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Old 01-16-2022, 08:28 AM
phil_er_up phil_er_up is offline
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Join Date: May 2009
Posts: 31
Default Seller beware! The IRS is watching.

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.