Slickdeals is community-supported.  We may get paid by brands for deals, including promoted items.
Popular

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)
Deal
Score +129
45,353 Views

143 Comments

View Forum Thread

Your comment cannot be blank.

Sign up for a Slickdeals account to remove this ad.

This comment has been rated as unhelpful by Slickdeals users

Show Comment
HIDDENPga12-23-2022 at 03:02 PM.
Joined Dec 2015
L5: Journeyman
> bubble2 759 Posts
218 Reputation
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.
1
Reply
Joined Dec 2010
L2: Beginner
> bubble2 27 Posts
14 Reputation
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
1
Reply
Joined May 2008
L7: Teacher
> bubble2 2,616 Posts
636 Reputation
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?
Reply
Joined Dec 2012
L7: Teacher
> bubble2 2,100 Posts
597 Reputation
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.
1
7
Reply
Joined Jul 2008
L10: Grand Master
> bubble2 6,299 Posts
1,145 Reputation
hanabie
12-23-2022 at 03:14 PM.
12-23-2022 at 03:14 PM.
Those sneakers scalpers gon hurt.
1
Reply
Joined Oct 2014
L1: Learner
> bubble2 12 Posts
10 Reputation
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?
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Jun 2009
L9: Master
> bubble2 4,107 Posts
591 Reputation
LeviathanUltima
12-23-2022 at 03:19 PM.
12-23-2022 at 03:19 PM.
What about zelle?
1
Reply
Joined Dec 2012
L7: Teacher
> bubble2 2,100 Posts
597 Reputation
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.
Reply

This comment has been rated as unhelpful by Slickdeals users

Show Comment
HIDDENpowerbymoney12-23-2022 at 03:25 PM.
Joined Mar 2008
L5: Journeyman
> bubble2 633 Posts
404 Reputation
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.
1
15
Reply
Joined Dec 2008
L10: Grand Master
> bubble2 12,799 Posts
3,610 Reputation
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.
3
Reply
Joined Dec 2012
L7: Teacher
> bubble2 2,100 Posts
597 Reputation
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?
1
Reply
Joined Mar 2008
L5: Journeyman
> bubble2 633 Posts
404 Reputation
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.
Reply

Sign up for a Slickdeals account to remove this ad.

Joined Aug 2010
L6: Expert
> bubble2 1,739 Posts
333 Reputation
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
Reply
Page 2 of 10
Start the Conversation
 
Link Copied

The link has been copied to the clipboard.