Paypal Changes for 2022


If I understand this correctly, Paypal, along with all on-line payment sources like Venmo, etc. will now be sending out 1099 forms for all payments totaling $600 you receive in 2022 for goods or services.  The only way around this is to use Paypal friends and family for payment which eliminates any buyer protections.  Is everyone aware of this?

 

dave43

Does this make all audiophiles who buy and sell equipment at profits and losses essentially a small business? Do we then have the ability to take deductions, business expense and home office deductions pertaining to the buying and selling of audio gear?

As always, not just audio, crazies take over / hijack all discussions

’Gon would have to be one of the most heavily politicised platforms on the planet, while also seeming to possess a seductive allure that attracts nutjobs like moths to a flickering flame. The outcome - threads resembling trench warfare. Why this is so has great research potential for many a doctoral thesis..

This is because of a deal that Sleepy Joe engineered early last year. 2021 was the last chance to sell. your old stuff. I did.

The worst aspect is that you get to pay tax on the inflation the politicians created.

Sell something for $200 that cost $50 (with receipt) in 1980.

IRS treats it as gain even though it’s treading water.

Back to the black market and barter economy.

The only result will be fake bills of sale de facto.

Lotso luck not paying tax on gains because of amateur status.

Leave PayPal out of this PITA of them too.