Those of You That Use 3rd Party Payment, Read This.

ZX9RCAM

Over the Rainbow bridge...
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It's not every bank account over $600, it's every transaction over $600. And it's worse than that, because the transaction can have multiple parts.

Say you pay someone $50 a week to mow your lawn. If you use a payment app, the money you send them would be tracked, and once the total paid to that individual reached $600 there would be a notification.

How does this affect me negatively?
 

G O B

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I left Maryland when they TAXED THE RAIN!
They have done it before, and will do it again! It cost them the Governors office. Well he IS a RINO, but still an R. But no matter HOW stupid the tax is, they WILL TRY AGAIN!
 

TheDan

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How does this affect me negatively?
You ever sell anything or provide a service you cumulatively received more than $600 for within a year? Did you report that to the IRS?

Even if you that part doesn't effect you, the cost of increased surveillance will.
 

ZX9RCAM

Over the Rainbow bridge...
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You ever sell anything or provide a service you received more than $600 for within a year? Did you report that to the IRS?

Even if you that part doesn't effect you, the cost of increased surveillance will.
No.
And I was was specifically asking about me making payments, not getting paid.
 

toddnjoyce

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You ever sell anything or provide a service you cumulatively received more than $600 for within a year? Did you report that to the IRS?

Even if you that part doesn't effect you, the cost of increased surveillance will.

Just one more reason for F2F cash sales when selling a gun, which is probably how most people here would be impacted if using zelle/paypal/wtf-ever payment systems for the money exchange.
 

TheDan

deplorable malconent scofflaw
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Just one more reason for F2F cash sales when selling a gun, which is probably how most people here would be impacted if using zelle/paypal/wtf-ever payment systems for the money exchange.
Yeah, just don't put that cash in your bank account.

It's going to be real interesting to see what happens to cash when they roll out CBDC.
What about money I send my kids through zelle?
Will they end up getting taxed?
Actually you would be. Currently as long as you gift less than $15k a year you're exempt. Not sure if that's changing with this other mess too or not.
 

ZX9RCAM

Over the Rainbow bridge...
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Well that is fucked up, lol.

I get taxed for helping my kids pay their bills....
 

toddnjoyce

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What about money I send my kids through zelle?
Will they end up getting taxed?

Maybe, I don’t know enough on payment platforms to know how they differentiate a gift vs a payment when it comes to IRS reporting. Interestingly, you can gift up to $15K without you having to pay the gift tax. Those gifts are cumulative though and count against estate tax exclusion.

An unintended consequence could be that those transactions are flagged as income for the receiver and they get a 1099-K, but I just don’t know.
 

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