The 1947 - Present Chevrolet & GMC Truck Message Board Network







Register or Log In To remove these advertisements.

Go Back   The 1947 - Present Chevrolet & GMC Truck Message Board Network > Welcome and Discussion > General Discussion

Web 67-72chevytrucks.com


Reply
 
Thread Tools Display Modes
Old 10-18-2021, 10:18 PM   #1
w314speed
Senior Member
 
Join Date: Jun 2005
Location: atlanta
Posts: 2,311
PAYPAL IRS Requires Taxpayer ID for Sales over $600

Came home from work to find a PAYPAL message that the IRS requires PAYPAL to report all sales over $600. They are asking that I register a Tax ID, so that a 1099 can be sent? The impact that this will have on the boards classified sales is to be determined! Many of us are not professional parts vendors.

I will have to take the parts that I bought over many years to Charlotte Auto Fair and Moultrie Auto Fair! I have bought most of my parts through 40 years of
working as a taxpayer for the enjoyment of working on projects!
w314speed is offline   Reply With Quote
Old 10-18-2021, 10:24 PM   #2
Warrens69GMC
Registered User
 
Warrens69GMC's Avatar
 
Join Date: Jan 2003
Location: Safford,AZ
Posts: 3,613
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

wow.
Warrens69GMC is offline   Reply With Quote
Old 10-18-2021, 10:50 PM   #3
anew4961
Senior Member
 
Join Date: Jun 2017
Location: burlington north carolina
Posts: 1,030
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

the same thing happened to me on facebook also and pay pal so whats up with this
anew4961 is offline   Reply With Quote
Old 10-18-2021, 11:33 PM   #4
glord
Registered User
 
glord's Avatar
 
Join Date: Jun 2016
Location: Carmel Valley, CA
Posts: 37
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Part of proposed American Families Plan . . .

https://www.snopes.com/fact-check/bi...00-dollar-irs/
glord is offline   Reply With Quote
Old 10-19-2021, 12:35 AM   #5
HOTFUN
Senior Member
 
HOTFUN's Avatar
 
Join Date: Jan 2001
Location: Lincoln, Nebraska
Posts: 2,134
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

What a head ache.
First it was add sales tax to everything on line and even at Nebraska swap meets. Now this and pay income tax at 25% to Federal and 7% to Nebraska for me.

Now I'm hearing everything including cash withdraws over $600 from your bank account also gets reported to the IRS.

Now they want eBay, Paypal, and Facebook to report cash transfers by tax id on individual occasional sellers.
Thats a monumental s... load of receipts and record keeping on every purchased and now sold part that never was kept on a lifetime of purchases made up to 50 years ago for me.
Guess you just quit selling anything and a stepped up current value still may be available to your inheriting kids at your estate sale. Who can afford to wade through a tax return each year to itemize all your expenses and gains over a lifetime.
__________________
'66 CST BBW swb fleet 327 fac ac
'67 CST 4x4 swb 327 stepside project
'72 Cheyenne K20 50k original
'72 Cheyenne Super K20 project
'73 Sierra swb 4x4 frame off in paint stage
'74 Cheyenne Super swb w/16k actual
'71 & 72 Cheyenne K10 4x4 swb's
'70 426 HEMICUDA conv SHAKER 4 sp Dana 60
'60 Impala conv 327 PG fac ac loaded 3rd owner
'72 GMC K2500 4x4
'59 Apache CST BBW fleetside swb 283
'73 ElCamino SS LS1 T56 true SS bucket tach
'76 ElCamino SS 52k survivor
'87 Grand National 41k True 2nd to last built in 1987.
'86 K30 454 SRW fleetside CA since new
'88 Trans Am GTA 39k bought new
2018 DEMON plum crazy @ 840HP! "Need for speed"
HOTFUN is offline   Reply With Quote
Old 10-19-2021, 07:33 AM   #6
72ironmike
Senior Member
 
72ironmike's Avatar
 
Join Date: Jan 2004
Location: Olathe KS (Greater Kansas City MO Area)
Posts: 2,092
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I guess you have to sell everything to "best view" !

What's next ?
72ironmike is online now   Reply With Quote
Old 10-19-2021, 08:07 AM   #7
67C10Step
Registered User
 
67C10Step's Avatar
 
Join Date: Jul 2019
Location: Beebe, AR
Posts: 2,379
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

This is what I don't get, if it is part of a plan that is only PROPOSED, why are these organizations already falling in line with the IRS? More importantly, why does the IRS feel they can even ask for something that isn't into law yet?

It seems our government and these organizations are in lock step with one another. I'm not conspiracy theory nut but it sure makes my tin foil hat tingle.
__________________
1967 C10
1980 Jeep CJ5
2020 Toyota 4Runner
2020 Toyota CH-R
2020 Acura MDX
67C10Step is offline   Reply With Quote
Old 10-19-2021, 03:35 PM   #8
1rippen6
Senior Member
 
Join Date: May 2011
Location: Greencastle PA
Posts: 6,682
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:
Originally Posted by 72ironmike View Post
i guess you have to sell everything to "best view" !

What's next ?
lmao
1rippen6 is offline   Reply With Quote
Old 10-19-2021, 03:42 PM   #9
71K5Randy
Senior Member
 
71K5Randy's Avatar
 
Join Date: Aug 2015
Location: Belleville, IL (St. Louis metro)
Posts: 724
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I’d recommend keeping every receipt for everything. If no receipt, keep a handwritten log what you paid for it. Because if the IRS puts you in a position where you have to report gross profit off that 1099 income, you’ll need that cost basis to prove you only made $50 or whatever on that $600 item you sold.
__________________
71 K5 CST Blazer 350
70 Suburban 350
71 Chevelle SS 454
69 Olds 442 454 (yes, Chevy power!)
68 Camaro RS 327
66 Chevelle SS 396
Members I have met: 62cdan, 60case, daddymoo2, aotte1, 70shortfleet, countr, Cowboy#40, chevy71super, davischevy
71K5Randy is offline   Reply With Quote
Old 10-19-2021, 03:45 PM   #10
chewychevy67
Registered User
 
Join Date: Jan 2010
Location: Here
Posts: 5,394
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

This sucks for this hobby because ppl will simply choose not so sell anymore because of the hassle and scrap valuable parts instead. I'm not sure how this will work in Canada but will soon probably be the same.
chewychevy67 is online now   Reply With Quote
Old 10-19-2021, 03:58 PM   #11
cwcarpenter98
Senior Member


 
cwcarpenter98's Avatar
 
Join Date: Jan 2018
Location: Hickory Flat, GA
Posts: 4,419
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

It definitely sucks. Time to go back to how swap meets and parts sales were done before the internet became mainstream, I guess. Although, I'm no expert on that one since I've been around less than that

For the person who sells stuff occasionally and not for the purpose of a business, this will really hurt. For someone who sells more for a business, or business minded, this is more annoying than anything else.

If you're selling enough on the side to have a side business, keep a good time log of your activities related to buying and selling (swap meets, searching for parts, combing through junkyards, etc.). If you hit 500 hours a year, you're considered to be materially participating in that business, therefore you can take any losses you have that year against your regular form of income. If you aren't spending 500+ hours a year, it's considered a passive activity, so you would only have passive losses or gains. Passive losses can only be taken against passive income
__________________
Christian Carpenter

1963 C10 - Frankentruck 283, 3 speed with overdrive
Overdrive wiring here
1963-ish truck bed trailer - Half-Wit

1981 C10 - Penny 305, th350

1995 Dodge Dakota Sport

"I'll put it simple: if you're going hard enough left, you'll find yourself turning right." - Doc Hudson
cwcarpenter98 is offline   Reply With Quote
Old 10-19-2021, 04:24 PM   #12
70STOVEBOLT
Senior Member
 
70STOVEBOLT's Avatar
 
Join Date: Jun 2005
Location: Winona Lake, IN
Posts: 6,195
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Stop putting your cash in the bank and install a wall safe.
__________________
70 C/10 SWB 402/TH400/3.73 "The Needy Beast"
200,000 Mile Club
Disc Brake Club

Owner installed options:
Front Sway Bar
Power Steering
Power Brakes
Cigar Lighter
Courtesy Lights
Deluxe Side Markers
Wiper Delay
Power windows
Power Locks

Coming soon: EFI

2015 Silverado 1500 LS 4.3/6L80/3.23
70STOVEBOLT is offline   Reply With Quote
Old 10-19-2021, 04:38 PM   #13
Clatterville trolley
Senior Member
 
Clatterville trolley's Avatar
 
Join Date: Apr 2013
Location: Columbia, MO
Posts: 1,922
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I got that same PayPal notice a few weeks back and posted on the forum about it. Someone said that the $600 is the lower threshold and only means you need to give your tax ID. Supposedly the figure where you would be actually taxed is much higher. Go to your PayPal account and log in. Then check what they say about it - I read mine, but can't remember detail for detail what the stipulations were.
Actually the idea of the safe sounds pretty good to me. Jay
__________________
PayPal 1windyridgeboy@gmail.com
Clatterville trolley is offline   Reply With Quote
Old 10-19-2021, 04:47 PM   #14
leddzepp
Moderator
 
leddzepp's Avatar
 
Join Date: May 2007
Location: Southern Cal
Posts: 19,972
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Ever notice how Marketplace, OfferUp, etc. ask “Did you sell this?” Or “mark this sold?” That way you can rate the buyer…it’s also how they can keep track of what you sold and for how much.
__________________
1972 C/10 Cheyenne Super SWB. Restored, loaded, slammed.

1968 C/10 50th Anniversary LWB. Unrestored, stock, daily driver/work truck.


RIP ElJay
RIP 67ChevyRedneck
RIP Grumpy Old Man
leddzepp is offline   Reply With Quote
Old 10-19-2021, 08:08 PM   #15
KW5413
Registered User
 
KW5413's Avatar
 
Join Date: Jul 2021
Location: Rowlett, TX
Posts: 494
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

The banks will be reporting all $600+ deposits, as well.
KW5413 is offline   Reply With Quote
Old 10-20-2021, 10:06 AM   #16
Yukon Jack
Post Whore
 
Yukon Jack's Avatar
 
Join Date: Feb 2000
Location: Rose Hill, KS, USA
Posts: 12,683
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

I'll probably be withdrawing and depositing $601 daily just to cause problems ;-)
__________________
1970 Blazer with a 400 sbc and 4" lift
1980 Pontiac Trans Am, 455 Oldsmobile
2012 Kawasaki Concours 14
Yukon Jack is offline   Reply With Quote
Old 10-20-2021, 10:38 AM   #17
truckin 79
Registered User
 
Join Date: Jun 2014
Location: CO
Posts: 727
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Are you sure you are reading it correctly? The Snopes article says that banks have to report transactions over 600 as a whole but not individual information. The IRS has always had the power to probe into your personal baking info.

Quote:
The Center for American Progress (CAP) points out that banks will only be providing “aggregate numbers to the IRS after each year — gross inflow and gross outflow — and not individualized transaction information.” This reporting requirement would also extend to peer-to-peer payment services like Venmo, but wouldn’t require people to report any additional information to the government. According to The Wall Street Journal, financial institutions must already report interest, dividends, and investment incomes to the IRS, and the IRS can get other information through audits.
__________________
79 Chevy 2wd BIG10 350 TH400
truckin 79 is offline   Reply With Quote
Old 10-20-2021, 11:00 AM   #18
best view
Registered User
 
Join Date: Apr 2009
Location: newbury new hampsire
Posts: 1,965
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Ive been ahead with the cash as some of you know .sadly the communist party has taken over and I saw it coming I’ve sold almost everything I have and looking for a new country, but no other country wants us , we have lost our freedom
best view is offline   Reply With Quote
Old 10-20-2021, 11:04 AM   #19
GOPAPA
"Tail Gate Best Seat In House"
 
GOPAPA's Avatar
 
Join Date: Oct 2007
Location: Nampa Idaho
Posts: 7,292
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Just read this today

The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions, after widespread criticism from ( I will not share the rest of this to stay away from getting political )
__________________
When you learn a thing a day you store up smart.
GOPAPA is offline   Reply With Quote
Old 10-20-2021, 11:04 AM   #20
KW5413
Registered User
 
KW5413's Avatar
 
Join Date: Jul 2021
Location: Rowlett, TX
Posts: 494
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Looks Biden is backing off the $ 600.00 figure and moving to $ 10,000.I believe as an annual threshold. $ 10,000 transactions have been reportable for years. None of these include payroll deposits.
KW5413 is offline   Reply With Quote
Old 10-20-2021, 11:37 AM   #21
kwmech
Senior Member
 
Join Date: Mar 2003
Location: Colfax-California
Posts: 8,355
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

They probably came to the realization of the huge mountain of paper work involved and the amount of employees it would take to sift through that mess. It would be millions of transactions a day between business and personal accounts.
kwmech is offline   Reply With Quote
Old 10-20-2021, 12:47 PM   #22
LONGHAIR
just can't cover up my redneck
 
Join Date: May 2004
Location: Columbus OH
Posts: 11,414
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Quote:
Originally Posted by KW5413 View Post
Looks Biden is backing off the $ 600.00 figure and moving to $ 10,000.I believe as an annual threshold. $ 10,000 transactions have been reportable for years. None of these include payroll deposits.
That 10k was in a single transaction though, not annual, plus they are talking "transactions" not simply deposits. So if you transferred money from a checking account into savings? or made an investment? transferred your 401K? these are all transactions from "financial institutions"
Moving money around is not income, but they will try to twist it into that at some point.

Their justification for this is that they are missing out on unreported income, but it's the government so they miss the point of the cost of expanding the IRS to collect this money. It will expand things to the point of costing more to collect this shortage than it is worth. Then we are stuck with a bigger/costlier entity that never goes away and continues to consume tax dollars.

Are these companies complying with things not yet established to soften the blow? Testing the waters?
__________________
You can review the site's rules here.



Quote:
Originally Posted by Longhorn Man View Post
As for reading directions...
The directions are nothing but another man's opinion.
Learn from the mistakes of others, you won't live long enough to make them all yourself...

Bad planning on your part does not necessarily constitute an instant emergency on my part....

The great thing about being a pessimist is that you are either pleasantly surprised or right.
LONGHAIR is offline   Reply With Quote
Old 10-20-2021, 01:20 PM   #23
leddzepp
Moderator
 
leddzepp's Avatar
 
Join Date: May 2007
Location: Southern Cal
Posts: 19,972
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

They need start collecting to make up for all the free money they are giving out
__________________
1972 C/10 Cheyenne Super SWB. Restored, loaded, slammed.

1968 C/10 50th Anniversary LWB. Unrestored, stock, daily driver/work truck.


RIP ElJay
RIP 67ChevyRedneck
RIP Grumpy Old Man
leddzepp is offline   Reply With Quote
Old 10-20-2021, 01:49 PM   #24
Grumpy old man
Senior Member
 
Grumpy old man's Avatar
 
Join Date: Dec 2013
Location: Gods country East,Tn
Posts: 8,545
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

It's all just a "reverse Robinhood" Take from the "poor" and further enrich the coffers of the politicians . Have you ever seen a poor politician? They keep approving all these different programs and they haven't even spent the money from previously approved programs or it gets redirected to another "cause" I think what everyone should be asking is where did all that money go ? there's never an accounting of whats been spent and who has it now . We're all just the rats on the wheel .

Next cash will be totally replaced by cards and then it will be a barcode on you .
__________________

1967 Factory short bed - Old school
'71 - 350 / 4bolt / 487 heads / Edelbrock C3BX
Muncie M-22 4 speed / Hurst Comp plus
Factory 12 bolt posi 3.73 / 255-70-15
Smoothed firewall / Factory cowl induction
Power disc brakes / power steering / 3.5-5" drop

Last edited by Grumpy old man; 10-20-2021 at 01:58 PM.
Grumpy old man is offline   Reply With Quote
Old 10-20-2021, 01:49 PM   #25
truckin 79
Registered User
 
Join Date: Jun 2014
Location: CO
Posts: 727
Re: PAYPAL IRS Requires Taxpayer ID for Sales over $600

Maybe it is a way to get the rich to pay their fair share of taxes in stead of hiding their assets like the Pandora paper revealed.

https://www.nytimes.com/2021/10/04/w...ra-papers.html
Quote:
Ms. Kumar and others said they hoped the Pandora report would accelerate action to strengthen international financial regulations, curb tax avoidance and severely restrict the ways that the wealthy can hide assets. One of her main takeaways from the report, she said, was the complicity of bankers in helping their most affluent clients.
__________________
79 Chevy 2wd BIG10 350 TH400
truckin 79 is offline   Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 08:03 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
Copyright 1997-2022 67-72chevytrucks.com