If you aren't doing anything untoward (like getting paid wages under the table, using a digital payment system and not reporting it[1]), this doesn't change how you file taxes. It's simply a data-point that the IRS will cross-reference, to see if you are being honest with your filing.
[1] If you're doing that, you should, like, stop. I'm not a lawyer and this is not tax advice, but you should probably stop.
If you decide to clean out the junk from your closets, you now have to report that income along with documentation showing you sold it at a loss. Not very fun.
A lot of people freelance, landlord or do other activities that are classified as "businesses." So it, actually does personally affect a lot of folks who aren't even full blown businesses.
It could if you're a hobbyist buying/selling over $600 worth of used goods. Lots of online communities advise buyers and sellers to use PayPal goods & services for its protection.
Now, folks are on the hook for self-reporting. Previously, the thresholds were $20,000 and 200 transactions, which were maybe too lenient. Had lawmakers just halved the threshold to $10,000, I don't think most people would care. The $600 is too low, e.g. guitars easily fetch a grand, and Leica M bodies are easily over that.
Also, what are Nancy Pelosi's stock gains compared to any folks that might have been not reporting their illicit <$20k income?
chrismcb|4 years ago
unknown|4 years ago
[deleted]
vkou|4 years ago
[1] If you're doing that, you should, like, stop. I'm not a lawyer and this is not tax advice, but you should probably stop.
CincinnatiMan|4 years ago
thathndude|4 years ago
I’m only sort of joking, the IRS has historically scrutinized attorneys more than other professions.
loeg|4 years ago
jdavis703|4 years ago
et-al|4 years ago
Now, folks are on the hook for self-reporting. Previously, the thresholds were $20,000 and 200 transactions, which were maybe too lenient. Had lawmakers just halved the threshold to $10,000, I don't think most people would care. The $600 is too low, e.g. guitars easily fetch a grand, and Leica M bodies are easily over that.
Also, what are Nancy Pelosi's stock gains compared to any folks that might have been not reporting their illicit <$20k income?