$600 coinbase, PayPal, venmo all reported

[Reload]

Paypal has been OK to deposit money into US books but when I've gotten withdrawals, they end up sending tax forms. Even when I'm just withdrawing my own money back to me without a profit. Would recommend just using echeck or bank transfer for withdrawals now.

[KVB]

that's why i got out of the business! all the simplification that was done is now reversed, with stimulus payments, advance child credit payments, etc etc

[JIBBBY]

Just keep it under $600 with every income transaction you make to your banking institutions you tax evading thieves!! ..

Seems like a simple solution to this.

[jjgold]

lol so much mis information here

[KVB]

lol so much mis information here

I say things got twisted but truthfully we were having two different discussions here, one clarifying the law and to how it might apply to bettors in the US and offshore.

Kind of three different things.

Will they apply these thresholds to individuals? Have they in the past?

It’s a changing landscape Gold, what was once good info changes. It can be hard to grasp it all and see how it applies to us.

[Headsterx]

Damn, there goes my slush funds.

[KVB]

Damn, there goes my slush funds.

The boys at Fade and Get Pade^TM are just going to have to find another way to move all those massive profits.

[DontTailMe]

Just keep it under $600 with every income transaction you make to your banking institutions you tax evading thieves!! ..

Seems like a simple solution to this.

It has already been explained several times in this thread, that this does not solve the problem. The $600 threshold is cumulative for the entire year across all transactions, not per each transaction.

[seaborneq]

It has already been explained several times in this thread, that this does not solve the problem. The $600 threshold is cumulative for the entire year across all transactions, not per each transaction.

Some don’t read or think for comprehension, just for a response.

[JIBBBY]

^^ Well I don't give a rats ass and yes I didn't read every post in this thread.

My transactions are in the $5000 range almost always and will remain that way with bookie payouts and coinbase transfers and I will just report it all as "other income" on my tax returns. Keep it all honest and legit and the IRS can't sting you, bottom line.

I comprehend that..

[Koldazzice]

thats silly shhhh I am not reporting any of that. I pay and get paid by a local thru cash app. And I own the etf for ethe and gbtc in my roth ira so when I doubled and took profit I don't have to claim as its in my ira. But no way would I claim anything via paypal / venmo etc. Come and get it. So much for only taxing the rich...... moron democrats

[Mugsy777]

you are right son about moron Democrats , but a local WILL BURY you young man , God Bless and good luck