Topic: US PayPal Users. Remember Jan 1st 2022 they will report G&S over $600 a year (Read 60 times)
December 12, 2021, 02:36:32 AM
If I'm not mistaken, it won't be just PayPal doing this, either. If you make more than $600 selling something on sites like eBay or Mercari - you'll get a 1099-K as well. Keep this in mind US residents, the new year will be here before we know it!
December 01, 2021, 08:02:11 AM
Just a friendly reminder, as of Jan 1st 2022 (30 days from this post) PayPal will send out 1099-K forms to people who receive more then $600 a year if the funds are sent as goods and services. You should make sure people sending to you are sending as Friends and Family. Or be aware that you MAY have tax implications.
https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered
Should not matter to most trades here since they are usually sent as F&F but if not just keep the 1099-K issue in the back of your head and keep good records.
-Dave
https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered
Should not matter to most trades here since they are usually sent as F&F but if not just keep the 1099-K issue in the back of your head and keep good records.
-Dave
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