biden tried to get the banks to report it for all cumulative transactions, but that didn't pass.
Unless it's a valuable antique, incorrect.
$600.
quote:I am correct in this instance. I know a lot of people who sell online. Go be a dumbfrick somewhere else.
You're not good at being correct
Posted on 6/8/22 at 8:42 pm to hikingfan
More government bloat and take on transactions between consenting parties.
What a fricking scam our federal government is.
What a fricking scam our federal government is.
Posted on 6/8/22 at 8:43 pm to hikingfan
Income is taxable. Avoiding income tax is a crime. The 1099 threshold should be subject to different levels for different circumstances.
Posted on 6/8/22 at 8:44 pm to blueboy
quote:
No, the law states that if you make more than $600 per year, PP, etc. has to report it and send you this form.
Just because you get the Form doesn't mean you owe tax?
quote:
I am correct in this instance
What state is your CPA license in?
quote:
I know a lot of people who sell online.
I know the tax code
quote:
Go be a dumbfrick somewhere else.
Wrong, doubles down, starts name calling. Tough scene!
Posted on 6/8/22 at 8:45 pm to jclem11
quote:
You benefit from the public services, even if indirectly.
Yes my federal income tax has gone to Ukraine and to filling my mailbox with straight trash.
Posted on 6/8/22 at 8:46 pm to fightin tigers
All taxation is theft you moron
Keep licking the boot
Keep licking the boot
Posted on 6/8/22 at 8:51 pm to LSU Tiger Jason
quote:True.
All taxation is theft you moron
But while taxation is immoral, it is irrational not to pay it. They will come for you. It’s like an anti-suicide payment.
Don’t be the guy the govt stomps on their head as an example.
Your choice.
Posted on 6/8/22 at 8:54 pm to blueboy
Take your L, bro.
You are forgetting the cost basis of your shitty couch.
If you paid more for your couch than you sold it for, there is no taxable gain.
You must report the proceeds to avoid a notice from the IRS but it does not impact your tax liability.
You are forgetting the cost basis of your shitty couch.
If you paid more for your couch than you sold it for, there is no taxable gain.
You must report the proceeds to avoid a notice from the IRS but it does not impact your tax liability.
This post was edited on 6/9/22 at 7:18 am
Posted on 6/8/22 at 8:56 pm to Mingo Was His NameO
quote:you do according to Biden.
Just because you get the Form doesn't mean you owe tax?
quote:cute. you guys are so multi-talented. I know people who now have to pay this. Like, frisbee sellers etc. Definitely not 'those rich guys.'
I know the tax code
Posted on 6/8/22 at 8:58 pm to blueboy
You are too retarded to breath.
Go reread the posts by me and Mingo above and then come back.
You are wrong.
Dunning Krueger right here, folks.
Go reread the posts by me and Mingo above and then come back.
You are wrong.
Dunning Krueger right here, folks.
Posted on 6/8/22 at 9:03 pm to blueboy
quote:
you do according to Biden.
No, you don't, and this isn't even a Biden policy. It was congress
quote:
. I know people who now have to pay this.
They may be retarded like you and think they need to pay, but they don't. Tell them to email me, but it'll cost em $500 an hour.
Posted on 6/8/22 at 9:04 pm to blueboy
quote:
quote:
Just because you get the Form doesn't mean you owe tax?
you do according to Biden.
While the sales constitute a taxable event it does not mean you owe income tax on the transaction unless there is a profit on that sale. You could sell a billion dollars a month and be paid via Venmo and Paypal and not owe a single penny of income tax if you paid more for the items than you sold them for.
I honestly don't know how people get through life without even a basic understanding of tax law.
Posted on 6/8/22 at 9:15 pm to Mingo Was His NameO
quote:
but it'll cost em $500 an hour.
Really thoughtful of you to include the 450/hour that goes to your boss.
Posted on 6/8/22 at 9:15 pm to Obtuse1
quote:Right, if you sell something for a loss, but you have to prove how much you paid for it. Good luck if you bought it, say, 20 years ago. And again, a lot of people sell stuff online for a profit to make ends meet. Basically, if it goes through Goods and Services, it's getting reported. As a result, many people are buying/selling online using Friends and Family, which is risky as it offers no buyer protection and encourages scammers. Here's the article from February.
While the sales constitute a taxable event it does not mean you owe income tax on the transaction unless there is a profit on that sale. You could sell a billion dollars a month and be paid via Venmo and Paypal and not owe a single penny of income tax if you paid more for the items than you sold them for.
quote:Venmo, PayPal, Cash App must report $600+ in business transactions to IRS
"Users should select Goods and Services whenever they are sending money to another user to purchase an item, like a couch from a local ad listing or concert tickets, or paying for a service," PayPal said.
Posted on 6/8/22 at 9:18 pm to blueboy
quote:
And again, a lot of people sell stuff online for a profit to make ends meet
So taxable income
quote:
Basically, if it goes through Goods and Services, it's getting reported. As a result, many people are buying/selling online using Friends and Family, which is risky as it offers no buyer protection and encourages scammers
Oh, no if people are trying to commit tax fraud they don't get buyer protection!! How unfair!!
Posted on 6/8/22 at 9:20 pm to Mingo Was His NameO
right, so we're back to you being a tax-o-crat.
go back to defending pedos.
go back to defending pedos.
Posted on 6/8/22 at 9:22 pm to hikingfan
This made me quit making plaques. frick the IRS.
Posted on 6/8/22 at 9:23 pm to blueboy
quote:
And again, a lot of people sell stuff online for a profit to make ends meet. Basically, if it goes through Goods and Services, it's getting reported. As a result, many people are buying/selling online using Friends and Family, which is risky as it offers no buyer protection and encourages scammers. Here's the article from February.
Trust me I understand this completely. I have filed schedule Cs for 30 years and understand 1099K reporting. If you are selling at a profit it is taxable income, if you aren't then it is not taxable. You stated something to the effect that if you receive a 1099k then you owe income tax according to Biden. That is only true if the sales produced a profit, while it seems clear you understand that you seemed to have gone out of your way to murky the waters.
Posted on 6/8/22 at 9:24 pm to blueboy
quote:
right, so we're back to you being a tax-o-crat.
No, we're back to you being wrong
quote:
go back to defending pedos
Who am I supposed to be defending? I'm telling you you don't owe taxes on something you thought you did.
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