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⚠️⚠️⚠️ #irs #meetkevin #money ⚠️⚠️⚠️
The IRS is delaying it's $600 tax rule on Venmo, Paypal, Esty, AirBnB and other side hustle transactions. Here's what you need to know and how to avoid it.
📝Disclaimer:
This video is not personalized financial advice for the viewer. Read the Offering Circular before investing in HouseHack.
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📸https://metkevin.com/webcam
⚠️⚠️⚠️ #irs #meetkevin #money ⚠️⚠️⚠️
The IRS is delaying it's $600 tax rule on Venmo, Paypal, Esty, AirBnB and other side hustle transactions. Here's what you need to know and how to avoid it.
📝Disclaimer:
This video is not personalized financial advice for the viewer. Read the Offering Circular before investing in HouseHack.
Hey everyone Me: Kevin Here the IRS just released a new update on the $600 Venmo and PayPal rule. A lot of people have been asking about the details for this and here's the latest. First of all, it's been delayed. This is good news for a lot of folks who were wondering if they were going to get a $199 K Yeah, in case you haven't heard of it yet, there's this thing called the third party T settlement Organization rule.
It's basically a fancy way of the IRS saying we want to tax you when you get paid anything over $600 through things like Venmo PayPal Uh, it could be as much as uh $600 on Etsy for being a seller eBay Airbnb Anything you get paid over $600 for organizations that pay you that money have to file a $10.99 K by January 31st of each year for the prior year. So basically if you got paid, say say $2,000 from your buddy and they were just reimbursements in aggregate amounts, then there's a chance they could show up as something that needs to be reported on a 1099. K Which means you have to report it as income on your taxes and then that means you need to come up with offsetting expenses. Otherwise, you're paying taxes on this sort of stuff.
It's a disaster. Now, the critical way to separate liability for these $600 reporting requirements is when you're sending or receiving payments and they're personal payments, make sure they're sent as a personal payment. The goal of this IRS rule is to basically capture payments that side hustle people get. so for example, maybe you hung Christas Christmas lights for uh, you know, a bunch of people or you did yard Duty for somebody or uh, you know you did some electrical work or some Plumbing work on the side.
Those are the sort of amounts in excess of $600 when they get processed as a payment to a business that the the government is saying hey, we want to capture taxes on this so we're going to make businesses. uh, that, uh, support these sort of payments again Airbnb Etsy Venmo Paypal Report to the IRS When payments of over $600 were made to one particular party, that's how they're calculating it. It's going to be based on one particular party in aggregate. Now, the IRS just came out, just released a statement that they are actually going to delay this by about a year.
Uh, the way they suggest is that 2023 will be considered a transition year, which removes the requirement of reporting transactions over $600 that were categorized as for business to the IRS. Now there is an exception to that rule. Any transactions over I believe it's $20,000 Yeah, here it is. Look at this.
Originally enacted in 2008, there is still going to be a requirement for any transaction that exceeds $20,000 or or the number of transactions with one particular party exceeds 200. So for example, if somebody paid you every single day for babysitting your children and you paid them in the four business measure, let's just say, theoretically right, and you paid them every single day for 200 transactions that would apply, as would payments over $20,000 more realistic, this 200 transaction count would be a way to say Hey you had $250 transactions. Let's say which is 10 grand you're selling stuff on Etsy We want taxes on that 10 grand, right? That would be the more realistic way to implement or to expect that to actually end up being taxable. So there is a way that, uh, you could still get reported by Etsy or Airbnb or otherwise if you have more than 200 transactions or 20,000 Otherwise, business payments of over $600 in a agregate that's in total to a specific paye will be reportable in 2024 unless of course they kick the can down the road again. The good news about this is it basically gives you more time to separate your personal and business venmo and PayPal transactions. Basic Bottom line is as you go into 2024, just make sure you know when you're sending somebody a payment as a for business, not only are there usually Chargers associated with that, but you're probably going to be triggering this. 1099 K for this is also important for those people who are operating side hustles where they're regularly getting paid, they're on Etsy they're on Airbnb or otherwise. But for now, it's delayed by another year.
Thanks so much for watching this update. And yeah, I Lost a bed On my hair with myself I Made a mistake. We'll see you soon Happy Thanksgiving Everyone bye.
Used items shouldn’t be taxed because they were already taxed new. It’s like double taxation.
What happens if I’m usually the person that pays when I’m out and my friends are paying me back via venmo
Gov try screw you againe 🎉😂😂😂
REVOLUTION TIME YET?
If you voted for Biden you should have to pay for everyone since you voted for this b s
Thank you for the info. The $20,000 rule is reasonable. The $600 tax rule is ridiculous. The paperwork is getting crazy.
This works out for me because I had over 20K in ebay sales, now I dont have to report anything. I was going to write it all off anyway on my taxes, but better to not report anything than have to write it off as a negative amount on "other income"
These are only for business transactions!!! NOT PERSONAL DONT BELIEVE THIS MISINFORMATION!!
America created a 1929 in economics to FUCK YOU
Ametica wants to FUCK YOU – yes
Funny – best to move out of America – to Sweden or ???
$600 dollars in San Marcos CA goes how far? It is like you kissing your entire alive away- fuck them
Thank God!
Or stop dropping bombs and leave my money alone
What about when I print 30 large from Webull every month.
Our government is overwhelmed on how to regulate & tax the U.S. dollar. Crypto has totally disrupted/destroyed the foreign exchange system. Money laundering and tax evasion has never been easier. 🤦♂️🤷♂️
They check our 600$ but they spend 600bn every three months on wars 85% of Americans don’t agree with and NON of us voted to support these wars
Is this per transaction or per annum?
Thank you democrats for going after the middle class
Really nice Kevin. I haven't seen this reported ANYWHERE. This is big news!
Thank the lord 🙏🙏
So the IRS is basically saying you work hard to earn $600+ from your side hustle, you get taxed but when you loot/rob the store that’s under $950 you are good. A slab on our good citizen faces. Middle finger to the US gov. 👎🏼
Side hustle people….basically the people that Covid LOCKDOWNS created so people could survive. fna
Should be a DELETE instead of DELAY. Literally buying and reselling garage sale items needs documentation. Total joke. They’ll need to write a receipt??? wtf
I guess they had to do this for the election
I bet I made a believer out of those two Idiot's now, What you think boo boo, I bet they will think before they speak from now on, Show you right boo boo, love you Sweet pea!!!❤😉😋😎😍😘🙂🤗😇
Government tyranny. They're taxing us to pay for other nations
Congress had all of 2023 to fix this terrible legislation and sat on their behinds the entire year.
Happy Thanksgiving to you and your family Also !! Let's hope they keep kicking it down the road I think the realize how hard it's going to be on them and that's why they keep kicking it lol
Is zelle part of this
PayPal to the moooon!
This will push the return of Cash back into the streets.
Ok. I get what you are saying but enlighten me here. Why is the IRS and this government entitled to any money they did not toil for especially now since they give our monies from our Social Security they did not earn but give it to countries that did not earn or contribute to our/my Social Security fund. Paying taxes to our government has become a Damn Joke
End the IRS there simple taxes are theft
Appreciate this video. Thank you Kevin