You don't seem to grasp very much about this.

The reason it was passed was supposedly to get the rich people that somehow cheating their taxes. In case you're not aware, $600 in transactions is not rich. It was never about rich people and their taxes.

You also seem to have a rather sheltered view of the IRS and the endless potential nightmares for lower middle class people that make an extra couple of bucks. When you sell something on Ebay and get paid on PayPal, you have a capital loss or gain. If you sold a bunch of books you had for $1000, the IRS will assume it's a 100% gain. All you have to do is prove what you paid for them. Its idiotic and pretty clueless to think people have receipts like that and not understand how it is a serious problem.

If someone sells enough, the IRS could determine you're a business and then would owe self employment taxes and other fees.

2000 is a joke also
even 20,000 was too low but at least a little in the reasonable direction

i can't understand why anyone wants to government to be more intrusive in the first place over complete nonsense and that doesn't even include the way these political backs spend our money with zero accountability like drunken sailors

this is the problem when you have your response ready before you finish reading

i think you should re read what i wrote

The nice thing for me about it is every day I have at least 3 or 4 people at the poker room that have gone busto and want me to give them cash for Venmo, Zelle, etc. Now I have an easy excuse to say no lol.

If you get audited they're going to comb through all of your transactions anyway. Doesn't matter if there is a 1099 issued or not for PayPal or Venmo.


Again, it's only for business accounts and goods and services payments. Not friends and family payments. So if you only use friends and family on Venmo or PayPal etc. then you have nothing to worry about. Even if it's over $600.

Now if you're running a legit business out of your Venmo account and have tens of thousands of dollars flowing through and you try to avoid taxes by just using friends and family, then yeah you may get flagged and get caught for tax evasion. Which you should be.

I work for a bank. I see people running businesses out of personal checking accounts. Using Venmo and Cash App for payments and not paying any taxes on business earnings. They think they're entitled and don't need to pay taxes. They're wrong.

You seem to think that it's only an issue for someone trying to cheat. You also seem obsessed with policing tax cheats.

As I said, tell me how you feel after you've been through an audit. You speak with very little experience.

paypal stock is tanking like a rock today. wonder how much of it is due to these new laws and gamblers or even just regular people avoiding paypal now because they dont want to put up with the bullshit of having to fill out tax forms for "income" that is not actually income.

It’s tanking because they gave disappointing earnings guidance

Probably zero impact due to gamblers. Do you realize how tiny that subset is. All about earnings results and guidance…
https://www.cnbc.com/2022/02/01/payp...-earnings.html

No chit Sherlock -)

Such utter bullshit. Freedom is literally gone. 600 bucks??? What a lucrative excuse to track the entire country and invade innocent people's privacy. Absolute joke.

"C'mon man!"

https://nypost.com/2022/03/08/biden-...ryptocurrency/