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 Post subject: New tax for US sellers?
PostPosted: 06 Jan 2022, 05:48 
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https://finance.yahoo.com/video/venmo-paypal-cash-app-must-191900276.html

Venmo, PayPal, Cash App Must Report Payments of $600 or More to the IRS

Millions of small business owners who rely on payment apps like Venmo, PayPal and Cash App could be subject to a new tax law that just took effect in January. Beginning this year, third-party payment processors will be required to report a user's business transactions to the IRS if they exceed $600 for the year. The payment apps were previously required to send users Form 1099-K if their gross income exceeded $20,000 or they had 200 separate transactions within a calendar year. Democrats made the change in March 2021, when they passed the American Rescue Plan without any Republican votes. The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent, or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable.

Julien
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 Post subject: Re: New tax for US sellers?
PostPosted: 06 Jan 2022, 12:39 
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that doesn't make sense how they prove the item is sold at a loss when its used the market may barely exist for the item. Lucky I am not selling anything since I would also have to go through Social Security and big mess.
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 Post subject: Re: New tax for US sellers?
PostPosted: 06 Jan 2022, 13:11 
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While this sounds like a PITA for many people it could also be good. The profit on eBay is what sucks about it. If you can sell what was once 9800 yen for $10 on eBay without an issue, that’s good. If someone wants to flip something on eBay for triple what that just bought it for on eBay (often posting the new jacked up auction before the item even arrives) they have to pay tax and there will be a record of both transactions. That part is fine. They are profiteers, the government is broke, they should pay the tax. This is a loophole that has needed closing for 20 years and it may help deprogram people from thinking that they need to profit from every single thing that touches their hands. Things depreciate. Learn this and maybe pay less tax.

On the other hand…they’ll probably just do what telecoms do, raise the price even further to cover “costs”. :) Scumbags…
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 Post subject: Re: New tax for US sellers?
PostPosted: 07 Jan 2022, 00:07 
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This one made me laugh Zeta, first laugh of the year from you 8-)
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 Post subject: Re: New tax for US sellers?
PostPosted: 09 Jan 2022, 05:34 
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signofzeta wrote:
On the other hand…they’ll probably just do what telecoms do, raise the price even further to cover “costs”. :) Scumbags…

Are you suggesting they haven't been doing that already?
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