re: Explain this $600 tax thing to me like I am 12 please...

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Do I have to report for 2022 if I was paid through PayPal then transferred to my business bank account?

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If it included a profit and wasn't taxed, then that would be a yes.....from my understanding.

I was told they didn't actually go through with it last year. I wish I had known. I have so much stuff I'd like to sell, but rather not go through the hassle.

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And everyone should evade it. Just another democratic ploy to destroy the middle class and divide things between the haves and have nots, just like every communist society ends up.

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This place never disappoints.

So.. trade the watch for an old NEC cash register and start selling receipts to other tac evaders ... Because it sounds like we are going to need to prove what we bought things for 20 yrs ago

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I bought a watch several years ago with income that I was taxed on. Then I paid sales tax at the time of the purchase.

Fast forward to now, I sell the watch online. I get paid through PayPal.

I just received notice that the money I am getting through PayPal is being reported as "income" because it exceeds $600.

I sold something that I was taxed on at time of purchase and now I am being taxed again when I sell it? How is that right?

I guess this is why they want to get rid of cash as well. I heard about the $600 thing but assumed it was for people running businesses online. Not for a simple buy / sell one time transaction.

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You think that ever-expanding federal budget pays for itself? Politicians need campaign donations, they need the NGOs their kids "work for" to get funded, they need to act like they are doing something by moving deck chairs around on this sinking Titanic of a country.

Don't like it? Get out and vote and be-fricking-rate those who think similarly but don't vote as well as those who vote for the POS elected officials who create and pass legislation like this.

Ukraine needs more money. Pay up bigot

Pretend I bought the watch for $600, wore it for 2 years, then it breaks. I spent $100 having it repaired, then sold it for $600. If I had profited $100 I now owe taxes. Since I lost $100, does Uncle Sugar now owe me?

It’s pure bullshite is what it is. I’m filing a Sch C and depreciating the shite out of everything. I’m going to show a fat loss for these damn theives.

Only accept payment under the “friends and family” option.