$600 online tax information...

[ebinmaine 67,508]

I just got this out of a website. I am NOT saying it's a reliable source.

 

Just food for thought.

 

Looks like maybe Friends And Family Transactions are still not eligible for tax whether they are $600 total or higher or not... 

 

 

"The new rule only applies to payments received for Goods And Services Transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent or reimburse a friend for dinner will be excluded. Also excluded is anyone who receives money from selling a personal item at a loss; for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable"

[953 nut 55,243]

Although many transactions are not taxable this will increase your responsibility for good recordkeeping. Just remember big brother will be watching even more closely once those additional 4,000 or so IRS agents are hired to "ASSIST US".

[SylvanLakeWH 25,562]

Thanks @ebinmaine and @953 nut for reminding us: Elections matter to everyone who owns and operates 's... How they are bought and sold, maintained etc.

 

For those of us old enough, please educate yourselves and vote. Every time.

 

[Jeff-C175 7,202]

10 hours ago, ebinmaine said:

if you purchased a couch for $300 and sold it for $250, the amount is not taxable"

 

Correct.  But remember that you can not take a 'capital LOSS' when you enter the numbers on the worksheet.

 

If you sold it for $250 then your "COST BASIS" is $250 and it becomes a 'wash'.  No loss, no gain.

 

 

[lynnmor 7,306]

That is why I quit taking PayPal, sure I can show a loss unless I sell a considerable amount but I am no longer going to do a lot of bookkeeping to entertain an out of control government.  I suspect that this $600 rule will stop many small businesses and hobbyists from producing product.

[Snoopy11 5,714]

https://www.msn.com/en-us/money/personalfinance/irs-delays-600-1099-k-tax-reporting-for-venmo-paypal-cashapp-and-more/ar-AA15HXNE

 

 

 

Don