New IRS $600 Tax Rule for 2024 (Venmo - Cash App - PayPal)

Fuck the Government.

That's going to suck for those of us using PayPal for child support.

Is it per transaction or total??

Any recent updates on this?

Biden left us fucked up this was Biden idea

I’m not paying shit

Biden bending over the middle and lower. Hopefully trump shuts this down

I hate the cash apps.

please make a video about the no tax on tips act! do we start filling our tax for 2024 or 2025?

Its actually $5000 for 2024, $2,500 for 2025 and $600 in 2026 but some platforms could still send you a 1099k even at the $600 mark

Thanks for the info !

How the heck does that help common people!? FML!!

From Cash app

On November 26, 2024, the IRS set a $5,000 annual reporting threshold for tax year 2024.


For the 2024 tax year, if you have a business account and receive more than $5,000 in 2024, you’ll receive a Form 1099-K by January 31, 2025.

My son dad sends me money for his son do I have to report that ?

Even if you get some furniture for free, you can estimate the cost basis by using the fair market value of that furniture at that time that you had purchased it or received it.

I will have to check again, but I believe that the IRS guidance on this issue is going to apply this to business accounts for Cash app, Venmo, PayPal, etc.

They are absolutely ridicules to sell some old furniture and expect to have a receipt from something you paid for 10 years ago

I made about $2,400 with eBay, Mercari and Etsy in 2023. We usually don’t pay taxes because of having such low income but I was afraid of IRS coming after us if I didn’t file. Tax preparer cost us $140 and had to pay taxes of $350. How the hell did Hunter get away with not paying $$Millions$$?

I'm not reporting that shit, not their business😂

Got the paypal 1099k today on my email

F*ck this Country!

Well the irs is going bye bye

Hmm, who co-founded PayPal?

nice vid

Why am i getting 1099-K from ebay for 7k? I thought if it was under 10k i wouldnt get one for 2024?

Tax on tax on tax on tax on tax…

This is for BUSINESS ACCOUNTS NOT PERSONAL ACCOUNTS

So how does the IRS know which is a payment that you’re getting back for paying dinner for someone, or a gift, versus a service you provided? Is it ONLY if the party that sent the money checks off that box that asks if this payment is for a service? In that case, just tell everyone not to check that when they send the money. Otherwise how would they possibly know?

So if they already now about it why do I have to report it?

Elon Musk needs to dismantle the IRS

Shut the IRS down president Trump!!

I do not buy an old furniture. If it’s an old furniture, I make sure it’s free.

Fingers crossed this fuckery is put to rest with the new administration.

When trump said he will take off taxing overtime. Instead he adds more tax..😂😢

Cash is KING!

Making laws and then playing with them at will. Talk about crooks lol gang members and criminals rule this country, this world.

They told me that if you recieve more than $5000 total in the year, on cash app it, you will get taxed?

5k threshold is a lot better than 600 phew I can breathe again😅

Biden's 80,000 new agents were hired to go after poor people. It's funny that people believed they were hired to audit the rich.

i used my own money direct deposit for bitcoin and stocks, think i only made 200 bucks they want me to claim all 5k. so it gets fees to buy bitcoin/stocks, then taxed on your own money that was already taxed for direct deposit. wth

If you purchase furniture at retail value of $1,000 for example… Then sell it for $650, you should be able to do that without reporting because you are not making a profit.

Who changed the rule ? 😅
Bye-done

As Kirk Franklin said, we need a Revolution.

Why can’t we the people vote on stuff like this. It isn’t fair

Now I’m gonna have to rely on cash and start using personal checks

Avoiding taxes is the most patriotic thing an American can do.

How about kids that receive some payments in cash app for selling stuff like candy in school? Do they need to report it? And how? Thank you, very much

I received a 1099 K from Paypal for about $15,000 and they sent a 1099K. I received about $20000 in business income on Venmo (Personal Account) and they said I did not qualify to receive a 1099K. I told them I should be getting one, but they said I did not qualify. The crazy thing is that Venmo will not even tell me why I don't qualify. I hate doing taxes. It literally wastes about 2 weeks of my life every year. This is a huge drain on your economy and I know people are making mistakes everywhere. This year alone, I should have received a about 15 1099 NECs, but I didn't. Some of them were schools that are run by our own government and they don't even know it eiether.

So hypothetically I recieve 500 dollars on PayPal and move it to my bank in in the clear

Sick disgusting people