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IRS announced on Friday that it will delay the rollout of a new rule that was set to lower the tax reporting threshold for transactions businesses make through third-party payment platforms like Venmo and Cash App.
What are they rescuing me from????? I thought the tax laws were supposed to favor the little guy. But I guess they want to go after the big guys AND the smallest of the small.
What are they rescuing me from????? I thought the tax laws were supposed to favor the little guy. But I guess they want to go after the big guys AND the smallest of the small.
FJB
Well, if you were $31 trillion in debt, you would too.
While yes, you do have some people making chump change on Esty or maybe selling off their parent's stuff at an estate sale; OTOH you do have people who have made eBay and other online selling a goof part of their yearly income.
What some see as a side hustle that brings in a bit extra each month could be seen by IRS as something else. That's what has got eBay and others all upset.
Law was never meant to go after someone say selling off grandma's things as part of a one off estate sale. OTOH people who are actively buying for "X" and selling for "Y" are another matter.
While yes, you do have some people making chump change on Esty or maybe selling off their parent's stuff at an estate sale; OTOH you do have people who have made eBay and other online selling a goof part of their yearly income.
What some see as a side hustle that brings in a bit extra each month could be seen by IRS as something else. That's what has got eBay and others all upset.
Law was never meant to go after someone say selling off grandma's things as part of a one off estate sale. OTOH people who are actively buying for "X" and selling for "Y" are another matter.
I agree. When you sell personal items, it is almost always for less than you paid, so no tax is owed. Nor can you declare a loss. As someone who pays his taxes, I expect people who have side hustles to also pay their taxes.
While yes, you do have some people making chump change on Esty or maybe selling off their parent's stuff at an estate sale; OTOH you do have people who have made eBay and other online selling a goof part of their yearly income.
What some see as a side hustle that brings in a bit extra each month could be seen by IRS as something else. That's what has got eBay and others all upset.
Law was never meant to go after someone say selling off grandma's things as part of a one off estate sale. OTOH people who are actively buying for "X" and selling for "Y" are another matter.
20k already triggers reporting and that's gross sales.
You already lose about 13 percent to PayPal and eBay fees plus whatever the item cost.
Nobody making good money on eBay is under that 20k.
20k already triggers reporting and that's gross sales.
You already lose about 13 percent to PayPal and eBay fees plus whatever the item cost.
Nobody making good money on eBay is under that 20k.
Everyone should be reporting all of the income they receive whether you consider it to be "good money" or not. I don't care if it is $20k or $20. If I receive $1.37 in bank interest, I report it even though I won't receive a 1099 for it.
Now admittedly, I'm an extreme example of someone who follows the tax code to the letter of the law, but I don't get all the handwringing regarding tax cheats who don't report their income.
Everyone should be reporting all of the income they receive whether you consider it to be "good money" or not. I don't care if it is $20k or $20. If I receive $1.37 in bank interest, I report it even though I won't receive a 1099 for it.
Now admittedly, I'm an extreme example of someone who follows the tax code to the letter of the law, but I don't get all the handwringing regarding tax cheats who don't report their income.
I do, too. My mom died at the end of May, 2020. I did everything possible to wrap up the estate by the end of 2020. The only thing that ended up in 2021 was $1.02 of interest. I reported and itemized that amount (rounded to $1) on my 2021 Schedule B. Should I ever be audited on my taxes, my mom's taxes, or the estate taxes, I know that I filled them out correctly to the best of my ability.
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