I was reading a few articles tonight about the government changing the 20k threshold for person to person sales like on PayPal zelle and so on to $600. A year not per person but in general payments... To include selling items you already own and having to prove that you did not sell the item for more than you purchased it for... Wondering if anyone else has heard of this? I'm interested because I do lawns on the side and everyone wants to pay with zelle or some form of easy electronic payment...
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Taxes on p2p sales??
Time to start paying taxes on your side income! -
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My understanding its not just side jobs... Say you sell a $1200 rifle to someone using paypal... They now report that payment to you as income.Originally posted by Smart View PostComment
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it was just the repayment of money I loaned them a couple years ago
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I Zelle more than that to my fiancee every month to help cover bills. I wonder how this is about to play out.Comment
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😂 I spit coffee all over the place!Originally posted by DedDuk View Post
Yes, the federal government is trying to tax person to person transactions. So yes sell an item for $600 you are supposed to report the transaction.Comment
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In short, yes it is happening and yes it will be reported to the IRS regardless of who it is sent to or why. $600 per year total is the cutoff point.Comment
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I believe we will have a CBDC (central bank digital currency) within five years...so it will be tough to impossible to hide any monetary transaction.Originally posted by DedDuk View PostComment
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This only applies to citizens paying income tax.Comment
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Probably. Hookers gonna get into the digital currency world!Originally posted by MitchParker View PostComment
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I am confused if it is a $600 transaction or a total amount of over $600 from one person to another.Comment
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