Discussion Forum: Thread 332329

 Author: tan1mill View Messages Posted By tan1mill
 Posted: Dec 24, 2022 09:21
 Subject: IRS delays reporting Paypal/Venmo payments.
 Viewed: 169 times
 Topic: Taxes
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tan1mill (504)

Location:  USA, Kentucky
Member Since Contact Type Status
Feb 23, 2005 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: TN's Brick Bunker
For any US sellers not aware, the 1099-K change is on hold for a year. Sounds
like there is enough opposition to the lower $600 threshold that the limit is
being reexamined.


https://www.cnbc.com/2022/12/23/irs-delays-tax-reporting-change-for-1099-k-on-venmo-paypal-payments.html
 Author: jennnifer View Messages Posted By jennnifer
 Posted: Dec 24, 2022 10:02
 Subject: Re: IRS delays reporting Paypal/Venmo payments.
 Viewed: 72 times
 Topic: Taxes
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jennnifer (3532)

Location:  USA, Illinois
Member Since Contact Type Status
Sep 8, 2009 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Old Grey Bricks
In Taxes, tan1mill writes:
  For any US sellers not aware, the 1099-K change is on hold for a year. Sounds
like there is enough opposition to the lower $600 threshold that the limit is
being reexamined.


https://www.cnbc.com/2022/12/23/irs-delays-tax-reporting-change-for-1099-k-on-venmo-paypal-payments.html

I am glad to hear that enough people came to their senses to pause that madness.
Since there were no provisions for personal payments and selling used items,
people who couldn’t afford accountants would have ended up paying taxes that
didn’t actually owe. While rich real estate jerks run around paying $0.

$5000 would be a fair and appropriate limit if they were actually looking to
tax business income.

Jen
 Author: bricks2you View Messages Posted By bricks2you
 Posted: Jan 30, 2023 10:06
 Subject: Re: IRS delays reporting Paypal/Venmo payments.
 Viewed: 71 times
 Topic: Taxes
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bricks2you (12928)

Location:  USA, Pennsylvania
Member Since Contact Type Status
Dec 27, 2002 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Bricks2You
Thank you

Jim
 Author: peregrinator View Messages Posted By peregrinator
 Posted: Dec 24, 2022 10:06
 Subject: (Cancelled)
 Viewed: 42 times
 Topic: Taxes
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peregrinator (770)

Location:  USA, New Jersey
Member Since Contact Type Status
Jan 21, 2003 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Faber Family Bricks
(Cancelled)
 Author: Cob View Messages Posted By Cob
 Posted: Dec 24, 2022 11:11
 Subject: Re: IRS delays reporting Paypal/Venmo payments.
 Viewed: 81 times
 Topic: Taxes
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Cob (3563)

Location:  USA, Missouri
Member Since Contact Type Status
Nov 18, 2014 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Cob's Brick House
In Taxes, tan1mill writes:
  For any US sellers not aware, the 1099-K change is on hold for a year. Sounds
like there is enough opposition to the lower $600 threshold that the limit is
being reexamined.


https://www.cnbc.com/2022/12/23/irs-delays-tax-reporting-change-for-1099-k-on-venmo-paypal-payments.html

Some state laws have lower thresholds that will still require a 1099 for under
20,000.
 Author: negative View Messages Posted By negative
 Posted: Dec 27, 2022 17:34
 Subject: Re: IRS delays reporting Paypal/Venmo payments.
 Viewed: 60 times
 Topic: Taxes
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negative (235)

Location:  USA, Massachusetts
Member Since Contact Type Status
Jul 30, 2006 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Jake All Day
In Taxes, Cob writes:

  Some state laws have lower thresholds that will still require a 1099 for under
20,000.

Indeed. My state has always been $600. IIRC for a long time it was one of only
two in the US with thresholds lower than $20K


Thank you