TheRealBulBul Posted January 4, 2022 Report Posted January 4, 2022 https://www.forbes.com/advisor/taxes/cash-apps-to-report-payments-of-600-or-more/ Public Service Announcement‼️‼️‼️ ********** If you use Zelle, CashApp, Venmo, or another peer-to-peer cash transferring platform, KEEP READING: The Biden Administration passed a new tax rule in the American Rescue Plan Act and it is being dubbed "The $600 Tax Rule." Starting January 1, 2022 if you receive $600 or more in a year on a peer-to-peer cash transfer platform you will receive a 1099-K form (for income reporting purposes). You are federally required to report that money as taxable income. So if you SELL items online and use these cash transferring platforms, you must provide the IRS with receipts that prove you paid more than what you sold them for so the money you collect is not considered taxable income. The purpose of this is to "close the tax gap." My friends, please keep track of your big ticket purchase receipts in case you ever decide to sell, and ask to be paid in CASH if it is not for business purposes. ********** Why is this good??? So the government can crack down on people not claiming taxable income on goods or services sold via peer-to-peer cash transfer platforms. Why is this bad??? Because if you sell your old couch or loan money to a friend who pays you back via Zelle, Venmo, etc. you will have to pay taxes on the sale of your couch if you cannot provide a receipt, and you have to explain to the IRS why you gifted your bestie money and then you might have to pay taxes on the money you loaned them when they pay you back. The list goes on... https://www.congress.gov/bill/117th-congress/house-bill/1319 1 Quote
Popular Post Sreeven Posted January 4, 2022 Popular Post Report Posted January 4, 2022 Jagan ni copy kodutunna Biden 4 Quote
veerigadu Posted January 4, 2022 Report Posted January 4, 2022 2 and 3 jobs ankuls ki inka mesthrissss ela pay sestharoooo soodaliiii. India lo pay seyyadammm option is still there 1 Quote
AryaD Posted January 4, 2022 Report Posted January 4, 2022 It is quite common to pay friends for a group dinner or share expenses for a trip or gathering . Crazy rule I say. Quote
iddaritho Posted January 4, 2022 Report Posted January 4, 2022 Every one is asking for cash here , the lady who cooks our food they hate when we say zelle Quote
Popular Post Ryzen_renoir Posted January 4, 2022 Popular Post Report Posted January 4, 2022 This is to close gaps in money laundering operations IRS has neither the time or resources to come after every tom , dick and harry who occasionally sells an item or two. Its mostly targetted at drug gangs , shady business , etc This has been long overdue , good step 3 Quote
Spartan Posted January 4, 2022 Report Posted January 4, 2022 you dont need to worry unless you fall under selling commodity and collecting money via those apps. 2020 lo ne IRS announce chesindi and it will come into rule from January. The Apps have changed their backend processing, transfer ayye tappudu, they record the transaction based on sale or friendly transfer. end of the year ki they are bound to send 1099 form with all transactions that needs to be reported or not. most of us dont fall in that category.... 600$ or more for a year so cchill...this is to keep track of illegal activities 1 Quote
megadheera Posted January 4, 2022 Report Posted January 4, 2022 12 minutes ago, Spartan said: you dont need to worry unless you fall under selling commodity and collecting money via those apps. 2020 lo ne IRS announce chesindi and it will come into rule from January. The Apps have changed their backend processing, transfer ayye tappudu, they record the transaction based on sale or friendly transfer. end of the year ki they are bound to send 1099 form with all transactions that needs to be reported or not. most of us dont fall in that category.... 600$ or more for a year so cchill...this is to keep track of illegal activities My tenant is paying her rent through Venmo. How does it effect me? I am already reporting that income as rental income. If I club my personal an business transactions then it will be a problem right? Quote
pahelwan1 Posted January 4, 2022 Report Posted January 4, 2022 Maa foker batch antha sankanakipoinattle motham addagol ga cashapp use chesi thengutam every week 1 Quote
MiryaIgudaMaruthiRao Posted January 4, 2022 Report Posted January 4, 2022 8 minutes ago, megadheera said: My tenant is paying her rent through Venmo. How does it effect me? I am already reporting that income as rental income. If I club my personal an business transactions then it will be a problem right? I are good, I make 5K income every month and report ba Quote
MiryaIgudaMaruthiRao Posted January 4, 2022 Report Posted January 4, 2022 Just now, pahelwan1 said: Maa foker batch antha sankanakipoinattle motham addagol ga cashapp use chesi thengutam every week Use cash, easy Quote
pahelwan1 Posted January 4, 2022 Report Posted January 4, 2022 Just now, MiryaIgudaMaruthiRao said: Use cash, easy Cash evadu tiskaradu badhakam Quote
Aryaa Posted January 4, 2022 Report Posted January 4, 2022 26 minutes ago, Spartan said: you dont need to worry unless you fall under selling commodity and collecting money via those apps. 2020 lo ne IRS announce chesindi and it will come into rule from January. The Apps have changed their backend processing, transfer ayye tappudu, they record the transaction based on sale or friendly transfer. end of the year ki they are bound to send 1099 form with all transactions that needs to be reported or not. most of us dont fall in that category.... 600$ or more for a year so cchill...this is to keep track of illegal activities Frnds daggara oka 10K teeskuntey Enti va paristiti Quote
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