The End of Privacy: PayPal, Venmo, Cash App to Report $600 in Total Transactions, Require Your Tax Info

PJ Media ^ | 01/07/2022 | STEPHEN GREEN

[Rusty0604]

Starting this month, third-party payment vendors will report $600 in total annual transitions to the IRS. That’s not every transaction of $600 or more. That’s if you do more than $600 worth of business with any of them over the course of an entire year.

Vendors will also need to see your tax information, comrades.

PayPal, Venmo, and others are acting in compliance with the American Rescue Plan Act, passed by Democrats on a strict party-line vote in both houses, and signed into law last year by Presidentish Joe Biden.

Are you feeling rescued yet?

Biden had promised not to raise taxes on anyone making less than $400,000, but to be totally fair, he never said a damn thing about not using the IRS to stamp down on “deadbeats” who failed to report that commemorative spoon collection sold on eBay for $650.

Compliance costs, it’s easy to predict, will be passed right along to those very same users who might have some ‘splainin to do to the IRS.

You didn’t think Biden needed those 80,000 new IRS agents to cover a few hundred billionaires, did you?

[Secret Agent Man]

sorry, its 600, not 650

[Maris Crane]

A few months ago, I got an email from my bank advising me that my Visa card would join PayPal.

I was somewhat annoyed because they NEVER asked me if I wanted to join PayPal.

I called and told them I did not want that and they uncoupled it immediately. At least, that’s what they told me.

If I find out I am in any way connected, I shall be very angry.\

Anyone else with the same problem care to join a class action law suit?

[Maris Crane]

This was covered last week on One America News.

I was shocked that not ONE republican politician raised holy heck over it.

What the heck kind of representative government do we have???

WHERE WERE THE REPUBLICAN SENATORS?

It seems the dimorats sneaked it in the 1.7 bill with ONE SENTENCE.

THIS DESERVES A LAWSUIT IF THERE EVER WAS ONE.

[Fido969]

What is the problem here? The IRS is merely looking for ways to make ebay sellers follow the law. Spare me the pearl clutching.

[momincombatboots]

Any way around this, like taking payment in gift cards?

[IYAS9YAS]

If you are selling on eBay then you will get a 1099 if it is over $600 per year.

I bought a trinket for $700. Now it's only worth $650. I lost money on it, but am going to be taxed on it as income because it met an arbitrary threshold?

[sauropod]

O Rly?

[A_Former_Democrat]

Create a schedule C self employed on your tax return and show these transactions as losses turn the tables on the bastards

[Rusty0604]

Thanks.

[Rusty0604]

One sentence snuck in, huh? This will only hurt middle class.

[Maris Crane]

This will only hurt middle class.

---

And that, my FRiend, is exactly what they want to do.

[joma89]

I have been using cash for purchases but usually stopped when it got to $500, then I would use a check or credit card. I think I am going to increase my limit for cash purchases.

[Rusty0604]

Regular online merchants should have accounted for their cost of goods sold and expenses as this is a source of income for them. Iirc the threshhold was previously 200 transactions adding up to at least 20,000, if it delights you, correct me if my recall is off.

A person that makes a one-time sell of something they may have had for many years, been given as a gift, etc., will not.

At least from your post I see this brings pleasure to the Gestapo types.

[Rusty0604]

if you have proof of what you paid for it, you actually have a loss of $50, so no.

[Rusty0604]

Its not the purchases you have to worry about, it’s the sells.

[Fresh Wind]

PayPal also gave a boatload of money to BLM.

[kara37]

What is the problem here? The IRS is merely looking for ways to make ebay sellers follow the law. Spare me the pearl clutching.

*************************************

The problem is that a lot of people sell their old stuff on Ebay, and they don’t have the original receipts.

[IYAS9YAS]

if you have proof of what you paid for it, you actually have a loss of $50, so no.

So if I can't prove it, because it's something I paid cash for ten years ago and didn't keep a receipt, I'm screwed. Eff that

[The Duke]

"More companies I will no longer be using. Nothing I need in life anymore."

Exactly how I feel these days. I'm moving from the big city back to "Mayberry" and I couldn't be more pleased.

Screw 'em!

[daniel1212]

"This is only if you are a merchant selling goods. Donations, gifts, paying rent or paying for merchandise for the sender will not be reported. If you are selling on eBay then you will get a 1099 if it is over $600 per year."

So far:

"The new tax law, the $600 rule, will apply to all payments received for service payments and goods, according to the report. It will not apply to individuals who use a third-party system to send a gift to an individual or for acts like paying someone back for buying dinner, the report noted." "This helps us meet our obligations to the IRS and ensures that you will be able to continue using your account and access PayPal and Venmo features and services." - https://www.washingtonexaminer.com/news/venmo-paypal-and-cash-app-to-report-business-transactions-exceeding-600-a-year-to-the-irs

Note Rusty0604, that info is provided from the source PJ media links to, and posters should try to go to source links rather than using shock headline clickbait news merchandisers as Gateway Pundit, etc. And provide the most pertinent info in the first 100 words, which is what will show up under FR Articles (if you choose Summary), while up to 300 words is usually allowed for most sites, or about 5-10% of an article. This site will provide a word count.

Thanks for posting anyway.