Heads up for sellers, new tax law

I know for sure some of us are moving more than $600 of yo-yos, so be sure to keep an eye out for that tax form!!!

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I also think the following is valid:

repcheck already exists; Therefore, transactions are made through cryptocurrency, preferably bitcoin, ethereum, etc :slight_smile: it would be the same as an f&f.

citing only paypal; I believe it will only impact G&S, right?

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Is this the year it finally sticks? The IRS has been trying to lower the limit to $600 for a few years already and it always gets delayed. Hoping it gets delayed again :zipper_mouth_face:

He discusses that at the end, this year it’s $5k

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I’m pretty sure this is set to decrease over the next few years so this year it’ll be 2k and so on till 600 in 2027 or whatever.

Maybe I read something wrong. Either way it’ll make some reluctant to sell

Edit:

The more I read the more it looks like 600 is the reporting threshold and 5k this year is the taxable threshold with that taxable inner dropping every year for the next three years till it gets to 600. This of course can change with the new administration and all that but is the course today. Of course non of this is tax advice and I’m just reading stuff you can find too so I would do my own research but it’s coming.

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