@nonoise Happy Valentine's Day old boy.
Sorry your sad about people having your post deleted. Was BS anyway. 😘
What happened to those dreaded 1099 forms we were going to receive from Paypal?
So, who received a 1099 form from Paypal that everyone was dreading and caused so many to change how they would receive payment? I'm quite curious as I didn't receive one. Didn't know what topic to use so I chose the one with most traffic.
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@nonoise Happy Valentine's Day old boy. Sorry your sad about people having your post deleted. Was BS anyway. 😘 |
Yes, the IRS delayed the $600 reporting threshold until the 2023 tax year, which means if you sell over $600 this year through ebay, paypal, ect., you will get a 1099-K form to mess with on your taxes. I had received an email from Ebay that I had sold over $600 and that they needed my full SS#. But my sales were only $540. So, I spoke with a person at Ebay and they told me that the IRS considers the shipping charges to be part of my sales total. Well, I have to purchase the shipping, so I don't actually have that money for more than a day or two. Most of my casual sales have been of old items I have around the house, like a film camera I bought in 1981 and an AVR I got in 2016. I don't see why a person who only occasionally engages in such casual sales should have to mess with this on his or her tax return. Now, I wrote to my US House member and both of my US senators about this issue. I suggested that they revisit this and possibly come up with a compromise threshold of $10,000. Prior to the change, the threshold was $20,000. I'm hoping they will adjust this threshold with a rider to some legislation they pass this year. |
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