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?
For some time now I’ve bought and sold 100k easily every 6 months I do the same on autos I collect. That’s tricky due to title work. Can’t recall getting a title on a 30k amp. |
I suspect one would have to be careful doing so, but the possibility might exist to receive multiple payments in lieu of one larger lump sum (e.g., three $500 transactions in lieu of a single $1,500 transaction). Of course, you would incur additional fees in doing so and the IRS might view this is some sort of "structuring". Hard to believe they would target hobbyists, but in this day and age, nothing would surprise me.
Such a bummer, glad I sold most of my old gear last year. I have a few more items to sell and will probably require cash in person, multiple payments, or BTC. |
@audioelevations If you're buying/selling $200K in audio gear a year, hats off to you btw, I think you've jumped from hobbyist to being a small dealer. Good for you doing all cash transactions otherwise you would already be paying tax. @dadork Stop the nonsense rants nothing that you're saying is anything but rhetoric devoid of fact. Try reading up on some real statistics regarding poverty sometime the truth minus any myths is pretty harsh, |
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. |
