IRS warns taxpayers about new $600 threshold for third-party payment reporting

[KB1176]

I’m just warning that if you sell over $600 for the year with PayPal or eBay or Venmo or these apps, you may not get a 1099k in the mail. They expect you to download it. I learned it the hard way and now it’s more of a pain with interest and penalties to try and get removed.

 

[Piglatinhater]

I’m just warning that if you sell over $600 for the year with PayPal or eBay or Venmo or these apps, you may not get a 1099k in the mail. They expect you to download it. I learned it the hard way and now it’s more of a pain with interest and penalties to try and get removed.

It's no longer worth having a non cash based side hustle. $600 is small potatoes for 365 days of side hustling. I stopped my ebay/etsy store just because of this.

 

[KB1176]

It's no longer worth having a non cash based side hustle. $600 is small potatoes for 365 days of side hustling. I stopped my ebay/etsy store just because of this.

Yup. Unless you’re a real business and keep the books. Poor people just doing an online garage sale will get crushed from this.

 

[blazedawg87]

Yup. Unless you’re a real business and keep the books. Poor people just doing an online garage sale will get crushed from this.

hell people just buying/selling/trading some sporting good stuff can trigger it. ive sold 4 putters this year i had accumulated over the last 10 years and that alone will trigger it.

 

[Tony2X]

F them. They going to have to earn that by tracking me down and hassling me for any thing else.

Oh...they will.
I intentionally shorted them 1 dollar a couple years ago.....they sent me 5 bills/letters for it.

 

[Mr. Goodbar]

How about they prove it, why do i, you want the money, prove that ****

 

[palmettomoon]

Do you truly own your stuff if you have to pay income tax on it?

 

[blazedawg87]

Do you truly own your stuff if you have to pay income tax on it?

born free, taxed to death

 

[Piglatinhater]

Yup. Unless you’re a real business and keep the books. Poor people just doing an online garage sale will get crushed from this.

This was me. The cash I made went to my kids ballet classes and diapers, not a 3rd airplane or to buy an island. Now, I'll have to play cpa and figure things out.

How about they prove it, why do i, you want the money, prove that ****

The big change isn't that it's self-reported, it's that paypal/venmo/etc report YOU automatically at the end of the year. They are telling on you and you can't get around it.

 

[KB1176]

This was me. The cash I made went to my kids ballet classes and diapers, not a 3rd airplane or to buy an island. Now, I'll have to play cpa and figure things out.



The big change isn't that it's self-reported, it's that paypal/venmo/etc report YOU automatically at the end of the year. They are telling on you and you can't get around it.

Use that form c. You drive around A LOT using a ton of gas and mileage going to yard and estate sales.