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If you receive more than $600 in a calendar year from PayPal, Venmo, eBay or any other platform it will be reported to the IRS and you will be issued a 1099 that will need to be filed.
If you bought a camera in 2018 for $2000 and decide to sell it for $1000 on eBay after Jan 1... guess what, that will need to be filed on the 1099.
If you raise more than $600 for an ill coworker and use Venmo then than will need to be filed on a 1099.
If you loan someone $600 through PayPal and they pay you back through PayPal then you both will be issued 1099s.
The payment platforms are not distinguishing between business income and personal transactions, they will report indiscriminately to the IRS.
If you receive more than $600 in a calendar year from PayPal, Venmo, eBay or any other platform it will be reported to the IRS and you will be issued a 1099 that will need to be filed.
If you bought a camera in 2018 for $2000 and decide to sell it for $1000 on eBay after Jan 1... guess what, that will need to be filed on the 1099. reported. Not taxable.
If you raise more than $600 for an ill coworker and use Venmo then than will need to be filed on a 1099. no you won’t
If you loan someone $600 through PayPal and they pay you back through PayPal then you both will be issued 1099s. no you won’t
The payment platforms are not distinguishing between business income and personal transactions, they will report indiscriminately to the IRS. Yes they are
Why don’t you actually try reading it before making assumptions.
Starting January 1, if you take in more than $600 in your paypal account you will get a 1099K reported to the IRS showing how much money came into the account. You will then have to report on your tax return where that money came from, and your cost of goods sold. If you don't show where that money came from, you are getting taxed on the whole thing
Starting January 1, if you take in more than $600 in your paypal account you will get a 1099K reported to the IRS showing how much money came into the account. You will then have to report on your tax return where that money came from, and your cost of goods sold. If you don't show where that money came from, you are getting taxed on the whole thing
This really blows for the average person
It’s for the goods and services payments.
That doesn’t include sending money to friends and family.
Ie I pay my plow guy with Venmo under the send money to a friend setup. That won’t get reported.
You can select to pay it as goods and services (then Venmo gets a cut), which will be reported.
Location: When you take flak it means you are on target
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This is the democrats attacking the gig economy to extract more taxes from the working poor who can't defend themselves, while allowing oligarchs like the evangelical charletan minister Kenneth Copeland, worth 750 million, live mostly tax free.
Easily resolved...just form an S-Corp, then throw their 1099's in the trash. Its been working for me for 20+ years. My taxes are paid based upon the S-Corp profit, not sales.
This is the democrats attacking the gig economy to extract more taxes from the working poor who can't defend themselves, while allowing oligarchs like the evangelical charletan minister Kenneth Copeland, worth 750 million, live mostly tax free.
Yep. That's why all of those accounts that I have will be closed right around the beginning of the year. Cash only from that point on. (or gold/silver)
There is absolutely NO REASON that if I sell something that was bought with my wages, which I have already paid taxes upon, AND I paid sales tax on it when I bought it, tax should then have to be paid on that item when I sell it--typically at a LOSS. I buy something, use it for a time, sell it at half the price of what it was new, and I'm now paying TAX on it as income! Bullchit. No way. I ALREADY SPENT INCOME ON IT... which was ALREADY TAXED!!
Cash. Yard sales. Local in-person cash transactions via online or in print want ads. Bartering. And sayonara to Paypal, venmo, etc... gone. Same goes for bank accounts. All money coming out as cash every payday with only enough left in there for what few bills I have. The government wants to keep making things more and more unfair and more and more difficult. Mainly to support a "mostly peaceful protest" class of losers that won't work in anything other than criminal activity. I need to pay more taxes to support their crack habit... yeah, right.
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