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

Paypal notified me that they will send me form 1099 this year for selling used gear. I used Paypal for the transaction.

Paypal has been withholding fund that I get paid for selling my used gear on Audiogon. Paypal withholds my funds for weeks and requests tons of information concerning the Audiogon sale for releasing the funds to me. Is there a better online payment service company out there? Is Zelle a good alternative? Please help, I need to stop using Paypal.

And 15,000if you want medical insurance for a family .

Congress will ALWAYS see US has private insurance .

We are so lucky the other 29 lands in our group only have State pays . Cost to you   around  1500 in tax ,

 

 

I just got my 1099 from paypal, sold 6200 worth of audio gear in 2021

FINE BY ME, IRS says I am a business, GREAT, now I get to deduct the loss

miles driven to the hi end audio store where I look for gear, a home office etc

I will make sure my losses and expenses are WAY MORE than the income I got

gosh darn I am such a bad business man, shucks !

Last year I received around 10K in sales of stereo equipment via 11 transactions using Paypal. On 10 of the 11, I took losses....with a small profit of $100 on 1 sale. If this was the case in 2022, I would receive  a 1099 despite the fact I had losses totaling around $900. In some cases, the purchases go back further than PP or AG, AM, E-bay keep records of....so no receipts. I do not run a side business, this is a hobby.  How would I be able to report the offsetting losses in my tax return?

I am making copies of my PP transactions while they are alive on the site and saving them in Excel format for easy searching. I am also keeping a notebook to describe the transactions and putting those transactions in with my tax files as they occur. Also, I put all my emails from Paypal or purchases for audio gear in a folder called 2 Channel as a triangulation set of data, especially purchases. Say, when you buy a piece from a dealer and you get a receipt, then you compare that to your Paypal sale as a loss down the road. So, in essence, this is making us have business records.