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.
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.
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.
So, think about it like "here's a problem, here's a solution"
The problem: How to measure the amount of money moving in an account
Solution 1: Count any money moving in, and any money moving out, sum them together. That's the total transaction flow
Solution 2: Count only money moving in. What if they deposit a large sum one year and use that as their expense account for the following several years. Then a person/company can get away with counting as being in a much lower transaction bracket. Or if they have separate accounts for deposits/expenses.
Solution 3: Count only money moving out. Same problem as above.
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.
Okay, I'll break it down further.
This event happens at 6pm means that the ebay deposits $300 into their ebay account, listed under your name. It sits there for 1second.
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.
Utterly infuriating and completely unintuitive
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.
Thanks. Is there no better system because of the stock market and the fed? Was there a good system in 1860?
So, think about it like "here's a problem, here's a solution"
The problem: How to measure the amount of money moving in an account
Solution 1: Count any money moving in, and any money moving out, sum them together. That's the total transaction flow
Solution 2: Count only money moving in. What if they deposit a large sum one year and use that as their expense account for the following several years. Then a person/company can get away with counting as being in a much lower transaction bracket. Or if they have separate accounts for deposits/expenses.
Solution 3: Count only money moving out. Same problem as above.