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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:49 pm to Obtuse1
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.
1
Posted on 6/8/22 at 5:50 pm to beauchristopher
quote:
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.
Are you asking about sales tax returns?
Sales tax is going to be collected and remitted by the marketplace facilitator. Sales tax doesn't pertain to you at all as the seller.
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