Took the following from another site. Was not sure where to put this on AA so picked this forum. Know many of us sell used gear over $600 that is why I am posting this.
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As of
January 1st, payment companies like
Paypal and Venmo (among others)
are required to report to the IRS total transactions for the year over $600. The previous threshold was $20,000 and 200 transactions, so this is a huge change.
At the end of the year the
IRS will receive a 1099-K showing these amounts AS INCOME.
See these (just a few article examples):
https://www.taxjar.com/blog/2021-11-...rting-for-2022
https://news.bloombergtax.com/tax-in...coming-in-2022
Be careful out there!
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If you send friend and family you will be good.
The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family.