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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 Apr 2013
Not today Satan
> bubble2 150 Posts
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Actionjem
12-27-2022 at 04:41 AM.
12-27-2022 at 04:41 AM.
Quote from sphere2040 View quoted comment :
One of the biggest losers for this law is the environment. Previously, ordinary people would sell stuff on craigslist/ebay and atleast keep many items still in use/circulation. As soon as this law as announced, many people did not want to deal with the hassle so they either donated the stuff to thrift stores (Goodwill etc.) or simply them away. (there has been a massive increase is house hold trash after the announcement, simultaneously a drastic increase in the price of trash services - Waste management nearly doubled their pricing). The stuff that was donated to Goodwill and other thrift stores, is usually marked up way above actual retail price (whats up with this recent trend? its worthless shopping for a deal at any thrift store these days). Most the stuff is never bought and doesnt enter recirculation, but goes to the land fills. Whether via direct disposal or via thrift store disposal - these items end up in the landfill (the prices of landfills - to use them - have gone up drastically too). Either way - thanks to this law - the environment got f*cked.

Keep in mind that they just delayed it by a year. Dems want to increase the reporting amount threshold from $600 to $5000 (so generous of the so called 'peoples party'). The repubs want to increase it back to the original amount of $20,000K.

Nickle and Diming the masses is turning into a national pass time for these Washington clowns.
Yes! 100% this. I've been trying to explain this to people and they don't seem to grasp the potential impact. What SAHM is going to bother selling used kids clothes to then be taxed on them? Stuff is just going to get trashed instead.
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Joined Dec 2008
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> bubble2 12,799 Posts
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tennis8363
12-27-2022 at 05:39 AM.
12-27-2022 at 05:39 AM.
Quote from Actionjem View quoted comment :
Yes! 100% this. I've been trying to explain this to people and they don't seem to grasp the potential impact. What SAHM is going to bother selling used kids clothes to then be taxed on them? Stuff is just going to get trashed instead.
But they aren't taxed. Drop a schedule C showing no income, assuming there was no profit and be done.
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Joined Jun 2022
L3: Novice
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FeistyPiranha7011
12-27-2022 at 06:51 AM.
12-27-2022 at 06:51 AM.
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.

That's no rule it never went into effect so you lost out of ebay money foe no reason
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Joined Apr 2004
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> bubble2 1,763 Posts
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VSeven
12-27-2022 at 07:52 AM.
12-27-2022 at 07:52 AM.
Tax laws are really against individuals these days. Corporations make billions and pay almost nothing. But if I buy a $1600 laptop then sell it for $700 two years later on eBay I have to now prove that I didn't make a profit of $700? Ridiculous. And the person buying it has to pay state taxes on their purchase of a used item that was already taxed? Extra ridiculous.

This is why I try to do most of my buying and selling on Reddit. There is a subreddit for almost everything. Digital movie codes? r/DigitalCodeSELL . Physical movies? r/MediaSwap . Computers and pieces? r/HardwareSwap Servers, network gear, access points? r/HomeLabSales Apple devices including watches and phones? r/Appleswap . Almost has eliminated eBay for me.
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Joined Jan 2014
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> bubble2 81 Posts
PhatChanceAThat
12-27-2022 at 07:53 AM.
12-27-2022 at 07:53 AM.
Quote from CaptainCheap0 View quoted comment :
Last year I sold over 25,000 gross with a loss of 10,000$ lol. Review tech I pay for myself as a hobby and I lose my butt. But yet I will be taxed on gross on eBay 😂
Sounds to me like you need a new hobby if you lost $10K in 1 year. You don't get taxed on Gross income either.
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Joined Dec 2013
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> bubble2 983 Posts
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jmb206
12-27-2022 at 09:15 AM.
12-27-2022 at 09:15 AM.
Quote from tennis8363 View quoted comment :
Choice to stay in the country or leave is always there. As impractical as it may be.
Choose to not participate in the government's game is more like it.
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Joined Mar 2006
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shade45
12-27-2022 at 02:42 PM.
12-27-2022 at 02:42 PM.
Is it including ebay selling and PayPal money Received?
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Joined Dec 2008
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tennis8363
12-27-2022 at 06:44 PM.
12-27-2022 at 06:44 PM.
Quote from shade45 View quoted comment :
Is it including ebay selling and PayPal money Received?
This is for anyone. The $600 limit for any 1099 has been delayed. Will remain at 200/$20K.
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Joined Dec 2017
L4: Apprentice
> bubble2 335 Posts
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androidfan44
12-27-2022 at 09:22 PM.
12-27-2022 at 09:22 PM.
Quote from VSeven View quoted comment :
Tax laws are really against individuals these days. Corporations make billions and pay almost nothing. But if I buy a $1600 laptop then sell it for $700 two years later on eBay I have to now prove that I didn't make a profit of $700? Ridiculous. And the person buying it has to pay state taxes on their purchase of a used item that was already taxed? Extra ridiculous.

This is why I try to do most of my buying and selling on Reddit. There is a subreddit for almost everything. Digital movie codes? r/DigitalCodeSELL . Physical movies? r/MediaSwap . Computers and pieces? r/HardwareSwap Servers, network gear, access points? r/HomeLabSales Apple devices including watches and phones? r/Appleswap . Almost has eliminated eBay for me.

Good information. I guess, most people will trade or accept Amazon, target e-gift card to get rid of things they no longer need.
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Joined Feb 2021
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HonestClass2621
12-27-2022 at 09:28 PM.
12-27-2022 at 09:28 PM.
Quote from tennis8363 View quoted comment :
This is for anyone. The $600 limit for any 1099 has been delayed. Will remain at 200/$20K.

Very good to know. I was really confused if it was only certain places. But they should get rid of this all together. IT is quite ridiculous
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Joined Dec 2008
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> bubble2 12,799 Posts
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tennis8363
12-28-2022 at 05:06 AM.
12-28-2022 at 05:06 AM.
Quote from HonestClass2621 View quoted comment :
Very good to know. I was really confused if it was only certain places. But they should get rid of this all together. IT is quite ridiculous
It isn't going away. Will it remain at 20K? No. Will it be $600. No. I would imagine it lands somewhere between 5-15K.
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Joined Jul 2018
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> bubble2 383 Posts
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EfficientWalrus7040
12-28-2022 at 07:52 AM.
12-28-2022 at 07:52 AM.
Quote from windnsalsa View quoted comment :
Measly few hundreds is not much of fraud to deal with. Go after the BIG fish
Lots of measles hundreds adds up. And it means those of us who don't cheat have to pay more. I
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Joined Nov 2005
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wills916
12-28-2022 at 07:55 AM.
12-28-2022 at 07:55 AM.
Quote from windnsalsa View quoted comment :
Measly few hundreds is not much of fraud to deal with. Go after the BIG fish

Exactly. If they didn't even audit the former presidents taxes as mandated by law for his first two years, wtf are they going after people for a few hundred bucks of potentially unreported income. What a joke.
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Joined Jan 2021
L6: Expert
> bubble2 1,452 Posts
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Slacky
12-29-2022 at 05:24 AM.
12-29-2022 at 05:24 AM.
Quote from Jdmalibu View quoted comment :
Huge news for the Gig economy…definitely not where the government needs to be squeezing.

But the people with the ACTUAL money in this country don't want to pay taxes. And they have tons of spare cash since they own everything and can only have hedonistic orgies so often. So they buy the laws and have the IRS go after the schmucks barely getting by at best who have to sell off their couches and plasma to make next month's rent.

Meanwhile forcing the propaganda that we are all in this together. I have yet to hear of a rich person who has to sell their plasma or daughter to make rent or get food.
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Last edited by Slacky December 29, 2022 at 05:27 AM.

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Joined Dec 2018
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> bubble2 1,338 Posts
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Dkizzy
12-29-2022 at 08:35 PM.
12-29-2022 at 08:35 PM.
Quote from brimorga View quoted comment :
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.

A massive waste of cost and taxpayer dollars
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