Got Another Break in Tax Code for Sellers

[labbypaws]

www.foxbusiness.com/money/irs-delays-tax-reporting-rule-venmo-paypal-payments-600


The IRS announced on Tuesday that it is delaying a controversial tax reporting requirement targeting Americans who made more than $600 online through third-party payment apps like Venmo or PayPal.The IRS announced on Tuesday that it is delaying a controversial tax reporting requirement targeting Americans who made more than $600 online through third-party payment apps like Venmo or PayPal.

[denise15601]

And on Facebook there are still tons of sellers who think that they don't have to report any earnings at all, until it reaches $20,000.
When I started to sell 18 years ago, I made a few hundred and I did report it. I am not about to mess with the IRS.

[val2525]

The IRS needs to lower the amount that generates a 1099-K, but $600 was waaaaaay too low.

[denise15601]

I think that it forces people who are making money to claim it.

[val2525]

I also think $600 for a regular 1099 is too low too.

[labbypaws]

I am selling personal stuff - no longer regularly selling. Yes $600 is too low. So thankfully I won't need all the paperwork this year.

[chapeaunoir]

I really detest tax dodgers and think that being able to cloak $20k of sales means the rest of we honest people have to cover for these fuxing freeloaders, but that $600 is also too low - that's pretty much the kind of chump change people get just clearing out their garage or basement. There needs to happy medium and I think around $5k is it.But I also think that the 1099 should encompass all selling sites so people can't spread out and continue tax dodging. It should be easily enough implemented by the user's SSN.

[val2525]

If a selling site uses a payment processor of any type (how can you sell online without one?) then sites will send out 1099Ks. But the "people spreading out" is a big part of why the limit for the 1099K needs to be lowered.