DId you get that paperwork from the IRS about purchasing? over $600.00

The irs doesn’t have the money to audit multi millionaire tax cheats and people are worried they are going to audit the sale of a piece or gear with at best $50-100 in tax value in play?  All it takes is having a receipt from someone saying you paid more than you sold it for.

Was in the news yesterday. The $600 rule was not passed for 2023 and again in 2024. They are still debating on where the line will be. Looks like only sales over $20,000 will be under scrutiny through 2024. Supposed to go down to $5000 in 2025, the down to $600 in 2026. There will be a transaction count that gets one noticed as well. A handful of sales may not get you noticed for selling equipment.

Apparently the IRS is still wrangling with what types of sales will fit this new rule. The Doily makers on Etsy may have to add internet tax on their crocheted wares.

Venmo is the primary pay service being targeted, but they will figure out how to get a feed from all. Odd thing will be how they hassle the kid or parents that regularly send each other a $700 chunk of their salary to keep each others house and bills paid up. Will probably be a check box in the transfer of funds that allows families to send money without it looking as if someone bought something.

@andym23456 - can you provide a link to the information you've cited above?  I'd be interested to read it in more detail.  Thanks in advance.

NPR News had it as a Topic related to the upcoming April 15th Tax Day.

I’d think it’d be searchable on their web site.