PSA for Personal Ski Sales

WoFIowz

WoFIowz

Active member
If you use the payment function on Venmo or PayPal or anything but Zelle (doesn't report any transactions to IRS lol), the tax rules have changed.

Sellers: see pics below. Annual total sales $600 or more trigger a 1099-K which you gotta report on your return.

Buyers: Using the friends and family option with some rando on the internet is risky and doesn't offer buyer protection. Don't feel pressured. Always use something offering buyer protection.

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From paypal/venmo

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As if existing taxes wernt enough. especially in Canada where insurance is 3 times as expensive and they force you to take $4 toll routes unless you want to drive an extra 30 minutes. Never come to Canada
 
14483688:IHatePedophiles said:
As if existing taxes wernt enough. especially in Canada where insurance is 3 times as expensive and they force you to take $4 toll routes unless you want to drive an extra 30 minutes. Never come to Canada
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Haha where tf in Canada were you? Unless your near Toronto or Vancouver toll roads are almost non existent.
 
14483745:AlwaysGrabBlunt said:
Haha where tf in Canada were you? Unless your near Toronto or Vancouver toll roads are almost non existent.
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He might be talking about the Cobequid pass in Nova Scotia. It's mildly inconvenient but easy to avoid
 
As a life long liberal I have to say this is literally the stupidest fucking thing I’ve ever seen in my life. This is why normal people end up voting republican like yeah they might be Nazis but the alternative is Commie so pick your poison. ?‍♂️
 
14483764:Casey said:
As a life long liberal I have to say this is literally the stupidest fucking thing I’ve ever seen in my life. This is why normal people end up voting republican like yeah they might be Nazis but the alternative is Commie so pick your poison. ?‍♂️
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I think it's an interesting provision. Either the purpose is to fund part of the bill through identifying tax evaders or because someone was pissed about people doing side gigs. I'm curious to know who it was who implemented it since I know this entire bill was huge with lots of revisions.

There's really no reason to be pissed. Technically you're supposed to report all income, but they really don't enforce it unless it fits various thresholds. You were also supposed to report e-commerce purchases out of state to state taxes but who ever did that? So what did states do? They started requiring retailers to enforce it. At one time Amazon was tax free.
 
14483847:ASAPCarter said:
Wait so just to clarify… Zelle is safe, yeah?
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Yes, it's secure (so safe) and you can do it from inside your bank app, but it doesn't provide any buyer protection. Once you send money, it's gone (kinda like a wire transfer but not really), so don't fuck up. Pretty sure venmo is same way tho for refunds- rarely get em. I usually just use zelle to sent instant payments to friends and family for random stuff, and for transferring money instantly between my bank accounts. I like it because it's instant and I don't gotta have an extra log-in or link my account like venmo. At one point venmo had security issues (resolved) but that's really what led me towards zelle vs venmo. I still use paypal or a credit card if I'm paying for stuff or am worried I might need buyer protection.

Imo venmo is stupid if your funding choice is your bank, since just like zelle, it also doesn't come with buyer protection. It's extra steps and more time to achieve the same outcome. The only advantage is more people utilize venmo vs zelle and you can use a credit card on venmo. The zelle app is garbage so I would only use it if your bank has it integrated within their own app.

It's really weird PayPal owns Zelle but also offers a similar type of payment system through PayPal itself. I wonder why they never consolidated them into one service.
 
14483745:AlwaysGrabBlunt said:
Haha where tf in Canada were you? Unless your near Toronto or Vancouver toll roads are almost non existent.
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No tolls around Vancouver that I know of...at least not for bridges or toll roads, ferries are sort of a different story but most people don't work those into their daily lives.
 
14483901:Turd__Authority said:
Yes, it's secure (so safe) and you can do it from inside your bank app, but it doesn't provide any buyer protection. Once you send money, it's gone (kinda like a wire transfer but not really), so don't fuck up. Pretty sure venmo is same way tho for refunds- rarely get em. I usually just use zelle to sent instant payments to friends and family for random stuff, and for transferring money instantly between my bank accounts. I like it because it's instant and I don't gotta have an extra log-in or link my account like venmo. At one point venmo had security issues (resolved) but that's really what led me towards zelle vs venmo. I still use paypal or a credit card if I'm paying for stuff or am worried I might need buyer protection.

Imo venmo is stupid if your funding choice is your bank, since just like zelle, it also doesn't come with buyer protection. It's extra steps and more time to achieve the same outcome. The only advantage is more people utilize venmo vs zelle and you can use a credit card on venmo. The zelle app is garbage so I would only use it if your bank has it integrated within their own app.

It's really weird PayPal owns Zelle but also offers a similar type of payment system through PayPal itself. I wonder why they never consolidated them into one service.
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PayPal owns Venmo not Zelle.
 
this is stupid as fuck cuz i get $100 a month from my grandparents for school and some grocery money every month from my parents. so now they’re saying i have to report that on my taxes???

fuck the IRS
 
14484255:SlitherySnake said:
this is stupid as fuck cuz i get $100 a month from my grandparents for school and some grocery money every month from my parents. so now they’re saying i have to report that on my taxes???

fuck the IRS
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No lol I'm referring to the payment feature. Your parents sending money doesn't count unless you're literally billing them.

You also don't need to worry about this either with such a small amount

https://money.usnews.com/money/personal-finance/taxes/articles/gift-tax-tax-rules-to-know-if-you-give-or-receive-cash
 
Nothing compared to what they charge for a heli ride.

14483688:IHatePedophiles said:
As if existing taxes wernt enough. especially in Canada where insurance is 3 times as expensive and they force you to take $4 toll routes unless you want to drive an extra 30 minutes. Never come to Canada
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