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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 9:15 pm to Obtuse1
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 9:23 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.
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