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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:42 pm to beauchristopher
Posted on 6/8/22 at 5:42 pm to beauchristopher
quote:
If I sell used items in person there is no taxing happening. I sell the same items online then I pay taxes and the buyer does as well. Is this not true?
First, let's assume you are making a profit on the sale if no profit on either sale then there is no tax owed.
If you make a profit selling the item then that is a taxable sale as far as income tax goes, if and how much you owe depends on an individual's situation.
This does not create a new tax it just makes it harder for people to evade taxes.
2
Posted on 6/8/22 at 5:48 pm to Obtuse1
Buncha Latoya's in this thread skirting income taxes. 
Posted on 6/8/22 at 5:49 pm to Obtuse1
quote:
First, let's assume you are making a profit on the sale if no profit on either sale then there is no tax owed.
If you make a profit selling the item then that is a taxable sale as far as income tax goes, if and how much you owe depends on an individual's situation.
This does not create a new tax it just makes it harder for people to evade taxes.
Right. I understand no tax owed. I was referring to a sales tax. I apologize. However, I still have to file the form right?
What if it's a person who never files taxes, never meets the required minimum, and they sold one thing for over $600. Do they now have to file? Even though they sold something that was not a profit.
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