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IRS Delays $600 Tax Reporting Rule for Venmo, Etsy Sellers and Other Digital Wallets

1,810 1,005 December 23, 2022 at 01:44 PM in Free Shipping (2)
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coldteadodd
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Joined Sep 2004
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joogle
12-23-2022 at 01:45 PM.
12-23-2022 at 01:45 PM.
Thanks goodness and hopefully next year they just nix this all together
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brimorga
12-23-2022 at 02:09 PM.
12-23-2022 at 02:09 PM.
Hiring those 87,000 IRS agents must be slow going, so they might as well push out the deadline until they have the manpower to enforce it.
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HIDDENeekster12-23-2022 at 02:09 PM.

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HIDDENtennis836312-23-2022 at 02:28 PM.

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HIDDENChris_Tian12-23-2022 at 02:30 PM.
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windnsalsa
12-23-2022 at 02:33 PM.

Our community has rated this post as helpful. If you agree, why not thank windnsalsa

12-23-2022 at 02:33 PM.
Quote from tennis8363 View quoted comment :
Another year of tax evasion/fraud for many, lol.
Measly few hundreds is not much of fraud to deal with. Go after the BIG fish
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baronvdb
12-23-2022 at 02:38 PM.
12-23-2022 at 02:38 PM.
thank goodness! it was going to be a horrible change anyway.

Sell a coffee table for $600 on FB marketplace that you bought for $1,000 and these jokers want to 1099 you. Get the heck out with that garbage. The last thing I want to do is try to keep track of my cost basis of all the household items I might eventually sell so I can prove to the IRS that it wasn't actually income...I hope they kill this completely and forever...
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SmoothMars
12-23-2022 at 02:46 PM.
12-23-2022 at 02:46 PM.
Quote from baronvdb View quoted comment :
thank goodness! it was going to be a horrible change anyway.

Sell a coffee table for $600 on FB marketplace that you bought for $1,000 and these jokers want to 1099 you. Get the heck out with that garbage. The last thing I want to do is try to keep track of my cost basis of all the household items I might eventually sell so I can prove to the IRS that it wasn't actually income...I hope they kill this completely and forever...

Agreed. That's one of the reasons I didn't want to sell on eBay - the hassle of having yet another tax form.
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Beefer_Sutherland
12-23-2022 at 02:48 PM.

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12-23-2022 at 02:48 PM.
They aren't delaying anything to help anyone other than themselves. If you think the government is making decisions to "help" Americans, you're naive.
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HIDDENdhuzziii12-23-2022 at 02:49 PM.
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Honest-IJM
12-23-2022 at 02:55 PM.
12-23-2022 at 02:55 PM.
Groupwave
May it never go into effect, and may they not find 87,000 goons to make everyone's lives miserable.
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baronvdb
12-23-2022 at 02:56 PM.
12-23-2022 at 02:56 PM.
Quote from dhuzziii View quoted comment :
You know even if they get rid of the reporting requirements and threshold you still have to report it right? That you could still be audited right? That you would still have to prove it right?
I'm not a CPA but pretty sure that's only correct if I sold something for a profit "right" ?

This rule would report the venmo/paypal/etc. income it even if it was at a loss and then you'd have to gather even more BS to file your taxes so that you don't incorrectly pay income tax on that loss...
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Jdmalibu
12-23-2022 at 02:57 PM.
12-23-2022 at 02:57 PM.
Huge news for the Gig economy…definitely not where the government needs to be squeezing.
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OG-Bluntman
12-23-2022 at 03:01 PM.
12-23-2022 at 03:01 PM.
Quote from SplendidHome1945 View quoted comment :
finally a common sense move by this idiot government

To all this side hustlers who thought the rich were the ones who will pay their fair share based on the bad deal they were sold, MERRY CHRISTMAS!
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