IRS Delayed the 1099 600$ rule for one year. See article

[Kynoch]

This is where one may sell the barreled action for $550, the stock for $500, the bases for $500 and the rings for $450. Oh, forgot the bolt so add another $500. Of course, to save energy and the environment, ship together in a single package. Just a thought.

 

[fwafwow]

This is where one may sell the barreled action for $550, the stock for $500, the bases for $500 and the rings for $450. Oh, forgot the bolt so add another $500. Of course, to save energy and the environment, ship together in a single package. Just a thought.

Did you read the thread?

 

[Kynoch]

Apparently not throughly enough.

 

[Happy Antelope]

This is where one may sell the barreled action for $550, the stock for $500, the bases for $500 and the rings for $450. Oh, forgot the bolt so add another $500. Of course, to save energy and the environment, ship together in a single package. Just a thought.

It will be 600 total for the year not per transaction. Used to be 20k or 200 transactions.

 

[Kynoch]

Thanks for the clarification HA. Explains the need for the additional 80k employees.

 

[fwafwow]

Thanks for the clarification HA. Explains the need for the additional 80k employees.

Unfortunately I expect policing this rule can be done by machines.

 

[bojangles808]

i believe paypal and venmo are owned by the same company. would one expect a separate 600$ threshold for each account? Trying to stay under the threshold this year for buying /selling

 

[antelopedundee]

I saw this posted elsewhere.

"You will also receive a 1099k for pp ff. It is up to you, when filing your taxes, to identify that it was a gift and not a financial transaction."

Anyone aware of this or can verify it?

 

[fwafwow]

I saw this posted elsewhere.

"You will also receive a 1099k for pp ff. It is up to you, when filing your taxes, to identify that it was a gift and not a financial transaction."

Anyone aware of this or can verify it?

Never heard that.

 

[Redheadedshooter]

This is insane, they are definitely overstepping.

 

[fwafwow]

This is insane, they are definitely overstepping.

I've found nothing (including on the PP website) to support the thinking that the 1099-K will apply to F&F.

FWIW two Senators have introduced legislation to move the threshold from $600 to $10k. But I pay zero attention to proposed tax legislation. There are too many bills put forward and most of them don't go anywhere.

 

[antelopedundee]

I asked him and he said that it was from personal experience and that a couple years ago he got a 1099-K from PP for taking $190 thru PPFF. I guess if it happens call PP or Venmo, altho he did not contact PP.

 

[AlpineRidge]

Interesting

 

[AK_Skeeter]

File Form 1099-MISC for each person to whom you have paid during the year:

• At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
• At least $600 in:
  • Rents.
  • Prizes and awards.
  • Other income payments.
  • Medical and health care payments.
  • Crop insurance proceeds.
  • Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish.
  • Generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
  • Payments to an attorney.
  • Any fishing boat proceeds.

 

[Stalker69]

Most of the responses so far have been pretty educational and informed and I like to think I’m not the one to typically bitch or rant but think I just might here.

The government just passed a 1.7 trillion spending bill, the bill being over 4,000 pages long. The government and DoD specifically can only account for a shockingly low amount of assets and spending in a given year. But somehow my potential $600 payment even if it’s all gain must absolutely be accounted for by the IRS. To accomplish making sure I pay my gains they’re giving the IRS $80 billion. Then they claim the money given to the IRS is to go after the wealthy. Sure sounds great but the reality is the truly wealthy have lawyers and accountants that are top notch and “cheat” the system by utilizing the loopholes created by the system. Sure they might find an illegal scheme here or there and tangle up some athletes and Hollywood celebs but they won’t get at the true ultra wealthy. Then they’ll look at how they can make up for the claimed expected tax profits, watch out medium to small family owned businesses. Wether republican or democrat I always see “x” official is giving “y” amount of money to Ukraine or to some foreign area that had a natural disaster. Well the government doesn’t give anything, the taxpayers do and they take credit for political score when applicable.

Just look at Hunter Biden, he got off from paying any taxes on the millions of dollars he and the big guy illegally received .

 

[antelopedundee]

Delayed again.

Do you use PayPal or Venmo? The IRS is giving you a break.

Tax agency also said it will boost the reporting threshold to $5,000, from $600, in 2024 as it phases in the new regulation.

finance.yahoo.com

 

[fwafwow]

Delayed again.

Do you use PayPal or Venmo? The IRS is giving you a break.

Tax agency also said it will boost the reporting threshold to $5,000, from $600, in 2024 as it phases in the new regulation.

finance.yahoo.com

Yes. And to be intellectually consistent with when the IRS acts without authority, this is technically another example.

 

[centershot]

Yard Sale Tax, glad they found something better to do with their time.

 

[hawkman71]

While I'm against it all the way around, if you aren't selling the item for a gain, they need to keep their effing hands to themselves.

 

[Mawventures]

IRS delays much-criticized new tax rule on side hustles over $600

Plans to force millions of Americans to report third-party payment app transactions over $600 have been delayed by the IRS after it admitted 'confusion' around the controversial policy.

www.dailymail.co.uk

At least we have another year to buy and sell gear. its a damn shame this is what our country has resorted too. Hoping a new Administration will throw this crap out.

Billionaires not reporting, shame!