Anyone who is not essentially homeless. If you live on your friends couch and spend $15 a week on food, you've got enough of a balance to be looked at by the IRS.
It still procedurally shows up as a $300 deposit, followed by a $300 withdrawal to your bank account. Being automatic doesn't change the fact that it's 2 transactions, it just means they happen miliseconds apart.
eBay>ChaseBank>ATM. The deposit from eBay counts for $300, and then the ATM transaction counts for $300. So it's $600 in total transactions again.
The distinction doesn't really matter, because anyone who has any kind of income and isn't essentially homeless will reach this threshhold.
I honestly still don’t understand what you’re saying. A buyer pays me $300. eBay sends $300 to my bank directly (not through PayPal anymore).
How is it $600 and who is being reported as $600? eBay or my bank?
I only had to submit Facebook marketplace irs form when it hit $600.
Note it’s worse than this. It’s any amount of transactions that add up to more than $600 in a year.
Venmo has been cucked for a while. PayPal went to shit a long time ago as well.
Insert “there the same photo” meme here.
Yep. This is how I explain it:
Say you sell something on ebay for $300, and you withdraw the $300 to Paypal. Every ebay transaction for the year is then required to be reported.
If you then withdraw that $300 deposit from Paypal, every Paypal transaction is reported. $300 in plus $300 out = $600.
If you then cash that $300 deposit out of your bank account, every transaction on that bank account is reported.
So basically everyone who has a job is about to be fucked by the IRS.
AGAIN.
Even worse, everyone who is scraping by doing gigs that don't pay cash are about to be squeezed out of existence.
Anyone who is not essentially homeless. If you live on your friends couch and spend $15 a week on food, you've got enough of a balance to be looked at by the IRS.
Holy shit this is truly out of hand
How can getting paid $300 from buyers on eBay add up to $600 in transactions?
It still procedurally shows up as a $300 deposit, followed by a $300 withdrawal to your bank account. Being automatic doesn't change the fact that it's 2 transactions, it just means they happen miliseconds apart.
eBay>ChaseBank>ATM. The deposit from eBay counts for $300, and then the ATM transaction counts for $300. So it's $600 in total transactions again.
The distinction doesn't really matter, because anyone who has any kind of income and isn't essentially homeless will reach this threshhold.
I honestly still don’t understand what you’re saying. A buyer pays me $300. eBay sends $300 to my bank directly (not through PayPal anymore). How is it $600 and who is being reported as $600? eBay or my bank?
I only had to submit Facebook marketplace irs form when it hit $600.
Utterly infuriating and completely unintuitive
Came here to say this.