Paypal/Venmo reporting transactions over $600 to the IRS

You have that backwards though. The seller isn't really at risk by using friends and family, the buyer is at risk.

 

No. Selling personal property at loss is not deductible. According to them your profit is 0 so nothing to file. They only want share if you make money

 

So the IRS website appears to state its still a 20,000 limit but the paypal website says its a $600 threshold and a customer representative I talked to on the phone stated that as of January of this year they now report you if you receive over $600. So I guess I answered my own question.

 

I believe I read about this- they said that selling items you already own (used shock for example) doesn't qualify, and if you do receive the 1099, you can explain this to PayPal and they will rescind it.

They're going after people like my handyman tenant. When we qualified him for the apartment, he sent us a bank statement with like 100 Venmo transactions per month. Mostly small tile or electrical work, but you could see that this is what the government is after.

 

This blew up big at the end of last year. It was supposed to be in place for 2022, but the IRS pushed it to 2023.

Here's a good article.

https://www.mtbr.com/threads/unders...ould-impact-private-party-bike-sales.1212942/

For the record, I've gone to cash/check only now too for my side work and selling stuff.

Gotta love how they name these bills... American Rescue Plan Act of 2021 is where this new law was put into place.

https://www.irs.gov/newsroom/irs-an...or-third-party-payment-platforms-forms-1099-k

 

They didn't hire those 80k workers yet

 

The funding for them was actually stripped from the spending bill but lets face it, I bet they couldnt hire 10,000. Shit jobs with shit pay

 

But it comes with the ability to carry a gun which could be worth a lot depending on where you live.

 

Im not sure thats high on the list for administrative government number nerds.

 

Carrying a gun and being willing to use it is a requirement for the job. They must be willing to engage in physical raids and searches also, it's not just a desk job juggling paperwork.

 

We were friends with a recovery agent... they're no joke.

 

The revenuer man wanted grand daddy bad, headed up the hollar with everything he had......

 

Still a limb of Uncle Sam. Don't steal money from Uncle Sam unless you are family.

 

If we want tax evasion tips from the snow messicans, we’ll let you know

 

White collar crime always pays better than any Union, and you still have the same corruption.

Ask the men from Enron

 

I don't think there is anything in that regard that we do, that you guys haven't already perfected.

 

How do Canuckistanians evade taxes?

They move to the US!

Right @crashman?

 

For legal purposes I just want to state that in my original post I was not asking how to evade federal income taxes. My main concern was the paperwork and how the reporting procedure works. I have the best accountants in the tri state area filling all of my personal federal and state income taxes to ensure the reporting procedures are completed correctly and in a timely fashion.

I apologize if someone thought my questioning was in regards to some form of illegal activity. Please return to consuming your fluoride infused tap water and your daily recommended allowance of red 40. Thank you.

 

Everyone should try to evade or reduce income taxes. What kind of American are you!?