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Re: PayPal tax report
It's for sale #776734 Sun Apr 10 2022 09:14 AM
Joined: Nov 2012
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Please use For Sale forums to sell

Please - NO offers to Buy or Sell in this forum category

Statements such as, "I'm thinking about selling this." are considered an offer to sell.
Re: PayPal tax report
It's for sale #776987 Tue Apr 19 2022 10:38 AM
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Re: PayPal tax report
It's for sale #777000 Wed Apr 20 2022 05:47 AM
Joined: Mar 2005
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There was an editorial in the Wall Street Journal a couple of weeks ago about the form. It explained many issues; how millions of people will be affected next tax season, they'll have no idea its coming, and the IRS has no way to handle the influx of questions and needs people will have. Nothing new, but its getting more and more attention. Whoever wrote it called out the need to change the amount that requires the form. Hopefully Congress will listen. Unlikely, but I have many dreams.


Alan
Collecting MN and Minneapolis gas and oil related items
Re: PayPal tax report
It's for sale #777684 Wed May 18 2022 03:16 PM
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PayPal

Tax rules have changed
We’ve got you covered with all the details:
Beginning January 1, 2022, the IRS implemented new reporting guidelines for individuals receiving goods and services payments on PayPal and other platforms totaling $600 or more per year.

So what exactly does this mean for you?

Well, if you’re getting payments from friends and family members, this won’t apply (lucky you!). Friends and family payments are things like splitting a bill, sharing apartment expenses, or paying back friends. None of these are reported.


The new tax requirements only apply to goods and services payments. These transactions are tagged in the app by a buyer, indicating they’re purchasing something like a couch from a seller. Payments received by a Seller Profile are also goods and services payments.

If you receive over $600 in goods and services payments, we’ll automatically keep track of these payments and provide you with a 1099-K form at the end of the year. If your tax info is not complete, we’ll reach out to you with instructions.

And remember, this only applies to receiving goods and services payments. Payments that you send are not reported.


This info isn’t tax advice. Please consult your tax advisor about these. If you need more info, you can learn more here.

1 member likes this: Cold Pizza
Re: PayPal tax report
It's for sale #777685 Wed May 18 2022 03:18 PM
Joined: May 2005
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Thanks paypal. frown


Collecting Vintage Sunoco
Re: PayPal tax report
It's for sale #777702 Thu May 19 2022 12:37 PM
Joined: May 2009
Posts: 334
Likes: 8
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ebay is holding my funds until I give them a SSN for a 1099 form


Wanted: Nebraska advertising items Cushman, Dempster, Archer oil etc.
Re: PayPal tax report
It's for sale #777971 Mon May 30 2022 10:34 PM
Joined: Apr 2011
Posts: 100
Likes: 3
G
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G
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The little Guy gets Screwed again !

Re: PayPal tax report
It's for sale #778025 Sat Jun 04 2022 09:16 AM
Joined: Mar 2015
Posts: 685
Likes: 13
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#&%@

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