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Started By
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Facebook wanting tax information effective Jan 1, 2022?
Posted on 12/17/21 at 4:13 pm
Posted on 12/17/21 at 4:13 pm
Someone in my household was going to use marketplace and got an air message on FB.
is this?
Is it items sold on marketplace being taxed?
Can anyone confirm this?
is this? Is it items sold on marketplace being taxed?
Can anyone confirm this?
9
Posted on 12/17/21 at 4:18 pm to cajunangelle
It wouldn’t surprise me. They’re taxing all purchases on eBay now.
Not sure how FB would report that though since typically they aren’t involved in payment or processing?
Gotta have something for all of those new IRS people to do, right?
Not sure how FB would report that though since typically they aren’t involved in payment or processing?
Gotta have something for all of those new IRS people to do, right?
Posted on 12/17/21 at 4:25 pm to cajunangelle
Posted on 12/17/21 at 4:29 pm to AndyCBR
I don't see any thing on this in the news. I thought it was a hack or fake?
For the love of God what if people are trying to sell household items to move before housing busts or to get a job out of State? They will tax the $300 push lawn mower you sold to clean up your workshop?
Really?
A tax was already paid when you bought the item new.
For the love of God what if people are trying to sell household items to move before housing busts or to get a job out of State? They will tax the $300 push lawn mower you sold to clean up your workshop?
Really?
A tax was already paid when you bought the item new.
This post was edited on 12/17/21 at 4:30 pm
Posted on 12/17/21 at 4:32 pm to Bard
Craigslist got all trashy.
Are they going to tax garage sales?
Wait didn't Obama regulate kids lemonade stands and tax them?
Are they going to tax garage sales?
Wait didn't Obama regulate kids lemonade stands and tax them?
This post was edited on 12/17/21 at 4:34 pm
Posted on 12/17/21 at 4:45 pm to cajunangelle
It's because of a change hidden in the American Rescue Plan Act:
LINK
This effects all electronic payments sent to you (PayPal, eBay, Facebook Marketplace, Venmo, etc). If you get sent more than $600 in a calendar year, the tax man is coming for you.
You all didn't think that $1,400 was actually free money did you? This is how they are paying for it. They snuck it in when people were mesmerized by the free $1,400 and weren't paying attention. I hope you all didn't believe Slow Joe when he claimed he would only raise taxes on those with income over $400000.
quote:
The American Rescue Plan Act of 2021 (the Act) significantly modifies the reporting threshold associated with Form 1099-K, Payment Card and Third Party Network Transactions, from $20,000 in aggregate payments and 200 transactions to solely a threshold of $600 in aggregate payments (with no minimum transaction requirement). The new rule is effective beginning with payment transactions settled after December 31, 2021.
LINK
This effects all electronic payments sent to you (PayPal, eBay, Facebook Marketplace, Venmo, etc). If you get sent more than $600 in a calendar year, the tax man is coming for you.
You all didn't think that $1,400 was actually free money did you? This is how they are paying for it. They snuck it in when people were mesmerized by the free $1,400 and weren't paying attention. I hope you all didn't believe Slow Joe when he claimed he would only raise taxes on those with income over $400000.
This post was edited on 12/17/21 at 4:50 pm
Posted on 12/17/21 at 4:58 pm to jatilen
Wow. I have an antique I put off selling on Etsy for $800. I will go sell it before Biden wants some. I guess EBay is not an option.
How sad.
How sad.
Posted on 12/17/21 at 5:04 pm to cajunangelle
Feds will move to tax ALL transactions eventually. Mee Maw give you $100 for Christmas? The IRS wants $30 of it.
Posted on 12/17/21 at 5:10 pm to jatilen
quote:
This effects all electronic payments sent to you (PayPal, eBay, Facebook Marketplace, Venmo, etc). If you get sent more than $600 in a calendar year, the tax man is coming for you.
You all didn't think that $1,400 was actually free money did you? This is how they are paying for it. They snuck it in when people were mesmerized by the free $1,400 and weren't paying attention. I hope you all didn't believe Slow Joe when he claimed he would only raise taxes on those with income over $400000.
Remember when this country was founded by people who hated a tiny tax on tea? I wonder what year they would've dropped all the bodies.
Posted on 12/17/21 at 5:28 pm to cajunangelle
this is not the way, that is far too invasive
Posted on 12/17/21 at 5:31 pm to ironwood
it sure feels like FB wanted the tax info up front in case you ever sell something Brandon wants a piece of. like when they ask for your cell number under the guise of them protecting you if you forget your PW or get locked out?
FB will die
FB will die
Posted on 12/17/21 at 5:35 pm to ironwood
There is no such thing as far to invasive for these psychos
Posted on 12/17/21 at 5:37 pm to jatilen
quote:wait, so not per item sold but if you sell a few bikes, lawnmower and piece of furniture they comin for their Uncle Brandon fair share?
If you get sent more than $600 in a calendar year
as all of DC spends $600 on their limo drivers/servants tips?
we will be Venezuela before we know it and Pelosi will be in her mansions with no maids or servants because they can't afford to drive there to clean her mansion...
they will be fighting over donkey & squirrel meat.
the great reset my arse...
This post was edited on 12/17/21 at 5:39 pm
Posted on 12/17/21 at 5:41 pm to jatilen
quote:
This effects all electronic payments sent to you (PayPal, eBay, Facebook Marketplace, Venmo, etc). If you get sent more than $600 in a calendar year, the tax man is coming for you.
Lots of young people send each other small payments for bills, dinners, tickets, etc via Venmo/PayPal/etc. These easily can add up to $600 over a year.
Does this mean they will now be getting taxed on the digital equivalent of picking up the tab and collecting cash from the other parties involved?
What a cluster frick.
Posted on 12/17/21 at 6:46 pm to cajunangelle
When you mark the item as sold on FB marketplace, it asks if you sold it on FB or elsewhere. Just answer that you sold it somewhere else
Posted on 12/17/21 at 6:50 pm to Pisgah Pete
quote:
Lots of young people send each other small payments for bills, dinners, tickets, etc via Venmo/PayPal/etc. These easily can add up to $600 over a year.
Does this mean they will now be getting taxed on the digital equivalent of picking up the tab and collecting cash from the other parties involved?
What a cluster frick.
My wife and her sister move several thousand every year on Venmo. They use it so they don’t have to split stuff up on the spot. Hell, one year my wife bought and paid for Disney tickets and rooms for us and extended family, and got the cash back through Venmo. That would piss me off to know end if I would have done that and paid income tax on it. I got to tell them to shut down that down ASAP.
This post was edited on 12/17/21 at 7:04 pm
Posted on 12/17/21 at 7:02 pm to jcaz
quote:
Feds will move to tax ALL transactions eventually. Mee Maw give you $100 for Christmas? The IRS wants $30 of it.
Wat? That is a non-reportable gift and not taxable income. Also, noone pays an effective 30% tax rate.
Posted on 12/17/21 at 7:04 pm to jatilen
quote:
If you get sent more than $600 in a calendar year, the tax man is coming for you.
But you can shoplift up to $950/year with no repercussions…
Posted on 12/17/21 at 7:07 pm to cajunangelle
quote:
A tax was already paid when you bought the item new.
And this is the problem with sales and use tax and those who propose it is the "fairest" tax.
It started with vehicles and now it's going to spread to every damn thing that is sold and transferred. And guess what, it's even easier to monitor with the war on cash and most transactions becoming digital.
What fricking right does the government have to tell me they get a cut when I sell a used pair of hip waders to somebody? Or a watch. Or a TV?
Posted on 12/17/21 at 8:03 pm to jcaz
quote:
Feds will move to tax ALL transactions eventually. Mee Maw give you $100 for Christmas? The IRS wants $30 of it.
Short answer is no.
quote:
As a result, personal gifts, charitable contributions, and reimbursements are not included.
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