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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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HIDDENPga12-23-2022 at 03:02 PM.
Joined Dec 2015
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Wizardking
12-23-2022 at 03:05 PM.
12-23-2022 at 03:05 PM.
I didn't sell things on ebay this past year because of this rule. I don't keep receipts for everything I own. A $600 cutoff was insane. I just wish they hadn't waited until the last week of the year to make this change.
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commanderCool
12-23-2022 at 03:06 PM.
12-23-2022 at 03:06 PM.
In Virginia if you sell over $600 worth of items online within the year you have to claim them on your taxes. Yet, if you sell items offline you get to hide it all
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jailer1
12-23-2022 at 03:09 PM.
12-23-2022 at 03:09 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?
How would the IRS audit if no 1099 was cut to report it?
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Pga
12-23-2022 at 03:11 PM.
12-23-2022 at 03:11 PM.
Quote from Wizardking View quoted comment :
I didn't sell things on ebay this past year because of this rule. I don't keep receipts for everything I own. A $600 cutoff was insane. I just wish they hadn't waited until the last week of the year to make this change.
Why did you do that? All you had to do, if this did stay in effect, is that your cost was equal to the sale price, then your liability was $0.
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hanabie
12-23-2022 at 03:14 PM.
12-23-2022 at 03:14 PM.
Those sneakers scalpers gon hurt.
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zcap32
12-23-2022 at 03:17 PM.
12-23-2022 at 03:17 PM.
Quote from Pga View quoted comment :
Why did you do that? All you had to do, if this did stay in effect, is that your cost was equal to the sale price, then your liability was $0.

So in the expense section of taxes you put the expense of the item it'll only tax the potential profit that is offset from selling? If it's a loss would it be written off?
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LeviathanUltima
12-23-2022 at 03:19 PM.
12-23-2022 at 03:19 PM.
What about zelle?
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Pga
12-23-2022 at 03:25 PM.
12-23-2022 at 03:25 PM.
Quote from zcap32 View quoted comment :
So in the expense section of taxes you put the expense of the item it'll only tax the potential profit that is offset from selling? If it's a loss would it be written off?
No you cannot make it into a loss write off. You could however make it into zero tax liability by stating you made no profit….which is almost always true when just selling off used items.
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HIDDENpowerbymoney12-23-2022 at 03:25 PM.
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skyzophrenyk
12-23-2022 at 03:27 PM.
12-23-2022 at 03:27 PM.
Quote from DEALGUY315 View quoted comment :
Yet elon can get a huge tax write off 🤔
Yes, if you have expenses and losses you can write them off. If you spend 1,000,000 to make 1,000,000, they can't tax you on the net $0 you made. Big shock man. Wow. So crazy. They can't tax you for making $0. Totally nuts dude. Crazy. Wild.
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tennis8363
12-23-2022 at 03:29 PM.
12-23-2022 at 03:29 PM.
Quote from powerbymoney View quoted comment :
If you're using Zelle, the IRS is the least of your problems.
How so? Like anything else, only the naive or idiots are parted from their money with Zelle.
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Pga
12-23-2022 at 03:30 PM.
12-23-2022 at 03:30 PM.
Quote from skyzophrenyk View quoted comment :
Yes, if you have expenses and losses you can write them off. If you spend 1,000,000 to make 1,000,000, they can't tax you on the net $0 you made. Big shock man. Wow. So crazy. They can't tax you for making $0. Totally nuts dude. Crazy. Wild.
Why do normal individuals have AMT, yet incorporated 1% does not?
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skyzophrenyk
12-23-2022 at 03:31 PM.
12-23-2022 at 03:31 PM.
Quote from tennis8363 View quoted comment :
Another year of tax evasion/fraud for many, lol.
Most of these people are selling their own used items at a loss, or receiving payments from friends or family, or getting small amounts of cash for taking a study or doing surveys or winning a prize and don't want the ridiculous complexity of a 1099-K and trying to write off expenses for 5 year old items they don't even have their original receiot for.

If you consider those tax evaders, you might want to see if your tongue is black from all the government boots you've licked.

There is still a $20,000 threshold for people running serious businesses online.
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LimaCharlie
12-23-2022 at 03:32 PM.
12-23-2022 at 03:32 PM.
Details for those hitting Bloomberg pay wall: https://www.irs.gov/newsroom/irs-...rms-1099-k
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