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

[palmettomoon]

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

Gunshows, flea markets, estate sales, antique malls, etc., etc., etc.

 

[KB1176]

The real real far ones. Hopefully the RINOs at least revert back to the old way.

 

[HERMET]

That old "Born free, taxed to death" slogan seems more revelelvent everyday.
The Gooberment is desperately casting about fishing for loose change because their own financial mismanagement has bankrupted the country.

 

[Gunanddoglover]

The real real far ones. Hopefully the RINOs at least revert back to the old way.

GLWS, M/Fs love taxing the middle class into the poor house.

 

[coolformula]

The issue is how do you keep a record for 7 years of anything you sold at a loss, seems like the burden is on us to prove we didn’t make money. This was supposed to help them get millions and millions wonder how it will work out.

Who wants to keep up with you sold an old bed frame for 80 bucks on Craiglist for 7 years?

Guess I’ll just throw more stuff in the trash lol

 

[HERMET]

GLWS, M/Fs love taxing the middle class into the poor house.

Rino's / Dem's...Six of one, half dozen of the other. The devil is known by many names.

 

[WallsGa]

The IRS on Tuesday shared tips for the upcoming tax season — including a reminder about the new $600 threshold for receiving Form 1099-K for third-party payments.
The change applies to payments from third-party networks, such as Venmo or PayPal, for transactions such as part-time work, side jobs or selling goods, according to the IRS.
Before 2022, the federal Form 1099-K reporting threshold was for taxpayers with more than 200 transactions worth an aggregate above $20,000. However, Congress slashed the limit as part of the American Rescue Plan Act of 2021, and a single transaction over $600 may now trigger the form.

LINK

Yup. I had to fill out info on Stubhub after selling some tickets this year. They’ll send me a 1099. The ’benefit’ of all this electronic money changing hands..….it’s easy to track and tax.

 

[Gingerbeard Man]

Question for those that may know….not looking for opinions.

I sometimes send and receive money from friends or family back home in Utah. This is not for goods or services rather it’s money lent and then paid back.

Am I to believe that if I, say help my Mom make a few car payments, she pays me back, I’m expected to pay tax on the money being paid back? And she is supposed to pay taxes on the money lent to her?

If that’s the case I’m going straight back to paper.

 

[Davers]

Cash is and always will be king!!

Tho
"THEY" Are doing everything "they" can to make us use digital / trackable means of getting things we need or want .

The future is looking bleak . IMO

 

[Davers]

Question for those that may know….not looking for opinions.

I sometimes send and receive money from friends or family back home in Utah. This is not for goods or services rather it’s money lent and then paid back.

Am I to believe that if I, say help my Mom make a few car payments, she pays me back, I’m expected to pay tax on the money being paid back? And she is supposed to pay taxes on the money lent to her?

If that’s the case I’m going straight back to paper.

I hope not but nothing would surprise me these days .