NEW $600 Limit on 1099K WalkThrough (VENMO, CASHAPP, ETSY, PAYPAL, EBAY)

Dear Sir ; one question about the money making App's like "google opinion rewards" or "amazon shopper panel", honeygain ... and so on, they make deposits to your paypal account or redeeming the credit to gift cards ? what about this activity .... do you have any info ?
by the way ..... they call it passive income ? income means here taxable or it is just word ?
many thans for your help .. deep respect

What about if you sell hay for cash. Then pay you car payment and credit card payment.

Taxes should ONLY be collected on profits only, not gross revenue. The government/IRS knows that 95%+ of casual sellers selling items that they acquired 10,15, 20+ years ago will not have kept receipts to prove original cost. Therefore, they will be wrongfully taking advantage of these people by taxing on gross revenues, not profits. This should be illegal.

Either way you slice it the DEMOCRATS want to get their grubby mitts on every dime of tax dollars they can. They’re not really interested in helping anyone except themselves.

Selling my used camera equipment would’ve been a nightmare if I continued using Venmo. I switched back to cash after this law. Sold my gear and other items around the house without the IRS meddling in my business. We used to accept Venmo at garage sales, but no longer do. CASH IS KING!!!!!

A few questions: If I sell $2,000 on Ebay and get payed via Paypal and receive a 1099-k,
1. will I have to itemize instead of standard deduction so I can write off or state that it cost me $3,000?
2. will I have to pay self employment taxes on this income?
3. what taxes will I owe on this? Local, state, fed, self employment, SS, etc. ??

I can't find this info online, most people that make videos on this subject, just like this video, assume we know something already. That is not always the case. Most of us are payroll employees and have never dealt with this and that is our apprehension to sell more than $600 on Ebay because we have not idea what to do at the end of the year, never got a 1099k. These videos keep telling us we have nothing to worry about if we are selling at a loss but don't tell us what to do with the 1099k or how to file etc. A more detailed explanation would be great.

So in other words by the end of the year you only sold $590...they would not send you a 1099? And it starts over on 2023?

This will only encourage more 'under the table' transactions...DUH.

ya wait till everyone receives this "Form" in the mail ect ect its gonna BLOW up hard in the IRS face and nobody is gonna pay. they're gonna laugh at you.

How do you show a loss from ebay unless you itemize your whole income tax return? everything I sold on ebay was at a loss. I sold items that I paid way more for over 10 years ago. How do I account for this. I am not a friggin business.

Standard deduction amount increased. For 2022, the standard deduction amount has been increased for all filers, and the amounts are as follows.

Single or Married Filing Separately—$12,950.
Married Filing Jointly or Qualifying Widow(er)—$25,900.
Head of Household—$19,400.

awesome upload AGC Solutions. I killed the thumbs up on your video. Maintain up the first-rate work.

Nancy pelosi voted congress to get a raise for this to steal more money from You.

Elections have consequences..let's GO Brandon.

will mercari be sending out 1099Ks?

This personal verses buisness is a lie.I use venmo for personal and it's used for bill sharing with family members or if we go out to eat I'll pay and they'll venmo their share... Venmo said that if i get more than 600 that I WILL GET A 1099.

Taxes are illegal. There is NO law or tax code that says you have to pay the Federal Banking thieves a red cent. The crooked Rothschilds, CP Morgan, are not even going to be able to collect any money from GETMO...if they are still alive.

Yeah I'm not paying them shit.
I already pay enough in taxes.
Fuck them!

Thank you for explaining this I am American but been overseas so I need to use PayPal to send money to my husband.

This is bullshit, the government needs to keep their greedy fucking hands off the small amount of money I make on Ebay.

Ok, I get that concept, $600 transaction, get a 1099-K. But what does it actually mean? Let’s say I sell $10,000 worth of goods on eBay. Is that counted towards my yearly earnings then? Am I taxed again? What happens after I’m issued the 1099-K. That’s what I’m not understanding. Asking because I’ve accumulated a toy collection I plan on selling, but now with the change in law, it may work against me. By no means am I going to get rich, but expect a couple thousand in sales. Now, I’m not so sure I want to sell on eBay because of this.

Brandon and the IRS finally going after the "huge" businesses and individuals making $1.64 a day to $55 a day under the new American Rescue Plan of March 2021. Good to see them hitting the BIG guys....

Who has receipts from years ago on stuff they’re selling now?!? What about family sharing cell phone bills and sending money monthly for their part of the cell phone bill? Yeah I’ll be going back to cash only for everything!!! This will be an absolute nightmare next year!!! $600 is just ridiculous!!! Thank you to everyone who voted for these idiot democrats that passed this mess!!!!

Now where all those people that voted for Biden At Come Out

What about a group meal where you use Venmo to share the expense. If done a few times a year it can add up to over 600

I send my self 200 dollars and I give my dad 20 a week, and my daughter 25 a week. That's an allowance. I'm way over 600. But I don't have the business cash app account though

They want to bleed us dry till we have nothing left

If I receive 1099k from ebay totaling $1k in which all the transactions were in 2021, and all the transactions reflects selling used clothes at a loss, i do not have to report this ? Since the $600 threshold is for transaction in 2022 correct ?

I've been downsizing as I approach retirement and that means disposing of a lot of hobby gear that I've accumulated in a lifetime. I have no earthly I idea when I bought some of this junk or how much I paid, but I've easily sold more than $20K in camera gear, musical instruments, etc. Everything I sold was sold at a loss, so there's no tax burden, just a paperwork burden and threat of enforcement.

What if you went over the 20K in 2021 with selling as a hobby? Do you have a video?

Donald Trump paid $750 in taxes… wtf ? How does that happen ? But they worry us over $600 for selling old personal items. IRS sends him a Christmas card, they throw us in jail over $50.00 mistake .

I Was Totally Caught Off Guard By 4 diff 1099 Forms Being Sent After Paid Off CC Debt Settlements. That I Must Pay Tax On Forgiven Debt Portion cuz its considered income I'm gonna be owing them a lot of Money. EST Tax On $5000 4 Sure Is that gna be a lot of money? Can someone help explain this to me I've seen it about cash app but nothing about Debt settlement. Now I will be owing the irs instead of CC companies

Thank God Brandon and Company are cracking down on people making as little as an extra $1.64 a day during the year.

Thank Uncle Joe and his zeal to beef up the IRS. You voted for him...

so u gotta keep every reciept down to a pack of candy , so stupid, but joe looked america in the face and said he would not tax anyone not one penny if you dont make over 400k a year, he lied again

If people were smart if I was sending some one money I'd send them $500 cash app and the rest in money gram from Walmart 🧐🧐 it's that simple if people would actually use there brains

"I reserve all of my rights under UCC 1-308"

What about Zella I send money to family and friends and receive too can you help me with that that’s the most confusing part about this I don’t sell things

If I’m selling stuff on EBay or Grailed where they are taking away taxes before paying me to PayPal. Why would I need to pay the irs if I have already been taxed for the stuff I sold? Doesn’t make sense to me…

Don’t get exited about it?? This is an atrocious invasion of our freedom. When the hell will the taxation stop?
I love how they ofc snuck this into a stimulus package that in of itself barely got out to anyone yet

What about if you go to the local bingo hall and win 2 $300 bingos. Is that personal?

Near future, they can change the $600.

Cash is king.

Ebay sellers have an excellent opportunity to increase their prices. Maybe as much as double is was I'm thinking. I'm watching prices tick upwards every day. I like it!

thank you for this. I don't understand if the tax reporting limit is $600 on any ONE 3rd Party Transaction platform, or $600 on any COMBINATION of electronic, 3rd Part Transaction platforms, for the Tax Year 2022? I also don't understand how these platforms will differentiate between 'Personal' or 'Business' transactions. Sounds like a disgusting nightmare scenario for private citizens who were forced from their livelihoods during a pandemic, and just trying to make ends meet.

The stimulus checks weren't free, the Government will now look at any little transaction they can to tax you to pay for all the free money they printed 😉

Ebay is like a digital flea market, people just want to make a living. It's unreal how oppressive the country really is. Daily life should not be this way, income is so restricted.

This is only for business accounts, not personal

If you think that every one of your transactions wont be taxed.... your crazy. It may not be at the moment, "but trust the Government"......THEY WILL CHARGE YOU EVERY PENNY THEY CAN

What about using Square???