The IRS reminds Americans earning over $600 on PayPal, Venmo, or Cash App transactions to report their earnings

[struth]

Who told you that? Smack em in the head next time you see em

i read the law and the article on the OP.

violence is not the answer to someone telling you the truth

 

[struth]

Dude. Get a grip. I have money in a 401 and refuse to touch it BECAUSE I would be pulling money out at a reduced rate. It took a hit and likely will come back but not for a while. If I pull money out now...I "lock in those losses" and those losses will NOT be made up.

The same thing happened to people retiring around 2008...and other stock market crashes.

And they like me were damn happy that they had Social Security as WELL as their 401...because without it they HAD to lock in those losses.

Ya fucking dope

this post highlights you are have no clue…it also makes it clear yoj haven’t retired..so you lied about the too

you are a joke…why do you come to this web site if you just want to be a joke and lie?

 

[FA_Q2]

That is why wealthy don't pay tax on money they give their kids every year. Also beggars don't have to claim gifts under $16k per donation. The annual federal gift tax exclusion allows you to give away up to $16,000 each in 2022 to as many people as you wish without those gifts counting against your $12.06 million lifetime exemption.

That is the problem with this law. It creates a ton of new work for all the agencies that have to follow this reporting procedure which causes a massive amount of new waste in the system. It does jack shit to those that are uber wealthy as they are not hiding their money in accounts that do less than 600 in transactions a year. It is rather laughable that they are trying to push billionaires are hiding money in 600 dollar increments. And finally, it really only opens the door on the IRS having more power to go after those that are poor.

It is a direct attempt to get at the money of those in the lower income strata. And they lied to sell it.

 

[petro]

 

[Moonglow]

Wrong.
Gifts from parents under $10,000 a year do NOT have to be declared to the IRS.
Money for tuition, room and board, etc., do not have to get declared at all.

Do you NOT understand the word "earn"?Derpa!

 

[KissMy]

View attachment 736267

When will they track the $10 trillion wasted on the war on terror?

 

[Flash]

Those welfare queens gotta get their welfare money from somewhere.

Those 86,000 goddamn IRS agents the Democrat filth hired have to stay busy doing something.

 

[Jim H - VA USA]

 

[Admiral Rockwell Tory]

If I want to give my adult child $600, they should not have to pay tax on it. I already did that.

Don't act as if you care about who makes up for what. Democrats are for loads of "free" stuff that I am forced to pay for and Democrats are the largest recipients of the freebees.

Send her a check!

Transfer the money to her checking account.

You people are mentally really slow!

 

[struth]

given the fact that xiden had top secret documents related to ukraine he stole…his son working for a corrupt company there…there is way to much smoke

 

[Admiral Rockwell Tory]

If you take $5000 or more out of your Bank hey are required to report it.

It's $10,000, not $5,000.

 

[Admiral Rockwell Tory]

Biden and the Democrats promised to make the rich pay their fair share. Instead they have went after the poor to pay for their programs.

What is their fair share?

 

[Freedomisneverfree]

When I was an Independant Contractor (IC) I reported every dime I made. I also was able to write off business expenses and kept all the receipts. Why are these people "suddenly" going to have to report their income? Weren't they reporting it all along?

 

[Admiral Rockwell Tory]

given the fact that xiden had top secret documents related to ukraine he stole…his son working for a corrupt company there…there is way to much smoke

Why to much smoke? i don't know. What is the way to much smoke?

 

[Admiral Rockwell Tory]

haha how is his hypo hiding income?

hypo? As in hypodermic needle?

 

[Admiral Rockwell Tory]

taxes are due on income..total income for the year. That doesn’t change if i spend it sending it to my kid in college via an app. If i give kid cash it’s not taxed, but if i need to use rhe app it is…that makes zero sense. It’s not another way to tax the poor by the xiden irs

Who said it was taxed? All it has to do is be reported.

 

[Care4all]

If I want to give my adult child $600, they should not have to pay tax on it. I already did that.

You would not have to.

Only transactions marked as a commercial sale, are tracked for the amounts. Personal money transfers do not get tracked or taxed.

 

[Admiral Rockwell Tory]

But what happens? Does the IRS send a letter saying that tax is due, and the kid has to write back that it was a gift and not earnings? And how do you prove it? What a headache for $600!

If it is less than $20k, there is no tax.

 

[Admiral Rockwell Tory]

But what happens? Does the IRS send a letter saying that tax is due, and the kid has to write back that it was a gift and not earnings? And how do you prove it? What a headache for $600!

There is no tax on anything less than $20K.

 

[Admiral Rockwell Tory]

so this what xiden and the demafasict new tax army is going to do…audit my daughter and collect more taxes from small businesses…

Here is clue. THERE IS NO TAX ON AYTHING LESS THAT $20000.