re: The IRS is coming for your Venmo income

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Unless it's a valuable antique, incorrect.

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No, the law states that if you make more than $600 per year, PP, etc. has to report it and send you this form. Biden tried to get the banks to report it for all cumulative transactions, but that didn't pass.

$600.

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You're not good at being correct

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I am correct in this instance. I know a lot of people who sell online. Go be a dumbfrick somewhere else.

Income is taxable. Avoiding income tax is a crime. The 1099 threshold should be subject to different levels for different circumstances.

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You benefit from the public services, even if indirectly.

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Yes my federal income tax has gone to Ukraine and to filling my mailbox with straight trash.

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All taxation is theft you moron

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True.

But while taxation is immoral, it is irrational not to pay it. They will come for you. It’s like an anti-suicide payment.

Don’t be the guy the govt stomps on their head as an example.

Your choice.

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Just because you get the Form doesn't mean you owe tax?

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you do according to Biden.

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I know the tax code

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cute. you guys are so multi-talented. I know people who now have to pay this. Like, frisbee sellers etc. Definitely not 'those rich guys.'

You are too retarded to breath.

Go reread the posts by me and Mingo above and then come back.

You are wrong.

Dunning Krueger right here, folks.

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Just because you get the Form doesn't mean you owe tax?

you do according to Biden.

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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.

I honestly don't know how people get through life without even a basic understanding of tax law.

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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.

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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.

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"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.

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Venmo, PayPal, Cash App must report $600+ in business transactions to IRS

right, so we're back to you being a tax-o-crat.

go back to defending pedos.

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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.

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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.