Correct on gains and losses.
Paypal Changes for 2022
If I understand this correctly, Paypal, along with all on-line payment sources like Venmo, etc. will now be sending out 1099 forms for all payments totaling $600 you receive in 2022 for goods or services. The only way around this is to use Paypal friends and family for payment which eliminates any buyer protections. Is everyone aware of this?
Showing 5 responses by grannyring
Let’s talk about non-audio. You downsize and sell you home. Now it’s time to sell all the extra stuff you have. Some of it is really great furniture, rugs etc…We did this recently.
Your lucky to get 10-15 cents on the dollar, but you end up selling some $2500-$5000 worth of stuff. You use Venmo and a 1099K form is issued. Now you have to go back as much as 10 or more years to determine what you paid for this stuff. If you can’t find the receipts, then I suppose you just pay the tax if you no longer have “precise” records. Again, don’t want the hassle. The $600 hurdle is far to low in my humble option. Make it closer to $2500-$5000. |
@8thnote , Lots of folks don’t accept PayPal that are great sellers. Its becoming more “normal”. Look at the feedback first. However, I hope you are right about the other stuff in your post! Good post.
@jond, you are correct. Wait for a check to clear or bank transfer. I like bank transfers. Only deal with proven sellers however. |
Yes the truth about poverty is complex with many factors. @dadork I do like your story and find it both inspiring and humbling. Well done sir. |