Starting on Jan 1, 2022, we're required by the IRS to collect your full 9-digit Social Security number (SSN)

I think you are confusing it with sales tax. Internet sales tax has been around for a while. This is a tax on selling items on Ebay, Venmo, etc. All transactions totaling more than $600 will be reported to the Gov. Lets say you are my best friend and you loan me $700 in cash. I pay you back later via Venmo. By law, Venmo has to report that $700 as income and you will have to pay taxes on it.

You are really terminally stupid to post what you did here.

You don't pay income tax on selling your personal property, stupid. You pay income tax on INCOME. If you're selling your property, you already paid income tax on that money. In fact, if we are to rationalize this, if you paid $1000 and five years later sell it online for $500, you should claim the $500 against your taxes as a loss. Not income, you halfwit.

FACT: Logic dictates that buying something at a store and layer selling it for less than you paid for it should not be counted as income. Prove me wrong.

Please, please tell us you aren’t that ignorant! God help us all if the ones running the country believe as you do! Apparently they do!

Scenario: You paid $1000.00 for a sofa. The sales tax was 7%. The total comes to $1,070.00. You’re very happy you had to pay that extra $70.00.🙄

Most people with common sense realize furniture depreciates the moment it’s delivered, unless it’s an antique. A year later for some reason or another you sell the sofa for half what you paid $500.00, if you’re lucky.

I cannot for the life of me believe you think that $500.00 is income! It’s no different than a yard sale, a garage sale, etc. Dammit! It’s NOT INCOME YOU NITWIT! You didn’t earn the $500.00. You sold a piece of merchandise for less than what you paid for it plus at the time of purchase you paid a tax on it…a sales tax.

I had an estate sale last year when I sold my house. Without a doubt there was over $15,000.00 worth of merchandise. After paying the handlers 30% I received less than $4,000.00 and you believe that was INCOME for me? Oh Lordy me! Your ignorance astounds me! This is what I refer to as 1 Megohm from ear to ear!

God help us all!🙏🏻

Bump!
Please respond to one of the above replies , preferably the couch example!

This is for online transactions and doesn't apply to cash. All online transactions totaling more than $600 will be reported to the Gov. Lets say you are my best friend and you loan me $700 in cash. I pay you back later via Venmo. By law, Venmo has to report that $700 as income and you will have to pay taxes on it.