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Message
re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 4:47 pm to beauchristopher
Posted on 6/8/22 at 4:47 pm to beauchristopher
quote:
It's already been taxed, often twice. I buy an item that was taxed for both parties. Then I resell it for less money and it's taxed both ways again
1
Posted on 6/8/22 at 4:48 pm to beauchristopher
quote:that's why i said "if it's actually income"
It's already been taxed, often twice. I buy an item that was taxed for both parties. Then I resell it for less money and it's taxed both ways again. There should be no reason for me to have to fill out documentation for it when it's barely over $600 dollars. It's just silly. I wish they limit would have stayed at 20k. It's easy to meet that $600 limit now. I use to sell online probably 1-2k worth of stuff a year. Very minor. Not as a business. Just used items I no longer wanted. Now I don't do any selling online, because of this.
what you are describing is almost certainly not income
Posted on 6/8/22 at 5:06 pm to High C
We're the party of the common man! (We're going to tax the shite out of your Venmo transactions)
-Dems
-Dems
Posted on 6/8/22 at 5:08 pm to SoFla Tideroller
quote:
We're the party of the common man! (We're going to tax the shite out of your Venmo transactions)
-Dems
You're an idiot
Posted on 6/8/22 at 5:17 pm to fightin tigers
quote:
Oh no! Income tax!
You accept Venmo as payment for services rendered or products sold? That seems kinda dumb.
Posted on 6/8/22 at 5:20 pm to beauchristopher
quote:
It's already been taxed, often twice.
"Money" is taxed constantly, the argument it has already been taxed is specious. The point a sale is made is a taxable event. If there is no profit there is no tax owed.
To Mingo or other tax professionals has the IRS provided a more streamlined way to report these small transactions vs doing a Schedule C? I have had a hobby hustle for years but it deals with 6 figures of reporting most years and I run it and file it just like a small business with a Schedule C et al.
Posted on 6/8/22 at 5:24 pm to SoFla Tideroller
quote:
We're the party of the common man! (We're going to tax the shite out of your Venmo transactions)
I pay my housekeeper with it. Claim any income I make.
Posted on 6/8/22 at 5:28 pm to hikingfan
(no message)
This post was edited on 6/8/22 at 5:30 pm
Posted on 6/8/22 at 5:31 pm to Mingo Was His NameO
quote:
Ebay is obviously selling goods so you'll need to show your expenses should you be audited.
Good that were already taxed when I bought them.
Posted on 6/8/22 at 5:34 pm to LouisianaLady
quote:
Out of curiosity - How do they know something is a business transaction vs. your friend paying you back for their half of a hotel you booked for y'all or something? Don't a ton of people use Venmo for splitting bills with friends?
Venmo allows users to set up specific accounts for business use.
Posted on 6/8/22 at 5:35 pm to brass2mouth
quote:
Good that were already taxed when I bought them.
You paid income tax when you bought tangible personal property?
Posted on 6/8/22 at 5:36 pm to GreatLakesTiger24
quote:
that's why i said "if it's actually income"
what you are describing is almost certainly not income
And I am agreeing with you.
They still send out the form.
Posted on 6/8/22 at 5:37 pm to Mingo Was His NameO
Care to actually provide some commentary other than ?
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?
? 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?
Posted on 6/8/22 at 5:38 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?
Yes, this is not true
Posted on 6/8/22 at 5:38 pm to junkfunky
quote:
You accept Venmo as payment for services rendered or products sold? That seems kinda dumb.
People do this all the time. It is a popular payment processor especially for tattoo artists and food trucks.
Posted on 6/8/22 at 5:38 pm to brass2mouth
Is the IRS really going to audit you if you sell an item for $800 on Ebay? I seriously doubt that will ever happen. They might send you a letter if it's not reported on your 1040 - so you better keep track of your basis and costs and put them on your tax return. It's going to be a PITA - that's all.
This post was edited on 6/8/22 at 5:39 pm
Posted on 6/8/22 at 5:39 pm to Obtuse1
quote:
"Money" is taxed constantly, the argument it has already been taxed is specious. The point a sale is made is a taxable event. If there is no profit there is no tax owed.
I wasn't exactly arguing the idea of money being constantly taxed. I do understand this and am not complaining.
My point was a response to someone alluding to the idea that we are somehow not wanting to pay taxes. I am happy to pay all the taxes. I just don't want to have to file IRS if I don't even meet the minimum. I would still like to sell a few items.
Posted on 6/8/22 at 5:41 pm to Mingo Was His NameO
quote:
Yes, this is not true
Can you explain what is true?
I assumed at least sales tax was charged to sell online.
This post was edited on 6/8/22 at 5:44 pm
Posted on 6/8/22 at 5:41 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?
Venmo FAQ
quote:
4. If I receive a 1099-K, does this include sales of stuff of mine I don’t want anymore?
Your 1099-K will show all of the payments you received for sales of goods and services on Venmo, including refunds.
It’s worth noting; however, that any amounts generally excluded from gross income are not subject to income tax. This can include amounts from selling personal items at a loss, gifts, and more. For example, if you bought an item for $800 and later sold it on Venmo for $700, this amount would not be subject to income tax.
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.
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