Paypal ant other to report to the IRS.

Watch your 600.00 plus sales on the forum marketplace.

 

It’s cumulative so a bunch of little ones will bite you too.

 

local sales or use F&F (requires some trust on both parties).

 

Yep, your allowed to sell items personal without tax, but the shitty part is having to prove what you sell.

 

And this is why blockchain will be taking over.

 

there is no way this applies to used parts sold person to person.

 

All payments of 600 or more will be reported to the IRS, it’s up to the IRS to follow up or just file it away and see what the frequency of more transactions and then up to the individual to prove he was just parts and no taxes should be paid on that money. From my understanding of it.

 

if that's the case, IRS will have their hands full with Craiglist and FB Marketplace

 

This applies to third-party payment processors, so if you use Paypal Goods & Services, the Venmo equivalent, eBay, or others that act as a payment processor, and go over $600, you will receive a 1099K. Before 2022, that threshold was $20k and more than 200 transactions.

 

1099 IRS reporting is for SERVICES folks, not goods!!!

Learn the IRS laws and you'll know the Truth!!!

Ask me how I know!

 

There is a different article on this. It was geared towards businesses, not personal accounts.

 

yea facebook marketplace also sent out a notification like this that they'll be reporting too.

 

Charge $1 service fee
The rest is a charitable donation?

Surely there’s got to be a way around this in addition to using “ Friends and Family “

 

Yep, I been receiving the same message from PayPal for the last few months I have a personal account.


This is for all personal and business accounts receiving $600 or more in a year for Goods & Services, before this new regulations the limit was $20k or 200 transactions in a year. This includes PayPal, Venmo and CashApp.


So basically every small business receiving G&S payments will receive the 1099K form, IRS just f”ked everything now with this move


My recommendation is to accept friends and family transactions only, sometimes is risky but there’s is a trusted buyer/sellers list thread so no problem dealing with any members in that list for forum transactions (parts and other stuff)

https://www.tundras.com/threads/member-buyer-seller-confidence.14624/#post-289254

 

one positive I guess, this is going to knockout some amount of FB marketplace scalpers

 

Now that I'm thinking about it, I think it's the Zelle personal accounts that aren't affected.

 

why does this matter? If you are a business that income should already be in your P&L.

I get the personal sales, that’s a bummer.

 

What if your not a business? And it’s just a side hustle? Like a yard sale or something

 

Right that’s why I said personal is a bummer

 

Guess they gotta make up for all that free money they gave out

 

Exactly that’s the plan I guess

 

Friends and family only sir. You got a ton of people to vouch for you on here.

 

Thanks , I do F&F transfers whenever is possible but not all user choose this option

 

https://www.google.com/amp/s/www.nbcnews.com/news/amp/rcna11260

 

If all they are doing is trying to catch people who should pay tax but don't, then it seems OK to me. However, if they are presuming guilt and forcing people to prove that they are innocent then something is seriously wrong.