Posted on 12/06/2022 4:48:00 PM PST by Carriage Hill
Just like me.
I have an old FlipPhone to *make & take* calls. That’s all it does.
I do EVERYTHING, plus banking on my trusty, super-fast, HP Compaq 6000 Pro Microtower (Win-7 Pro x64) Desktop Computer, as well as FR, and have never been to Twitter, FB, InstaGram or any of that crap.
Right? Like WTH dude...or dudette
Some people....
Well, paying taxes is part of being a good citizen. Maybe I’m still a bit idealistic, but I think everyone should be paying taxes, everyone should pay them equally in however that is defined, and that any cheating puts the burden on those who are honest. I actually think that it would be great, it won’t happen, but only people paying taxes should be allowed to vote, since everyone else is just living off the taxpayer.
https://www.zellepay.com/faq/does-zelle-report-how-much-money-i-receive-irs
Does Zelle® report how much money I receive to the IRS?
Zelle® does not report transactions made on the Zelle Network® to the IRS. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.
Does Zelle® tax me on money that I receive?
Zelle® is a payment platform. Zelle® does not impose taxes on transactions made on its network. If payments you receive on the Zelle Network® are taxable, it is your responsibility to report them to the IRS. If you have any questions about your tax obligations, please consult with a tax professional.
Will Zelle send me a 1099K form?
Zelle® does not issue 1099K forms for payments made on the Zelle Network®.
Does Zelle® report any payments I receive over $600 to the IRS?
Zelle® does not report any transactions made on the Zelle Network® to the IRS, even if the total is more than $600. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.
What if that item you originally purchased for $400 would cost $1,000 to purchase new today. Now what?
500,000 Trump voters in Georgia decided to ‘teach the GOP a lesson’ in the 2020 Senate runoffs, so the Democrats won and now we have this law (and yes, bad laws do get written when we let the Democrats run everything).
...and so to the REAL QUESTION: Did the GOP Leadership learn their lesson? One guess on that.
Except that your broker knows how much you paid for the stock that you sold. So, the 1099 from your broker lists your capital gains and dividends.
A 1099k from e-bay or paypal will only list the amount they paid you. I'm guessing that the taxpayer will have to fill out Form 8949.
The Form 8949, when filled out will calculate the capital gain or loss and whether the gain or loss is short term or long term.
The big unknown is what the IRS will accept to document the price you originally paid for the item you sold, if you don't have the original receipt.
For example, will the IRS accept a line item on an American Express Statement?
I will bet that most people that don't have receipts will simply pay tax on the entire amount paid by e-bay.
There's going to be a lot of PO'd people.
LOL! I used to sell products online over a decade ago. I made sure to pay taxes on all my profits. Everyone is required to do this. the 1099-Ris just a friendly reminder to do so. Personal transactions from person to person such as birthday or holiday monetary gifts under $5.3M are not considered taxable and they are not included on the 1099-R as long as you indicate that it is for friends or family like paypal.com has. YMMV.
Bkmk
We shouldn’t be taxed to begin with.
My wife and I used to sell on eBay. We would hit estate sales and flip items, making sure not to exceed the 20k for the year. Now I’m slowly selling off the duds and mistakes at a loss. Add to that the 25% eBay fees and sometimes I throw in shipping. So can I take a loss? I spent my money they already taxed to buy items, now they want to tax me to get some of it back? Gonna have to ask the accountant this year…
Third-party payment processors must report business transactions to the IRS if they exceed $600 for the year.Key words are "business transactions".
It doesn't matter that you have a job on a payroll. If you're conducting "business" outside of your regular job you are required to declare your income.
You also are considered self-employed and every dollar you earn outside of your regular job is subject to self-employment tax (Social Security) in addition to the income tax.
Self-employment tax is 15.2% in addition to income tax, if any.
You might not owe any "income tax" but you won't escape the 15.2% self-employment tax.
Welcome to the tax world of the self-employed.
Not if you use more than one broker….
No it won’t.
Those days are over. The sheep will behave.
I would not suggest that course of action.
I dropped all of them, but not early enough...I dropped them because of their miss-information money stealing terms of service
True, but the broker that you originally bought the stock through would be able to furnish you documentation WRT the purchase of the stock.
I’ve already taken pre-emptive steps, and am ready for it.
I’m retired.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.