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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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Joined Jul 2013
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autosaver
12-23-2022 at 04:26 PM.
12-23-2022 at 04:26 PM.
Quote from tennis8363 View quoted comment :
Another year of tax evasion/fraud for many, lol.
While possibly true, the reason people were having a huge problem with the requirement is that it was affecting people doing "garage sales" online. I am moving and sold 100+ items and made a few thousand dollars. However, none of it is profit as I sold these items for substantially less for what I paid for. The IRS would ask me to provide documentation that I didn't make a profit which would be time consuming or even impossible due to the age of many items or no longer having a receipt.
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daversion
12-23-2022 at 04:28 PM.
12-23-2022 at 04:28 PM.
Lots of misinformation in this thread. Read the IRS bulletin. We will be a cash-only economy outside of retailers if this gets widely enforced.

https://www.irs.gov/businesses/un...orm-1099-k
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skyzophrenyk
12-23-2022 at 04:29 PM.
12-23-2022 at 04:29 PM.
Quote from Pga View quoted comment :
Taking your compensation in preferential stocks to avoid taxation of regular income.

Owning multiple residences and conveniently reclassify some as "investment properties" for the tax advantages.

Stocks aren't money. Why would you pay tax on stocks? You pay taxes when you sell stocks. If you tax the stocks, you shouldn't have to pay taxes when you sell the stocks.
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bwalt15
12-23-2022 at 04:31 PM.
12-23-2022 at 04:31 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?

Found the Fed
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skyzophrenyk
12-23-2022 at 04:31 PM.
12-23-2022 at 04:31 PM.
Quote from jazzpianist View quoted comment :
If you sell something at a loss you do not have to report it, it's only if you sell for a profit. I am not a fan of the new rules either

Tell that to the IRS when you don't file your 1099-K and they audit you for it. Better yet, have your expense tax attorney tell them, and then pay that attorney and the fines to the IRS and the tax on that money when they tell you that you have insufficient evidence that you don't owe them taxes on that money.
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HIDDENPga12-23-2022 at 04:32 PM.

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HIDDENPga12-23-2022 at 04:37 PM.

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WeiW8847
12-23-2022 at 04:43 PM.
12-23-2022 at 04:43 PM.
Quote from daversion View quoted comment :
Lots of misinformation in this thread. Read the IRS bulletin. We will be a cash-only economy outside of retailers if this gets widely enforced.

https://www.irs.gov/businesses/un...orm-1099-k
From the work benefits website:"The Well-Being program was redesigned to allow all employees to be involved, regardless of
participation in our medical benefits. As a stand-alone program, rewards offered through this initiative
are deemed taxable compensation by law, and W-2s will be adjusted to reflect the rewards earned.
Please refer to irs.gov for questions regarding tax codes and laws."

I was curious about why/how this is happening, and it turns out that the GOV is trying to collect $600 on tax... this is not funny at all...I can still get the benefits regardless of the changes, but the entire "tax change" is so ridiculous
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Undefined.null
12-23-2022 at 04:44 PM.
12-23-2022 at 04:44 PM.
I avoiding selling a number of things I wanted to because I was scared of this lol, now I'm trying to get it all sold before the year is over 😂
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Joined Dec 2010
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SL1CK-Distance
12-23-2022 at 04:47 PM.
12-23-2022 at 04:47 PM.
Why do people vote in people who pass things like this? Every side hates each other and it blinds them to letting dumb things pass that hurt us all.
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Joined Nov 2012
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goolump
12-23-2022 at 04:53 PM.
12-23-2022 at 04:53 PM.
Quote from NYC17 View quoted comment :
Why do people vote in people who pass things like this? Every side hates each other and it blinds them to letting dumb things pass that hurt us all.
it's become pretty clear that neither side is working for the people that vote them in
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Wizardking
12-23-2022 at 05:14 PM.
12-23-2022 at 05:14 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.
Sure... All I have to is not make a profit, AND be able to prove that. Like most people. I don't keep the receipts for everything I own.
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Wizardking
12-23-2022 at 05:17 PM.
12-23-2022 at 05:17 PM.
Quote from goolump View quoted comment :
it's become pretty clear that neither side is working for the people that vote them in
True. It's a game of who will hurt us the least now.
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HIDDENtennis836312-23-2022 at 05:23 PM.

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iluvdeals22
12-23-2022 at 05:23 PM.
12-23-2022 at 05:23 PM.
Selling a pre-owned item on eBay should NEVER be needing tax records
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