Official Numbers Thread for Settling Sports Discussions Part 2 - Page 209 - Sports Betting

As of Jan. 1, mobile payment apps like Venmo, PayPal, Zelle and Cash App are required to report commercial transactions totaling more than $600 per year to the Internal Revenue Service.

The change to the tax code was signed into law as part of the American Rescue Plan Act, the Covid-19 response bill passed in March.

Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, the IRS said.

Starting Jan. 1, the IRS said, if a person accrues more than $600 annually in commercial payments on an app like Venmo, then Venmo “must file and furnish a Form 1099-K” for them — reporting on all the commercial income they collected through the app.

The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill.

In an explanatory document on the new tax changes, the IRS said these changes also apply to people who sell items on internet auction sites like eBay and people who "have a holiday craft business" so long as they accept credit card payments through these apps.

PayPal said both "PayPal and Venmo offer a way for customers to tag their peer-to-peer (P2P) transactions as either personal/friends and family or goods and services by choosing the appropriate category for each transaction."

"Users should select Goods and Services whenever they are sending money to another user to purchase an item, like a couch from a local ad listing or concert tickets, or paying for a service," PayPal said.

could sadly push a lot of transfers here to crypto

thoughts on whether this impacts us?

Quote

01-10-2022 , 07:45 PM

#5202

ZetaPsi909

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 25,094

it should not

“The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill.”

Quote

01-10-2022 , 10:17 PM

#5203

rickroll

oddly catty

Join Date: Aug 2011 Posts: 23,026

Quote:

Originally Posted by ZetaPsi909

it should not

“The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill.”

yeah iirc the pfa podcast mentioned that irs would review that stuff and decide for itself if they were genuine stuff between friends and family or not ie if we're shipping several k they could think we're intentionally mislabeling to avoid the tax hit

re: the thread i started on it a heavy volume transfer guy wrote this:

Quote:

Originally Posted by a dewd

Ha, high volume for sure. My PP is business so I never use that for anything else. The other 6 or 7 cards/apps, I'm already over that threshold. I'll speak with accountant in couple months when taxes get done. My guess is they will not do 1099K for low dollar individuals for now. I'd be willing to bet heavily if the current make-up in DC stays the same that they will do the same for individual accounts.

Thankfully, the part where they tried to get them issued for crypto wallets was skipped.

so looks like it should be ok?

Quote

01-10-2022 , 10:59 PM

#5204

moneymaker03

grinder

Join Date: Nov 2020 Posts: 417

Just got notified I may have a balance. No idea how as I paid everything before I left. supposedly I may have 400 balance from 9 months ago. I will have someone research it, I am not doing it. Not worth my time and know I paid everyone when I left. If it is discovered I owe I will obv send payment but it wont be anytime soon doing the reconciliation of the balance from back then

Quote

01-10-2022 , 11:05 PM

#5205

JPB383

Pooh-Bah

Join Date: Jun 2010 Posts: 5,728

Quote:

Originally Posted by moneymaker03

I would pm Rickroll. He'll have the reconciliation finished by July.

Quote

01-10-2022 , 11:12 PM

#5206

moneymaker03

grinder

Join Date: Nov 2020 Posts: 417

Quote

01-10-2022 , 11:13 PM

#5207

moneymaker03

grinder

Join Date: Nov 2020 Posts: 417

This is what I have listed back then, that I had cleared everything. I ask rickroll how he would of accepted payment back then

Quote

01-10-2022 , 11:35 PM

#5208

JPB383

Pooh-Bah

Join Date: Jun 2010 Posts: 5,728

Quote:

Originally Posted by moneymaker03

This is what I have listed back then, that I had cleared everything. I ask rickroll how he would of accepted payment back then

omg it was rickroll? amazing. I would tell him to jump in a lake or go play in traffic.

Quote

01-11-2022 , 01:33 AM

#5209

ryhenicee

Carpal \'Tunnel

Join Date: May 2008 Posts: 21,117

Tabs

Homanga 300
Randy 417
Anger 300
Gaffon 200
Crazy 100
Nimbus 100

Squares -400
Bacon -249

Quote

01-11-2022 , 01:37 AM

#5210

AGx19

Carpal \'Tunnel

Join Date: Apr 2008 Posts: 12,004

toocrispy +100
lucky +200
zimmer +200

squares -300

Quote

01-11-2022 , 02:09 AM

#5211

AGx19

Carpal \'Tunnel

Join Date: Apr 2008 Posts: 12,004

updated with nfl reg seaosn futures

toocrispy +100
lucky +200
zimmer +200
zeta +586

squares -300

Quote

01-11-2022 , 09:31 AM

#5212

Zimmer4141

Wet

Join Date: Oct 2005 Posts: 33,674

Agx -200
EddyB +300
Kobe -200
MGB +200
Randy -1100
Ryhenicee +300
Squares -300
Sports87 -500
ZetaPsi -133

Quote

01-11-2022 , 09:38 AM

#5213

ryhenicee

Carpal \'Tunnel

Join Date: May 2008 Posts: 21,117

Quote:

Originally Posted by Zimmer4141

Agx -200
EddyB +300
Kobe -200
MGB +200
Randy -1100
Ryhenicee +300
Squares -300
Sports87 -500
ZetaPsi -133

Swap our 300 with randy and we are square

Quote

01-11-2022 , 09:39 AM

#5214

ryhenicee

Carpal \'Tunnel

Join Date: May 2008 Posts: 21,117

Tabs

Homanga 300
Randy 117
Anger 300
Gaffon 200
Crazy 100
Nimbus 100

Squares -400
Bacon -249

Quote

01-11-2022 , 09:39 AM

#5215

Zimmer4141

Wet

Join Date: Oct 2005 Posts: 33,674

Agx -200
EddyB +300
Kobe -200
MGB +200
Randy -800
Squares -300
Sports87 -500
ZetaPsi -133

Quote

01-11-2022 , 10:03 AM

#5216

SeatSeller

Carpal \'Tunnel

Join Date: Apr 2007 Posts: 8,813

$50 SQUARES PAYOUTS:

1Q $500 -Georgia 0, Alabama 3 - MrGoodBarMNF +$300
MGB4A - $200
GoodBar - $100

Half $1,500 - Georgia 6, Alabama 9 - Kobe2odom8 +$1,300
GoodBar - $100
Seats - $200
SeatsTT - $100
Crazy - $300
Homanga - $400
Eddy - $200

3Q $500 - Georgia 3, Alabama 9 - LuckyBacon +$300
Lucky2 - $50
Lucky3 - $100
Anger -$150

Final $2,500 - Georgia 3, Alabama 8 - RandyReid +$2,200
Anger - $100
Cabrera - $100
JPB - $300
Slurms -$100
ITz - $300
AGx - $300
Shults -$100
Erron - $300
Zimmer - $300
Ryhe - $200
THen - $100

Quote

01-11-2022 , 10:12 AM

#5217

ryhenicee

Carpal \'Tunnel

Join Date: May 2008 Posts: 21,117

Tabs

Homanga 300
Anger 300
Gaffon 200
Crazy 100
Nimbus 100

Randy -283
Bacon -249

Quote

01-11-2022 , 10:33 AM

#5218

EddyB66

Carpal \'Tunnel

Join Date: Feb 2011 Posts: 26,767

Pre-swap Numbers:

I am owed:

crazyrunner +168
zeta +54
luckybacon +46
angerpush +400
ryhen +18 vig on Buffalo

I owe:

homanga -22
randyreid -200
rickroll -261
zimmer -300
kobe -200

Quote

01-11-2022 , 11:08 AM

#5219

Sports87

Carpal \'Tunnel

Join Date: Jun 2013 Posts: 7,693

billybizzle -351
kobe2odom -585

randyreid +1104
zimmer +500
zetapsi +76

Quote

01-11-2022 , 11:11 AM

#5220

Sports87

Carpal \'Tunnel

Join Date: Jun 2013 Posts: 7,693

Quote:

Originally Posted by Zimmer4141

Agx -200
EddyB +300
Kobe -200
MGB +200
Randy -800
Squares -300
Sports87 -500
ZetaPsi -133

zimmer will pay sports87 the 800 he owes randyreid

zimmer now owes sports87 1300

Then pay that 1300 to zetapsi

Sports87 and zimmer are now square

Quote

01-11-2022 , 11:43 AM

#5221

AGx19

Carpal \'Tunnel

Join Date: Apr 2008 Posts: 12,004

Quote:

Originally Posted by Zimmer4141

Agx -200
EddyB +300
Kobe -200
MGB +200
Randy -800
Squares -300
Sports87 -500
ZetaPsi -133

zim owe randy 300 more, zim owe me 300 less (thru 0), agx randy square

pay zeta 100 less, zeta owwe me 100 less, agx zim square

toocrispy +100
lucky +200
zeta +486

Quote

01-11-2022 , 12:07 PM

#5222

Zimmer4141

Wet

Join Date: Oct 2005 Posts: 33,674

EddyB +300
Kobe -200
MGB +200
Randy -600
ZetaPsi -1333

Quote

01-11-2022 , 12:49 PM

#5223

ZetaPsi909

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 25,094

jan 4 - 10 preswap

agx -586
eddy -54
rick -184
s87 -76

ap 522
crazy 827
luck 2300
toocrisp 1000
zimm 133

Quote

01-11-2022 , 01:07 PM

#5224

ryhenicee

Carpal \'Tunnel

Join Date: May 2008 Posts: 21,117

Quote:

Originally Posted by ZetaPsi909

jan 4 - 10 preswap

agx -586
eddy -54
rick -184
s87 -76

ap 522
crazy 827
luck 2300
toocrisp 1000
zimm 133

Zeta hacked? No chance he is posting numbers on Tuesday

Quote

01-11-2022 , 01:55 PM

#5225

nimbus

Carpal \'Tunnel

Join Date: Feb 2006 Posts: 8,598

Numbers preswap including rollovers. Don't swap
Includes Rick/Randy early swap

itz -100
kobe -207
ryh -100
rickroll -105 (-212, +107 randy)

anger +200
bacon +100
eddy +100 (disc)
gaffon +100
crispy +115

square
randy 0 (+107, -107 rick)

Quote

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