Paypal Payments

[Motown]

This may of been covered recently and if so my apologies.

Now that payment apps like paypal and Venmo have to report “commercial transactions” of more than $600 to the IRS does this also include friends and family payments?

 

[Rich M]

Have no idea about friends and family.

Anything "normal", they'll probably give you a W-2 or whatever form and yes, they'll report it. They have your SS#.

 

[Motown]

I have been looking more into this and it appears F&F payments are safe….for now at least.

Did You Make Money via PayPal, Venmo or Cash App This Year? The IRS Will Know About It

This tax reporting change will be implemented in phases. It could be delayed again, but freelancers should plan ahead.

www.cnet.com

 

[flyfisher117]

This may of been covered recently and if so my apologies.

Now that payment apps like paypal and Venmo have to report “commercial transactions” of more than $600 to the IRS does this also include friends and family payments?

Friends and family is safe.

Just note it's yearly goods and service transaction totals. It's not just transactions over $600.

 

[zalia]

There must be a supply chain crisis on the money printing ink!

 

[Twitch2146]

I’ve noticed that if you get paid with Goods and Services your money gets put on automatic hold until it’s confirmed the package is delivered. Had this happen twice now.

 

[*zap*]

uncle sammy needs your $....to support others.

 

[BadDogPSD]

uncle sammy needs your $....to support others.

Sadly this is it... they can't not spend money we don't have.

I've been amazed to realize that so many don't realize how governments are funded.

 

[Luked]

also if you sell something at a loss (less than retail) you don't have to claim it.

 

[couesbitten]

And remember, if you use F&F and you don't get your merchandise, you have no protections from PayPal.

The key to this whole $600 thing is "are you profiting from your sale"? Very little, if anything, that is sold in the Rokslide classifieds is sold for more than it was originally purchased for, so you are taking a loss on that item, and as I understand it, that exempts that money from being subject to any additional tax. This has been discussed previously in other Roklside posts, but I'm sure someone more knowledgeable than me can provide additional guidance.

 

[Clownbuster]

I've been amazed to realize that so many don't realize how governments are funded.

Government is loaned money by the Federal Reserve private banking cartel with interest. 100% of all money Americans pay in federal income taxes go only to pay the interest payments on those loans. Not one taxpayer cent goes to pay for the services they are supposed to, and they haven't for a long time now.

 

[Darryle]

Postal Money Order or Personal Check

Simple to verify authenticity via a scan at the PO or a call to their bank.

IRS can kiss it

The real burner on this for us is, we are generally not buying to sell for profit, we rarely break even and the majority of the time lose money on what we decide to sell when we lose interest.

 

[jmez]

Postal Money Order or Personal Check

Simple to verify authenticity via a scan at the PO or a call to their bank.

IRS can kiss it

The real burner on this for us is, we are generally not buying to sell for profit, we rarely break even and the majority of the time lose money on what we decide to sell when we lose interest.

Then you don't have to claim it as income and owe 0 taxes.

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[Ches]

I tend not to use F&F, The insurance with regular PP is worth it to me.

 

[Squirrels]

Then you don't have to claim it as income and owe 0 taxes.

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True but you may have to prove that in an audit.

 

[jmez]

Which is simple

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