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?

 

dave43

Showing 1 response by superhonestben

I just got my 1099 from paypal, sold 6200 worth of audio gear in 2021

FINE BY ME, IRS says I am a business, GREAT, now I get to deduct the loss

miles driven to the hi end audio store where I look for gear, a home office etc

I will make sure my losses and expenses are WAY MORE than the income I got

gosh darn I am such a bad business man, shucks !