Who the fuck says these kikes should get a cut of your sale of personal items that you likely already paid tax on when buying? Fuck em and their greedy scams
Well, it really depends on what the actual purpose is.
I believe this is to catch untaxed rental income. Lots of people rent a room to somebody, get $700/mo paid with venmo or whatever cash app, and don't report it on their income taxes. IRS has no way to know if they are friends you're letting stay with you or if you garnering income.
After this change, I imagine unlabeled purchases will be defaulted to "goods and services" and the IRS will have 12 months of $700 transfers. 'Random' audit of these homeowners, easy $2000 tax recovered plus penalties, get promotion.
Of course homeowners should pay taxes on rental income, but for me furthering a draconian IRS overlord is worse than letting these small fries that rent under the table earn a few extra bucks.
There's nothing "theoretical" about it; if you made $600 or more in sales annually, you're getting a 1099-K. The onus is then on you to explain to the IRS how the items you've sold were at a loss (i.e. a yard sale) or at a profit (a business).
Who the fuck says these kikes should get a cut of your sale of personal items that you likely already paid tax on when buying? Fuck em and their greedy scams
Well, it really depends on what the actual purpose is.
I believe this is to catch untaxed rental income. Lots of people rent a room to somebody, get $700/mo paid with venmo or whatever cash app, and don't report it on their income taxes. IRS has no way to know if they are friends you're letting stay with you or if you garnering income.
After this change, I imagine unlabeled purchases will be defaulted to "goods and services" and the IRS will have 12 months of $700 transfers. 'Random' audit of these homeowners, easy $2000 tax recovered plus penalties, get promotion.
Of course homeowners should pay taxes on rental income, but for me furthering a draconian IRS overlord is worse than letting these small fries that rent under the table earn a few extra bucks.
Did you move your selling somewhere else?
I used to make a lot on eBay, but haven't done it in a couple years. This development is giving me pause about returning.
There's nothing "theoretical" about it; if you made $600 or more in sales annually, you're getting a 1099-K. The onus is then on you to explain to the IRS how the items you've sold were at a loss (i.e. a yard sale) or at a profit (a business).
Hope you kept your receipts.