$600 coinbase, PayPal, venmo all reported

[MinnesotaFats]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

You voted for it, here it comes

Big brother watching EVERY TRANSACTION over $600 starting now

[EDDIE MONEY LINE]

correct- if it's paid for under good and services

[SamsNCharge99]

work the system when it tries and works you

[jjgold]

That means do not use paypal usa books

[CappinTerp]

Thanks for the info Fats. !

[jjgold]

mainly for businesses that scam actually
Good move

Offshore laughing why it will never ever go away for gamblers

[JacketFan81]

"The new tax rule is separate from a proposed IRS reporting requirement that originally would have handed over transaction data on accounts with more than $600 aggregate inflow and outflow. That proposal, originally part of President Biden's Build Back Better plan, was raised to a $10,000 threshold after much pushback, and has not yet been acted on by Congress."

Still, if you pull out a grand, do it in the separate transactions. No reason to take the chance.

[Bluehorseshoe]

mainly for businesses that scam actually
Good move

Offshore laughing why it will never ever go away for gamblers

So I have to do 4 transactions for $500 now?? lol

[gauchojake]

Link?

[USCPHILLYGUY]

Link?

[jjgold]

I always wondered when you get paid from Sportsbook in the USA PayPal is a person to person or is it a business transaction

[Foxx]

correct- if it's paid for under good and services

For now.............just give it time

[thetrinity]

Yeah if you can split it up

[Foxx]

Yeah if you can split it up

I don't think splitting up will do anything. It seems that it is if total transactions for the year exceed 600, it triggers a report, so even if it is 61 $10's, a report is made. They wanted to even do that for everyone's personal banks accounts, at least that idea got nixed for now.

[Brock Landers]

So what LOL

As if it would matter

[jjgold]

I don't think splitting up will do anything. It seems that it is if total transactions for the year exceed 600, it triggers a report, so even if it is 61 $10's, a report is made. They wanted to even do that for everyone's personal banks accounts, at least that idea got nixed for now.

yes

Do not use these apps

[ChuckyTheGoat]

So what LOL

As if it would matter

Right on, Brock. As if the IRS has the manpower to handle this.

IRS has eyes on the elite. Only way they can make it worth their time.

[swordsandtequila]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

You voted for it, here it comes

Big brother watching EVERY TRANSACTION over $600 starting now

Transaction, as in buying/selling something. As in sales tax. Nothing new here. Move along.

[miaplus3]

I think what they are trying to target is when these gangs of thieves rob a store like in California & Ohio in a coordinated attack & then try to sell the goods they stole on social media etc. At least might be part of the issue.

[Brock Landers]

Right on, Brock. As if the IRS has the manpower to handle this.

IRS has eyes on the elite. Only way they can make it worth their time.

💡 spot on

[stake1]

Right on, Brock. As if the IRS has the manpower to handle this.

IRS has eyes on the elite. Only way they can make it worth their time.

that used to be true. But elections have consequences. biden is doubling their size, adding 87,000 new workers to go after everyone and anyone
he doesn’t care if you are in the top 1%, middle class, or poor

[DontTailMe]

https://www.dailymail.co.uk/news/article-10372327/Venmo-PayPal-Cash-App-report-transactions-totaling-600-IRS.html

You voted for it, here it comes

Big brother watching EVERY TRANSACTION over $600 starting now

It's more than that. It's accounts having transactions totaling $600 or more. So you can receive six hundred $1 transactions and qualify.

[DontTailMe]

I think what they are trying to target is when these gangs of thieves rob a store like in California & Ohio in a coordinated attack & then try to sell the goods they stole on social media etc. At least might be part of the issue.

This is silly. It's much simpler. They are targeting everyone who has previously been transacting business on payment platforms and not reporting it as income. That would include eBay sellers, etc.

[MinnesotaFats]

I think what they are trying to target is when these gangs of thieves rob a store like in California & Ohio in a coordinated attack & then try to sell the goods they stole on social media etc. At least might be part of the issue.

It's warrantless surveillance, and will be used to bring separate charges- criminal charges, in otherwise white collar or tax crimes.

These laws will be used to take your assets in due time, and the IRS won't be involved, the DOJ tax division will be, because these are now Federal crimes.

If you can threaten, say, 5 million citizens who you feel underpaid their taxes over a 10 year span by $50k, that's $250 BILLION

[thetrinity]

Looks like it is all totaling 600. My son and I go to the same hairstylist, this penetrates people like them as they do tips via cash or Venmo. I would think they stop offering Venmo. That will probably cut into their tips overall

[thetrinity]

Technically you are supposed to report every dollar you get to the irs. So if your friend gives you 20 and you don’t give it back, that’s supposed to get reported. Of course, no one does. Now that a lot is done electronically this is their way of getting their piece of anything they can.

[KVB]

It's warrantless surveillance, and will be used to bring separate charges- criminal charges, in otherwise white collar or tax crimes...

It's not warrantless surveillance.

LMAOOOOOOOOOO

Read the article if you need it spelled out in a simple form.

We're talking about IRS reporting requirtements for third party vendors. Understand that there were already requirements, and now they have changed.

While this kind of sucks, you are clearly blowing it way out of proportion.

Seriously, man. All they are saying is that a form will be sent so it's time to start keeping records of the smaller transactions that involve "goods and services" and does not change anything for the businessman, who was already required to report these transactions, who does keep records.

Unless said businessman was treating electronic payments as if they were under the table cash.

That would make said businessman a fukkin idiot, lol.

Cash will once again become king.

[KVB]

Technically you are supposed to report every dollar you get to the irs. So if your friend gives you 20 and you don’t give it back, that’s supposed to get reported. Of course, no one does. Now that a lot is done electronically this is their way of getting their piece of anything they can.

No.

This is not true and this is, very specifically, not the type of transactions involved here with the new law.

[JIBBBY]

Just report your winnings.

I just took a $5000 payout from BETDSI to COINBASE (bitcoin). Took that money at Coinbase and turned it into COINBASE CASH ACCOUNT and then transferred it directly into my CHASE BANK account.

If I need to claim it as income on my taxes I will. I will run that by my tax accountant.

[KVB]

Just report your winnings.

I just took a $5000 payout from BETDSI to COINBASE (bitcoin). Took that money at Coinbase and turned it into COINBASE CASH ACCOUNT and then transferred it directly into my CHASE BANK account.

If I need to claim it as income on my taxes I will. I will run that by my tax accountant.

Jibbs a better example for you in this case would be if you were collecting rent on your properties using venmo or paypal. In this case, once it reached $20,000 or 200 seperate transactions, then venmo or paypal would send a report to the IRS.

Now, the threshold has been lowered to $600. I did not see minimum number of transactions required.

[KVB]

I always wondered when you get paid from Sportsbook in the USA PayPal is a person to person or is it a business transaction

The golden question.

Are gambling winnings (and losses) considered "goods and services"??

The answer lies in how you file your taxes, sort of. The vast majority are casual gamblers, and that looks a bit different than filing as a pro, or business.

Also, we might see the relationship between US books and some of these payment methods change.

[JIBBBY]

Jibbs a better example for you in this case would be if you were collecting rent on your properties using venmo or paypal. In this case, once it reached $20,000 or 200 seperate transactions, then venmo or paypal would send a report to the IRS.

Now, the threshold has been lowered to $600. I did not see minimum number of transactions required.

I read ya KVB.

Rental income I get in the form of a personal check and or dirrrect deeposit which I claim on my taxes every year. Can't get around that even if I received my rental income in cash because my Commercial tenants claim the rent as a write off for the businesses that they run. IRS gets notified.

[JIBBBY]

I did notice with that it took a while for Coinbase to creeedit the funds they received from BETDSI after they received confirmation.

I got a notification from Coinbase saying - the funds have to go through 3 networks before funding. Something like that? I was like what ever. Couple hours later I was then fully funded on Coinbase via bitcoin.

[Foxx]

Jibby's always been a model citizen and poster. Keep up the good work.

[lonegambler23]

wonderful. would have cashed my 5k offshore if i knew this, didnt think this was happening so soon