This is actually the way that I understood it from the very beginning. ALL 'cash' transactions once you hit $600 in transactions for the year.
Are there any tax lawyers that know how this will impact eBay sales? I sold a LOT of HO Scale trains and accessories this year (2022). I paid well over the eBay sales price, and paid sales tax when I bought them. I "hope" that with the delayed reporting that eBay won't be reporting sales this year! (FTR - I have no receipts for the past 5-15 years that I bought my trains.)
100%. They make me sperate all the different payment methods for my buisness. I used to get a 1099 for credit cards and ach payments but now they apparently don't send them until there is 20k in sales or 200 transactions. I have to keep track of them myself.
Venmo is neat because it allows you to post verbiage in relation to the transaction. When I conduct a transaction, it is helpful for the sender to post the fact that this receipt is for reimbursement for something I paid for on their behalf. This is common for me when I do buy something on behalf of someone else and ship it to them. Being reimbursed for an expense is not taxable for you. It may be to the sender, however that is an expense for them and not a receipt. Just a little tip for the future. Make sure your reimbursements are listed as such. 😉
So I'm new to Venmo ,,do they tell you if you have been reported or this will start next year? No where near 20 k in transaction but 600 is not hard to reach. Is this just for business accounts or all?
This is actually the way that I understood it from the very beginning. ALL 'cash' transactions once you hit $600 in transactions for the year.
Are there any tax lawyers that know how this will impact eBay sales? I sold a LOT of HO Scale trains and accessories this year (2022). I paid well over the eBay sales price, and paid sales tax when I bought them. I "hope" that with the delayed reporting that eBay won't be reporting sales this year! (FTR - I have no receipts for the past 5-15 years that I bought my trains.)
So, apparently everyone in this thread missed the announcement from the IRS that all of this new reporting crap was delayed for a year? (at least)
100%. They make me sperate all the different payment methods for my buisness. I used to get a 1099 for credit cards and ach payments but now they apparently don't send them until there is 20k in sales or 200 transactions. I have to keep track of them myself.
I'll find a new way to pay.
Rumour has it that a parallel economic system is going to be in the works...
Venmo is neat because it allows you to post verbiage in relation to the transaction. When I conduct a transaction, it is helpful for the sender to post the fact that this receipt is for reimbursement for something I paid for on their behalf. This is common for me when I do buy something on behalf of someone else and ship it to them. Being reimbursed for an expense is not taxable for you. It may be to the sender, however that is an expense for them and not a receipt. Just a little tip for the future. Make sure your reimbursements are listed as such. 😉
Interesting, Biden will have his 87k Armed IRS agents pouring through it all. Taxing income sucks!
Not garnering much attention with this post on GA, but most people here are pretty much in the know. If it helps one person, it was worth posting.
So I'm new to Venmo ,,do they tell you if you have been reported or this will start next year? No where near 20 k in transaction but 600 is not hard to reach. Is this just for business accounts or all?
They delayed it for now (IRS) I'm an hourly so no skin in the game, but its a good red pill for tipped employees etc...