seanc
NES Member
All,
question. My understanding is that under the new rules. Any sale over 600 will be taxed, withheld at a 24% rate and you will get a 1099 at the end of the year. Through at least PayPal and Venmo and Zelle.
I assume that if you are selling something. And do not have the orig receipt, there is no arguing. It is treated 100% as income. If you have the orig receipt maybe you can argue with your tax person you should only pay taxes on the difference, or claim as a loss.
not sure how doing something as “ friend and family” is flagged, not flagged. or if that is viable option. The little I have read is that doing these transactions flags for potential audits. ( hey 87,000 new irs people need something to do, right?)
but it seems this is likely to kill most remote private sales.
anybody know how this all works?
question. My understanding is that under the new rules. Any sale over 600 will be taxed, withheld at a 24% rate and you will get a 1099 at the end of the year. Through at least PayPal and Venmo and Zelle.
I assume that if you are selling something. And do not have the orig receipt, there is no arguing. It is treated 100% as income. If you have the orig receipt maybe you can argue with your tax person you should only pay taxes on the difference, or claim as a loss.
not sure how doing something as “ friend and family” is flagged, not flagged. or if that is viable option. The little I have read is that doing these transactions flags for potential audits. ( hey 87,000 new irs people need something to do, right?)
but it seems this is likely to kill most remote private sales.
anybody know how this all works?