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216 COMMENTS

  1. ![img](emote|t5_2th52|4276)

  2. Taxing $600 is their way to tax the rich apparently

  3. You are rich if you have more than $600 transaction from Venmo 🙂

  4. IRS looking to intentionally destroy the middle class.

  5. This actually just isn’t effecting these guys either.

    I’ve received notices to provide my social to stubhub and ticketexchange for ticket sales and such over 600 as well(across the whole year as a sum, not just a single sale). This is so they can generate tax forms to send to the irs for all your transactions.
    This whole thing is going to suck all the way around.

    I believe it used to be sales totaling over 20k before, regarding ticket sales anyway.

  6. Dollars bills about to make a comeback !

  7. my plug ain’t gonna like this one

  8. they didnt say anything about tendies behind the wendies!

    clarification: chiken tendies!

  9. shefuckinhatesme

    You must be a child, because this law is old. Just because these “new” companies are now being held accountable doesn’t mean it came out of thin air…

    The $600 reporting rule was originally enacted as part of the passage of the Internal Revenue Code of 1954 which was a major revision of the tax law

  10. Glad I found this post. My fiancé and I split the base rent so she sends me her half of $725 every month on zelle. With out reading this I would have been fucked next tax year for something that wasn’t even income. Shout out to the democrats for thinking “Rich” people move money in increments of only $600. You just fucked all of us middle/ lower class people and made our lives even more complicated just to pay our damn bills and such…smfh

  11. Alternative-Ad-3745

    $600 total for the year? Way to jamb it in the little man

  12. They have to get this in place before they regulate crypto. 🤔 Then they issue a digital dollar to abolish cash completely.

    Step by step, your money becomes their money.

  13. workinguntil65oridie

    it’s for commercial transactions only. ppl that were using it for that were almost all reporting taxes already. this is is just a small subset.

    does not affect the p2p.

    the only unknown is the cost of tracking and reporting

  14. fadetoblack1004

    It’s only for goods and services transactions.

    Certainly going ot result in the shutdown of a lot of side hustles, though. Dan flipping video games from yard sales on eBay? Hardly worth the time now that he has to do fucking accounting and pay taxes. Sallie making christmas ornaments on Pintrest? Nope. Your boy Marcus driving for uber on Saturday nights? Negative.

    Gonna fuck all these big e-businesses built on the side hustle/casual selling crowd unless they invest heavily into streamlining things for casual sellers and work as quasi-accountants for them. Which won’t happen.

    The side hustle/small business deserves a tax break to start with, since they start from zero in such a crowded field, and it’s virtually impossible to build up to a meaningful income in your business when you have to pay taxes that total a fairly large chunk of your pitiful couple thousand bucks a year in earnings. It reduces reinvestment into these small businesses.

    It is pushing those who are at the higher end of the spectrum to go full legal, though. I still feel a $600 cap is onerous for numerous reasons, and would have suggested $10,000 myself.

    EDIT: Wanted to add that while this is getting publicity now, I bet most people won’t notice it and we don’t see the real chill on e-commerce until Q2 2023 when people have received their 2022 1099’s and realize they owe thousands in taxes.

  15. Suspicious-Pothead

    The Cashflow is supposed to only go in one way

  16. Apparently you can flag transactions on the apps as not being for commercial purpose. They only report commercial transactions to the IRS.

  17. realityTVsecretfan

    This only applies to “commercial” payments on those Apps (threshold was $20k/yr). Biden policy has always been to protect those making under $400k by ensuring they don’t pay a penny more in taxes. GOP politicians and a few moderates feel it should be lower at $100k instead of adjusting taxes for those making $20m+ and rebalancing corp tax rate.

    Edit- lol for downvoting just for stating facts for context!

  18. How will this effect ebay sales where all funds transferred through paypal use the 3% fee

  19. I mean they can flag me for all I care. Venmo is primarily used for splitting meals and shit along with getting paid back when you are owed.

    Not making any money here, so uncle sam can kiss my ass.

  20. This goes for all banks too look at the crooked infrastructure bill that was passed All kinds of shit in it

  21. 1stplacelastrunnerup

    STRAIGHT CASH HOMIE!

  22. Ha ha ha, some vested interest people are writing negatives about PYPL as if they are master of analysis!

    This $600 rule is across all USA businesses right from Dollar store to Apple, Amazon stores.

    Go and read IRS rules….

  23. The law is BS

    Person sells stuff they bought previously for $2000 on Ebay for $1000 due to dire financial duress. Here comes the IRS saying they have capital gains at what 40%.

  24. _han_shot_first_

    So Gaetz’s tution reimbursements are going to stay under the $599 limit?

  25. Playingwithmyrod

    How does this work for reselling shit you bought 4 years ago online at a loss? If I sell an old GPU and some games to some dude for a 50 percent loss I now have to pay taxes on that money?

  26. Income tax is literally in the US Constitution. You ALWAYS had to report income. Nothing has changed.

  27. SnooStories5744

    Is it $600 if it’s a business transaction or just say, friends paying someone back?

  28. PYPL and SQ will dip.

    Then the gig workers will magically start charging 599 and less for their services. Multiple transactions if needed.

    Buy the dip, all 7 layers.

  29. How does this affect drug dealers accepting venmo payments over $600?

  30. The $600 is for those that use the apps for business accounts, not personal transfers btw

  31. The IRS goes after the poor-middle class because it’s easier and much cheaper than going after the wealthy who have the resources to fight back. They would surely get more revenue going after wealthy people and corporations who avoid paying taxes, but it’s easier and cheaper to go after your $600 Venmo transaction.

  32. AllProWomenRespecter

    Reporting your 1099 gains and the IRS mildly caring about smaller transactions is something that already existed lol.

  33. Keep voting the way you voted and keep getting what you are getting. Simple.

  34. Funny part is you have always been supposed to claim money over $500..so nothings changed, just enforcing it now. Will have no effect om stock price at all. Not companies jobs to help you avoid taxes. Not even going to be able to do it in crypto

  35. Learning_Cowboy

    I came to WSB to learn and all I see is buncha BS like this. Then I remembered my own flawed thinking that I came here to learn on a forum full of random people YOLO-Ing away their life savings.

  36. This is just the governments war on the poor in action. They gotta make sure the poorz are to busy dealing with little bullshit like this to fight back aginst the system that’s actually destroying them.

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