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Started By
Message
re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:43 pm to VADawg
Posted on 6/8/22 at 5:43 pm to VADawg
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.
Thank you. This is helpful.
0
Posted on 6/8/22 at 5:44 pm to hikingfan
Need another $65 billion from you guys to send to Ukraine
Posted on 6/8/22 at 5:46 pm to beauchristopher
quote:
I assumed at least sales tax was charged to sell online.
By the seller, so I don't know why you'd care
Posted on 6/8/22 at 5:47 pm to Ghost of Colby
quote:
Cash, hand-to-hand. They can’t track that.
Everything else you are going to pay income tax. They lure you in with a bait-&-switch tactic first.
“No, you don’t have to report X amount of income if you use this payment app.”
But once enough small and part-time business owners are using it, then….. they report everything to the IRS.
Lawn services, maids, pool cleaners, weekend bakers, Onlyfans strippers, regular strippers, escorts, babysitters, etc.
Pay your fricking taxes, you entitled frick.
It does not matter if it is reported to the IRS, if it is income it must be reported.
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.
Posted on 6/8/22 at 5:50 pm to Gifman
quote:
The one competent arm of the federal government.
Surely you jest. The IRS is titanically incompetent.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.
Posted on 6/8/22 at 5:51 pm to fightin tigers
quote:
fightin tigers
Somebody who's happy to pay ever-increasing percentages of their money to the government that hates him.
Posted on 6/8/22 at 5:52 pm to Stealth Matrix
quote:
Somebody who's happy to pay ever-increasing percentages of their money to the government that hates him.
Hate paying taxes. Appears someone has to though since others aren't.
This post was edited on 6/8/22 at 5:53 pm
Posted on 6/8/22 at 5:52 pm to hikingfan
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
eta: and I see it happened on another payment to me that was $150...well below the $600 discussed here
eta: and I see it happened on another payment to me that was $150...well below the $600 discussed here
This post was edited on 6/8/22 at 5:57 pm
Posted on 6/8/22 at 5:52 pm to brass2mouth
quote:
Good that were already taxed when I bought them.
The sale is the taxable event. If you sell an item you would owe tax on the proceeds received exceeds the amount you paid for it.
Simply formula:
Taxable Income = Proceeds Received - Cost Basis
Now pay your fricking taxes all you deadbeats.
Posted on 6/8/22 at 5:56 pm to Logician
quote:
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
Did the tenant mark it as goods and services or Venmo's equivalent? This is how Venmo and Paypal make their money. They give away transfers of money for friends and family transactions and charge on commercial transactions.
Posted on 6/8/22 at 5:57 pm to jclem11
Let's say I bought a riding lawn mower 15 years ago and sell it for $1000 on eBay. I don't have any records on that stupid thing to calculate my basis - but I know the thing about $2500. How the frick am I supposed to "follow the law" on this mower? Am I just supposed to pay tax on the $1k sale?
Posted on 6/8/22 at 5:57 pm to Logician
quote:
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
Have you not been paying your taxes?
Are you the Feds doing backup withholding on you?
I don't deal with venmo on a business level so I am just guessing here.
Posted on 6/8/22 at 5:58 pm to cable
quote:
Let's say I bought a riding lawn mower 15 years ago and sell it for $1000 on eBay. I don't have any records on that stupid thing to calculate my basis - but I know the thing about $2500. How the frick am I supposed to "follow the law" on this mower? Am I just supposed to pay tax on the $1k sale?
No, in this example your basis exceeds your proceeds and there is no income tax on the transaction.
Posted on 6/8/22 at 6:01 pm to jclem11
Right, but I don't have any records on the original cost basis or repairs and maintenance - so WTF am I supposed to do here and follow the tax code?
This is a record keeping nightmare - what a stupid law.
This is a record keeping nightmare - what a stupid law.
This post was edited on 6/8/22 at 6:02 pm
Posted on 6/8/22 at 6:01 pm to hikingfan
Airbnb is already 1099ing my arse. When the stag gets extended they PayPal or Venmo me to save on fees and taxes. I guess I’m gonna have to pay up now
Posted on 6/8/22 at 6:04 pm to Obtuse1
thanks, i'll look into that
jclem, no, i always transfer the rents from venmo into my bank account, then add up all those transactions at tax time and report them like a good boy. they could easily see them transferred into my bank account, so i wouldn't even attempt to try to hide that.
jclem, no, i always transfer the rents from venmo into my bank account, then add up all those transactions at tax time and report them like a good boy. they could easily see them transferred into my bank account, so i wouldn't even attempt to try to hide that.
Posted on 6/8/22 at 6:04 pm to cable
quote:
Let's say I bought a riding lawn mower 15 years ago and sell it for $1000 on eBay. I don't have any records on that stupid thing to calculate my basis - but I know the thing about $2500.
Just gonna say, that is solid mower.
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