2912
$600.01 (media.patriots.win)
posted ago by CyanScales ago by CyanScales +2915 / -3
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11
residue69 11 points ago +11 / -0

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.

8
Wolfebane84 8 points ago +8 / -0

So basically everyone who has a job is about to be fucked by the IRS.

AGAIN.

7
residue69 7 points ago +7 / -0

Even worse, everyone who is scraping by doing gigs that don't pay cash are about to be squeezed out of existence.

2
Terkala 2 points ago +2 / -0

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.

5
TheRPatriot 5 points ago +5 / -0

Holy shit this is truly out of hand

-1
GainesvilleFlorida -1 points ago +2 / -3
  1. eBay automatically pays out to your bank account now, if that is toggled on.
  2. the rest of what you wrote simply doesn’t make sense to me but I wonder if I’m getting hung up on the first part

How can getting paid $300 from buyers on eBay add up to $600 in transactions?

1
Terkala 1 point ago +1 / -0
  1. 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.

  2. 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.

1
GainesvilleFlorida 1 point ago +1 / -0

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.

2
Terkala 2 points ago +2 / -0

Okay, I'll break it down further.

A buyer pays me $300.

This event happens at 6pm means that the ebay deposits $300 into their ebay account, listed under your name. It sits there for 1second.

eBay sends $300 to my bank directly (not through PayPal anymore)

This event causes eBay to remove $300 from your eBay account, and put it into your bank account.

Even more simple:

If I hand you a $100 bill, and you hand me back the $100, we have performed $200 of transactions from both of our accounts.. Because a transaction counts everything in and out of the account, each way.

1
GainesvilleFlorida 1 point ago +1 / -0

Utterly infuriating and completely unintuitive

2
Terkala 2 points ago +2 / -0

Welcome to banking. It sounds infuriating, until you dig into it and try to find a better system. And every other way of doing the same thing would be just as confusing.

... continue reading thread?