Taxes on p2p sales??

[Bazo]

So the money I send my son at college to pay for food/gas is going to be taxable??? This is the biggest load of BS to come out of Washington lately.

Give it time, they will one up themselves before long.

[Johnny Dangerr]

My accountant stopped me a year back of making paypal payments. I pay all of our bills through my bank's on line app every month. This will be around 250K a year. I guess we will see how this plays out...

[M16]

My accountant stopped me a year back of making paypal payments. I pay all of our bills through my bank's on line app every month. This will be around 250K a year. I guess we will see how this plays out...

Making payments doesn’t affect anything. It’s receiving payments that will have to be accounted for.

[RifleBowPistol]

Facebook market place, keeps track of and reports your sales to the feds. They really want to know if you have sold the item you listed for $1000, so they can report it to the IRS. Paypal, Venmo, Cash App, all report your money transfers to the government. If you did not know, even when you take scrap metal down and sell it, that gets reported also. Obama's accountants came up with every way they could to make sure you don't put any money in your pockets, without them knowing about it. Obama implemented this stuff some years ago, or the basis for this crap years ago. I would bet the government and Facebook work together to come up with new ways of making sure people are not putting any money in their pockets that's not reported.

They have been using that $600 number for a while, not sure how they came up with that number. If you collect $600 or more in a years time from selling scrap metal to a recycler, you are supposed to report it, the recycler reports it, they have to. They report all of your transactions, if they total up to more than $600, you are supposed to report it. Paypal, Venmo, Facebook market place all record your transactions, if you collect more than $600 from one source, you are supposed to report it on your taxes. It's been in place for years, but they are now getting more serious about keeping track of any transactions. Such as Facebook wanting to know if you have sold items you have listed.

This is beyond the crap, that this country was created because of. Which is the government taxing people to death. Our government taxes us in many more ways than the British government taxes the citizens of the American Colonies. They told the British government to stick it, kicked their *** and created their own country. We are doing as the government tells us to do.

[justletmein]

This start Jan 1 or already gone into effect? I have a scope to sell and was gonna eBay it. GabPay report anything? I'd assume they all will as it's likely required of them, no?

[Smart]

My accountant stopped me a year back of making paypal payments. I pay all of our bills through my bank's on line app every month. This will be around 250K a year. I guess we will see how this plays out...

Payments aren't part of this. Its about income...not expenses... but thanks for the heads up on your payment $$ amounts......

[SmTx]

So the money I send my son at college to pay for food/gas is going to be taxable??? This is the biggest load of BS to come out of Washington lately.

Nah they just traded a killer for a pot smoker

[jaime1982]

Nah they just traded a killer for a pot smoker

I would say unbelievable but its literally expected from this bunch. We will all get what they deserve.

[7sdad]

Just talked to my CPA and he said unless you're running a business don't worry about it.

[RiverRat1]

Just another way for the IRS to funnel money to our crooked government. It's one thing to go after the "cash only" businesses who are obviously avoiding paying their fair share. Taxing a dude mowing his neighbor's lawns for pocket change or selling some trinket they already own is complete BS.

Just when you think the tax system can't get more convoluted.

It's all for a reason. We all see what they're doing lately. Scales of justice could not be more crooked. Just wait until the IRS starts to randomly audit conservatives. There's almost no way even the most honest person can follow these tax codes. But don't worry, they won't audit the liberals or minority families that live right next to you having huge yard sales every week.

[Hoggslayer]

This was brought to you by the American Recovery Act. Someone has to replenish all the free money they passed out.

[91cavgt]

Guys, all of this went into effect starting in January of 2022, so it’s too late to change things for this coming tax season.

[Jason Fry]

Time to start paying taxes on your side income!

F that. We pay taxes on our regular income. I know what "the law" is, but it isn't right.

[bmac]

Rumblings of this started last year or maybe early this year. Don’t recovery enough through these to worry about as I’m usually buying. But when doing this, don’t forget 10% for the Big Guy!

[brokeno]

Gotta pay for those 4 million illegals. F j b