2912 $600.01 (media.patriots.win) posted 171 days ago by CyanScales 171 days ago by CyanScales +2915 / -3 144 comments download share 144 comments share download save hide report block hide replies Comments (144) sorted by: top new old worst You're viewing a single comment thread. View all comments, or full comment thread. ▲ 11 ▼ – residue69 11 points 171 days 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. permalink parent save report block reply ▲ 8 ▼ – Wolfebane84 8 points 171 days ago +8 / -0 So basically everyone who has a job is about to be fucked by the IRS. AGAIN. permalink parent save report block reply ▲ 7 ▼ – residue69 7 points 171 days 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. permalink parent save report block reply ▲ 2 ▼ – Terkala 2 points 171 days 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. permalink parent save report block reply ▲ 5 ▼ – TheRPatriot 5 points 171 days ago +5 / -0 Holy shit this is truly out of hand permalink parent save report block reply ▲ -1 ▼ – GainesvilleFlorida -1 points 171 days ago +2 / -3 eBay automatically pays out to your bank account now, if that is toggled on. 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? permalink parent save report block reply ▲ 1 ▼ – Terkala 1 point 171 days ago +1 / -0 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. permalink parent save report block reply ▲ 1 ▼ – GainesvilleFlorida 1 point 170 days 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. permalink parent save report block reply ▲ 2 ▼ – Terkala 2 points 170 days 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. permalink parent save report block reply ▲ 1 ▼ – GainesvilleFlorida 1 point 170 days ago +1 / -0 Utterly infuriating and completely unintuitive permalink parent save report block reply ▲ 2 ▼ – Terkala 2 points 170 days 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. permalink parent save report block reply ... continue reading thread?