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#1 |
Junior Member
Join Date: Oct 2014
Posts: 42
Likes: 0
Liked 9 Times in 8 Posts
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Anyone not familiar with 2022 changes to the 1099-K form needs to know that gross payments for 2021 were $20,000 as of Jan.1 2022 it dropped to $600.This is a IRS information return used to report certain payment transactions to improve voluntary tax compliance. To learn more about this Google 1099-K and read what irs.gov says. The way I interpret this is if you sell anything for more than $600 and it's payed by check,credit or debit card,paypal you will get a 1099K for every transaction.
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#2 |
Member
Join Date: Oct 2003
Location: candia, nh
Posts: 497
Likes: 53
Liked 216 Times in 68 Posts
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FJB
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#3 |
VIP Member
Join Date: Dec 2001
Location: phoenix
Posts: 1,434
Likes: 55
Liked 680 Times in 269 Posts
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I read if it's over 600 per year and not per transaction. Zelle, paypal,Venmo will also be included.
Gov wants to know about your cash. |
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#4 |
VIP Member
Join Date: Feb 2003
Location: Glendale, Arizona
Posts: 2,996
Likes: 693
Liked 1,465 Times in 547 Posts
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I just received one form the Social Security office for a check for the amount of $663.50 I received from the SS after the death of my mom last year.
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#5 |
Member
Join Date: Jul 2008
Location: Houston, Texas
Posts: 309
Likes: 509
Liked 287 Times in 114 Posts
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I recently listed some concert tickets for sale on StubHub and noticed that their software asked how much I paid for them. I have bought, and sold, tickets to concert and sporting events for years on this platform and had never seen this question.
After seeing this, I did a little research and found out......wait for it......yep, the IRS wants their share of the profits! |
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#6 |
VIP Member
Join Date: Dec 2008
Location: Richmond Hill GA (and Port Ludlow WA)
Posts: 4,155
Likes: 2,037
Liked 2,805 Times in 876 Posts
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Wonder if I can get a refund on all the money I’ve lost on race cars and parts?
__________________
Jim Carter 2340 Super Stock 2340 SST/2340 Stock |
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#7 |
VIP Member
Join Date: Dec 2001
Location: phoenix
Posts: 1,434
Likes: 55
Liked 680 Times in 269 Posts
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#8 |
Senior Member
Join Date: Dec 2002
Location: Lincoln, Nebraska
Posts: 784
Likes: 45
Liked 317 Times in 66 Posts
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A friend of mine has(d) made a living off ebay; now he says they charge sales tax and insist on using pay pal....he says about a 15% hit
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