IRS reminder: We want more of your money

**John_Wick** · November 21st, 2023, 11:40 PM

Originally Posted by widgetman101

Does Venmo distinguish what a payment is being received for?

Yes, Venmo and PayPal both distinguish between goods/services and friends/family payments. The default in Venmo is friends/family; goods/service payment has to be selected.

Originally Posted by sbmania

If your wife decides she doesn't like the couch anymore and buys another one, and you sell the old couch for $150, is that really income?? Now in a perfect world, you could find the receipt from when you originally bought the couch to show you paid $1500 for it at Macys 8 years ago, but does anyone really think they can find that original receipt? Or does anyone really want to spend the time rooting through their files looking for it? So now you get a 1099 from Paypal or Venmo for the couch and 15 other unwanted household items you got rid of last year and it becomes an exercise in paperwork to explain it all to uncle so that you don't have to pay taxes on the money for the tenth time.

It made a bit more sense when the cash flow to be reported was $20,000 because that starts to sound like a business maybe is being run. But $600?? I can spend more than that on dinner, wine and cigars on a good night! But guess what - government spending is going through the roof and SOMEBODY has to pay for all the money the gov is giving away. That somebody would be you and me. So prepare to get squeezed a little harder. It's for the immigrants, and Ukraine and all the other charities that the gov thinks we should support. So feel good about yourself. Really!

Agree. Under the current system I'm paying taxes on selling goods that I've already taken a loss on, which is ludicrous.