As I understand the rule is straight and simple: no profit with in a sale - no tax has to be paid… just provide all the forms to your account or if you prepare your taxes personally, make all necessary calculations, if you have any profit - pay your taxes and you done.
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?