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Posted on 3/3/22 at 10:47 am to Tantal
quote:
So, let's say I buy a used product for $1,000, then decide to sell it a few months later for $800 and the purchaser pays me by Venmo. I'll owe taxes on the $800? Help me understand.
No.
You would have revenue of $800 and cots of goods sold for $1,000.
You would need to report it.
Personal losses are nondeductible, but you would not owe anything.
Posted on 3/3/22 at 10:50 am to LSUFanHouston
quote:
Personal losses are nondeductible, but you would not owe anything.
You would need to keep the original receipt for every item showing what you originally paid. Most people don't hang onto their old receipts.
This post was edited on 3/3/22 at 10:56 am
Posted on 3/3/22 at 10:53 am to jatilen
quote:
People were distracted by the "free money" in the bill and didn't pay attention to the details.
Yep, and this happens every time. 2500 page bills with 5 font letters and we just blindly go along. Most of the American populace are the epitome of the definition of insanity
Posted on 3/3/22 at 10:55 am to jatilen
quote:
You would need to keep the original receipt for every item showing what you originally paid
Thankfully, most people don't buy large items in cash, so there are ways to trace the purchase if you lose the receipt.
Posted on 3/3/22 at 10:57 am to Andyv1995
quote:
Per transaction
That makes it more of an annoyance than a real problem.
Posted on 3/3/22 at 10:59 am to Andyv1995
quote:
Who’s in charge of the government??
Who signed this POS law INTO law?
And who will repeal it? I mean if all you want to do is rage at Grampy Sniffy fingers, I already said have at it. If you want real change it will require pressure on Congress not the invalid in chief.
Posted on 3/3/22 at 10:59 am to Andyv1995
The bills are 2000 pages long and you get told “you have to vote on it to find out what is in it” because they aren’t finalized before all the lobbying to pass it starts.
Posted on 3/3/22 at 11:01 am to LSUFanHouston
quote:WTF keeps records of everything bought and sold, especially for cash?
You would have revenue of $800 and cots of goods sold for $1,000.
You would need to report it.
Personal losses are nondeductible, but you would not owe anything.
Posted on 3/3/22 at 11:06 am to LSUFanHouston
Reverse the loss to a profit. Is the $200 capital gains on an investment in yard sale garbage, or is it lumped in your income tax bracket?
Posted on 3/3/22 at 11:08 am to Tantal
quote:
WTF keeps records of everything bought and sold, especially for cash?
If I pay $800 for something I'm keeping the receipt, especially if I paid cash.
If I didn't pay cash I can look it up
Posted on 3/3/22 at 11:14 am to LSUFanHouston
quote:
The IRS is trying to go after legit businesses who are underreporting income, not you splitting your Sonic order with a friend.
Nobody here is talking about your “sonics” order champ!
What if you send monthly $1,200 to your grandma to help her out. You really don’t think you’ll get flagged by the IRS or some moron working for Venmo
Posted on 3/3/22 at 11:27 am to Andyv1995
Circumvent by arranging multiple payments for transactions over $600.
Posted on 3/3/22 at 11:34 am to Andyv1995
quote:
I really don’t care to give more money to this government...
As someone that has working in accounting and finance for going on 40 years..
The only thing shocking about this is that it took this long for the IRS to require it..
Posted on 3/3/22 at 11:37 am to Andyv1995
quote:
What if you send monthly $1,200 to your grandma to help her out. You really don’t think you’ll get flagged by the IRS or some moron working for Venmo
As long as you don't categorize it as payment for goods and services, you won't be flagged.
And if it is... your grandma just needs to show it was a gift.
But hey, keep up with your scare tactics.
BTW... neither Venmo nor the IRS cares about you sending your grandma money...
Posted on 3/3/22 at 11:37 am to Andyv1995
quote:
Venmo
If you protest the vax mandate don’t be surprised if they freeze your account.
Posted on 3/3/22 at 11:38 am to NOBigEZ
quote:
Circumvent by arranging multiple payments for transactions over $600.
1) Structuring transactions has a much, much worse penalty than not reporting income
2) The $600 is on an annual basis, not per transaction.
Posted on 3/3/22 at 11:40 am to LSUFanHouston
quote:
And if it is... your grandma just needs to show it was a gift.
Yes because that is SO convenient for grandma!!
quote:
But hey, keep up with your scare tactics.
Oh yes, that’s exactly what I’m doing here bud! You must live big government!!
quote:
BTW... neither Venmo nor the IRS cares about you sending your grandma money...
Lmao, you’ve got to be kidding me!!
Posted on 3/3/22 at 11:42 am to LSUFanHouston
quote:
2) The $600 is on an annual basis, not per transaction.
Which is even worse!! Good thing the IRS is not interested in my grandma getting her money (see poster above)
Posted on 3/3/22 at 11:53 am to Andyv1995
quote:
Yes because that is SO convenient for grandma!!
If your grandma is smart enough to use Venmo, she's smart enough to figure it out.
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