$3k gets reported. $10k requires special report on transaction. Those are the standard notification rules.
Last year they talked about passing a law reporting all transactions on accounts with more than $600 in monthly activity. So that’s virtually everything.
If you are running money through a bank, paypal, venmo, etc. assume the government knows.
If you are running money through a bank, paypal, venmo, etc. assume the government knows.
If you are using a payment processor like CashApp, Zelle, Venmo, PayPal or ebay managed payments you'll get a 1099K if you breach $600. That's right, if you sell your own excess household goods on ebay, items you paid for with after tax net income, you get taxed again. How else can you fund free phones, housing & healthcare for future Americans of the world on our southern border right now?
This is all preload for the eventual big push for CBDC and 100% capture on how you spend your money, social credit tie-in and punishment for wrong think.
$3k gets reported. $10k requires special report on transaction. Those are the standard notification rules.
Last year they talked about passing a law reporting all transactions on accounts with more than $600 in monthly activity. So that’s virtually everything.
If you are running money through a bank, paypal, venmo, etc. assume the government knows.
If you are using a payment processor like CashApp, Zelle, Venmo, PayPal or ebay managed payments you'll get a 1099K if you breach $600. That's right, if you sell your own excess household goods on ebay, items you paid for with after tax net income, you get taxed again. How else can you fund free phones, housing & healthcare for future Americans of the world on our southern border right now?
This is all preload for the eventual big push for CBDC and 100% capture on how you spend your money, social credit tie-in and punishment for wrong think.
/silver & lead
Sales is different, as over 600 you owe taxes... taking out or sending more than 5k is not for tax purposes but for tracking...