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?

 

Ag insider logo xs@2xdave43

Again, I think that those of us who may multiple times a year or maybe one to two times per month sell gear, may now have been put into the audio “business” by the IRS. If they want to play it that way, then I can deduct my expenses involved in this business. These are the unintended consequences of over regulation. 

When you have a government that gives away $T in money……You shouldn’t be  surprised to see taxes increased, and new ways of grabbing your money invented.