Don’t forget to report your classified sales to the IRS!

[Ucsdryder]

Venmo, Cash App And Other Payment Apps To Report Payments Of $600 Or More

If you receive $600 or more payments for goods and services through a third-party payment network, such as Venmo, or CashApp, these payments will now be reported to the IRS. Beginning Jan. 1, 2022, third-party payment network providers will be required to send users a Form 1099-K, Payment Card, a

www.forbes.com

This is going to be a mess. I hate checks and money orders but it seems like the best options unless you want to keep all receipts and report sales as a loss.

 

[Steve O]

They want drug deal and stolen goods revenue reported as well. Fill in those boxes!

 

[Rob5589]

Most "stuff" is sold at a loss so no issues there. No way in hell will I give PP and the like my ss #.

Let's go Brandon!

 

[Dazzler]

And your trades where you had a net gain based on current value.


Sent from my iPhone using Tapatalk

 

[bsnedeker]

I'm going to take my chances and see what happens....I think I sold right around 600 bucks worth of stuff this year, none of it for a profit. My taxes are super simple and have been for a long time so I'm not worried about an audit. If they want to run an audit on my for 600 bucks they'll just be wasting their own time.

I'll report back on my results if they audit me!

 

[mattferg84]

I'm going to take my chances and see what happens....I think I sold right around 600 bucks worth of stuff this year, none of it for a profit. My taxes are super simple and have been for a long time so I'm not worried about an audit. If they want to run an audit on my for 600 bucks they'll just be wasting their own time.

I'll report back on my results if they audit me!

*The IRS has entered the chat*

 

[CoStick]

I rarely make a profit, so being able to harvest loses if allowed would be great.

 

[zacattack]

So can we report losses and get tax breaks?

 

[eddielasvegas]

Storm's a comin'.


Eddie

 

[realunlucky]

Storm's a comin'.


Eddie

How many times you going to post the same exact post over and over and then over again?

Sent from my moto z3 using Tapatalk

 

[Tahoe1305]

I'm going to take my chances and see what happens....I think I sold right around 600 bucks worth of stuff this year, none of it for a profit. My taxes are super simple and have been for a long time so I'm not worried about an audit. If they want to run an audit on my for 600 bucks they'll just be wasting their own time.

I'll report back on my results if they audit me!

Doesn’t start till 2022 return….so just need to start accounting by next week if you wanted to play the game.

You’re good for this years stuff

 

[hunt1up]

This was already the case in IL last year. I got 1099s from ebay, facebook marketplace, and paypal. I think I had 10k or so in income but profits were probably only a few hundred bucks. My accountant had me get pretty close and that was that. I might start keeping track of sales in a little spreadsheet going forward just for good measure. That being said, the IRS trying to keep track of this sounds like a complete joke. What % of the population sells stuff online? It has to be a rather large number.

 

[Beendare]

 

[wyosteve]

While it's true most sales are at a loss, you still need the receipt showing the original purchase price to support the loss. That's going to be the biggest pain.

 

[Rob5589]

Me thinks the ammo scalpers better start keeping financial records.

 

[beachbunny]

love how its called the american rescue plan.....
whats the warm and fuzzy name where they can take everything? i forgot.
brave new world,1984 stuff

 

[ozyclint]

Do you have to declare profits from looting during BLM riots?

 

[slowelk]

Luckily 2021 transactions are not subject to this, it kicks in 1/1/2022.

This is timely, PayPal was just asking for my SSN. **** that.

 

[CoStick]

Do you have to declare profits from looting during BLM riots?

Good point, certainly put pressure on the ability to sell stolen goods online.

 

[Centralcoastca]

Do you have to declare profits from looting during BLM riots?

According to the irs, yes. https://www.foxnews.com/politics/ir...-illegal-activities-must-be-reported-on-taxes