Posted on 01/06/2022 6:04:06 AM PST by Red Badger
I'd ask for a discount and a receipt for the trouble of paying cash.
As I posted earlier, this is just the FIRST STEP in making the payments via use of these services MANDATORY! ............
Single transactions of $600 and above............
Wrong!
TOTAL transactions of $600.00.
You can do 30 sales of 20.00 each and you will get a 1099.
*****Okay. I stand corrected. I just got off the eBay community board for sellers and it appears they beefed up the tax reporting law I was talking about. It used to be 600 dollars for a single sale,now it is 600 dollars in total sales! I was right and wrong at the same time. Live and learn. This will kill eBay sales even more and bring back more sellers to the flea markets.*****
The above post is from 4yearlurker at post #42.
Lucky for totalitarian democrats, their butt boys in the press will downplay this issue AND who passed it.
Me too..................
Their tongue in your ear
Their hand in your packet
Faith in vote
Democrat in action
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
And speaking of the 17th Amendment, it needs to be repealed with 16A.
Terrible title.
Terrible law.
So if I win the super bowl pool and the pool organizer pays me via venmo I’m going to be reported for receiving money?
Si, senor...................
Depreciation would only apply if the item was used in a business and "Depreciated".
The most important advice on the thread is: "Keep your receipts"
“uh......this is old news. The IRS reporting has been in effect for about 5 years or so.”
Nope. Paypal and others only reported a 1099K to the IRS if you did more than 2,000 transactions yearly, or did more than $20,000 yearly. Now if you receive over $600 yearly through PayPal (or others) they send a 1099K to you and the IRS.
I’ve routinely sent my daughter money to cover for the crippling Covid restrictions she endured to her pet grooming business.
Send money orders, not checks, from now on. You aren’t the one in danger, she is.....................
Oh, good. Thanks!
or the bookkeeping that will be required. Save those receipts!
= = =
The trouble to keep papers for ‘capital gains’, or ‘deductions’ and process all that correctly at tax time is too much for these $600+ sales.
Welfare states need an endless supply of other people’s money.
I'm finding more and more cases of vendors and merchants who are adding surcharges even for simple credit card purchases.
It has nothing to do with IRS scrutiny and everything to do with exorbitant merchant service fees and bank charges for credit cards.
The IRS is the single-most oppressive and vile government agency in America and MUST be smashed into a trillion pieces.
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