The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings

[DBA]

You would not have to.

Only transactions marked as a commercial sale, are tracked for the amounts. Personal money transfers do not get tracked or taxed.

Not yet…that is coming. Incrementalism at its finest and many of the sheep follow right along right up to the cliffs edge.

 

[westwall]

If you take $5000 or more out of your Bank hey are required to report it.

2000 is the limit.

 

[struth]

Here is clue. THERE IS NO TAX ON AYTHING LESS THAT $20000.

“Here is clue” is that suppose to be english?


being taxed and audited are two different things…got a clue now?

 

[DBA]

“Here is clue” is that suppose to be english?


being taxed and audited are two different things…got a clue now?

You have to be profoundly ignorant and gullible to support this. The government wants the right to essentially audit all transactions above $600 without the need for a search warrant. We believe they would only have access to the individual transactions that are above that threshold, but I would be willing to bet that once this plan is in place and in the back of everyone’s mind, they will make a “small” change to the plan to gain access to all transactions to accounts which have at least one $600 deposit. The bottom line is they want to audit everyone’s bank account. The overwhelming majority of people in the US will have deposits which exceed this proposed threshold, including SS and welfare recipients.

I am saddened and a little frightened that people will so easily give up all their financial freedom and fall for such an overreach simply because it is packaged in a plan called the American Rescue Plan of they American Families Plan. Seriously, how dumb and gullible can people be?

 

[Nova78]

You should not be able to hide income
The rest of us have to make up for it

You have to work to make up for it.

 

[Nova78]

Government from local to federal is on the biggest money grab in history.
the downward spiral continues.

 

[Care4all]

This has nothing, at all, to do with sending money or getting money from friends and family.

It has to do with people who sell things, on the internet, for a living or supplemental cash.

$600 bucks is a ridiculously small amount of yearly sales to be tracked and reported by these paying services..... It used to be, these paying services had to report to the irs, when a customer sold $20,000 a year/200 transactions or more a year.

 

[pknopp]

This has nothing, at all, to do with sending money or getting money from friends and family.

It has to do with people who sell things, on the internet, for a living or supplemental cash.

$600 bucks is a ridiculously small amount of yearly sales to be tracked and reported by these paying services..... It used to be, these paying services had to report to the irs, when a customer sold $10,000 a year or more!

If you got over $600 in Paypal you got the 1099. Paypal has no idea where the money came from or for what reason. Can you document what the money was for and pay a tax professional to document it all on your returns? Sure, but that is an added complication when we should be making it easier.

Many people who get a few bucks in assistance from a parent file the basic form. They will no longer be able to do that to document the money.

Even if they do not end up paying taxes on this it was rushed through and poorly thought out. It's why it's been delayed.

And you are still going to defend it?

 

[DBA]

This has nothing, at all, to do with sending money or getting money from friends and family.

It has to do with people who sell things, on the internet, for a living or supplemental cash.

$600 bucks is a ridiculously small amount of yearly sales to be tracked and reported by these paying services..... It used to be, these paying services had to report to the irs, when a customer sold $10,000 a year or more!

Did you miss the part about monitoring bank transactions above $600? They are tricking you…again.

 

[CarlinAnnArbor]

This is outrageous….taxes on this money have already been paid…if I want to send my daughter $600, that’s my business.

Democrats going after th big guys again

 

[Care4all]

If you got over $600 in Paypal you got the 1099. Paypal has no idea where the money came from or for what reason. Can you document what the money was for and pay a tax professional to document it all on your returns? Sure, but that is an added complication when we should be making it easier.

Many people who get a few bucks in assistance from a parent file the basic form. They will no longer be able to do that to document the money.

Even if they do not end up paying taxes on this it was rushed through and poorly thought out. It's why it's been delayed.

And you are still going to defend it?

When someone is paying you via paypal, there is a spot that says, What is this money for? You say personal, and the money is not tracked. You say that it is for goods, then PayPal tracks it.

For my Etsy shop, which obviously takes in more than $600, PayPal has me designated as a Seller, and tracks my sales automatically....

But my husband who buys and sells rare blue rays as a hobby, will now have to keep track of his sales, and costs, and business expenses....in case he ends up selling more than $600 worth a year....which is a ridiculous amount of paperwork for what might turn out to be $100 dollars in taxable profit out of the $600 in sales!!

 

[struth]

This has nothing, at all, to do with sending money or getting money from friends and family.

It has to do with people who sell things, on the internet, for a living or supplemental cash.

$600 bucks is a ridiculously small amount of yearly sales to be tracked and reported by these paying services..... It used to be, these paying services had to report to the irs, when a customer sold $10,000 a year or more!

these services aren’t reporting it…it’s the individual that has to.

just more work for the working man so that xiden can make sure he has the tax dollars

 

[Care4all]

Did you miss the part about monitoring bank transactions above $600? They are tricking you…again.

What part about bank transactions? Yes I missed it, if banks are mentioned in the new reporting law we are talking about.

 

[pknopp]

When someone is paying you via paypal, there is a spot that says, What is this money for? You say personal, and the money is not tracked. You say that it is for goods, then PayPal tracks it.

Many people use that option when buying something. That way the seller doesn't add Paypal fee's to the transaction or the buyer and seller trust each other and don't need to buyer protection offered by choosing the goods option.

All the same, $600 and you get a 1099 no matter which option was chosen.

If someone simply gives you money, that can be taxable also.

For my Etsy shop, which obviously takes in more than $600, PayPal has me designated as a Seller, and tracks my sales automatically....

But my husband who buys and sells rare blue rays as a hobby, will now have to keep track of his sales, and costs, and business expenses....in case he ends up selling more than $600 worth a year....which is a ridiculous amount of paperwork for what might turn out to be $100 dollars in taxable profit out of the $600 in sales!!

Right. All while the rich Biden said he was going to make pay their fair share still gets a free pass by Biden.

 

[Care4all]

these services aren’t reporting it…it’s the individual that has to.

just more work for the working man so that xiden can make sure he has the tax dollars

These paying services, with the new tax code, will be required to report your sales for goods, to the IRS NOW, and they will send you a form, of what they reported to the irs.

 

[Care4all]

Many people use that option when buying something. That way the seller doesn't add Paypal fee's to the transaction or the buyer and seller trust each other and don't need to buyer protection offered by choosing the goods option.

All the same, $600 and you get a 1099 no matter which option was chosen.

If someone simply gives you money, that can be taxable also.




Right. All while the rich Biden said he was going to make pay their fair share still gets a free pass by Biden.

No, if someone gives you money, that is not taxable!!! You can receive $15000 a year, as a gift, and it is NOT taxable.

 

[rightwinger]

This has nothing, at all, to do with sending money or getting money from friends and family.

It has to do with people who sell things, on the internet, for a living or supplemental cash.

$600 bucks is a ridiculously small amount of yearly sales to be tracked and reported by these paying services..... It used to be, these paying services had to report to the irs, when a customer sold $10,000 a year or more!

The market has changed with the Internet
Today, these companies have tens of thousands of these small transactions that add up to millions in unreported income

 

[struth]

These paying services, with the new tax code, will be required to report your sales for goods, to the IRS NOW, and they will send you a form, of what they reported to the irs.

no…you just made that up to make yo feel better about xiden new tax on the working class

 

[pknopp]

No, if someone gives you money, that is not taxable!!! You can receive $15000 a year, as a gift, and it is NOT taxable.

So as you note, you can be taxed on money someone gives you.

I didn't say all money someone gives you is taxable.

 

[Care4all]

Many people use that option when buying something. That way the seller doesn't add Paypal fee's to the transaction or the buyer and seller trust each other and don't need to buyer protection offered by choosing the goods option.

All the same, $600 and you get a 1099 no matter which option was chosen.

If someone simply gives you money, that can be taxable also.




Right. All while the rich Biden said he was going to make pay their fair share still gets a free pass by Biden.

If the irs is NOT expanded as the right wing pawns for the rich are supporting, it will forever be on the little guy, and the richest will never pay their fair share....