heads up on those of u who would like to clean out the garage, the govt Now wants there cut...ebay is now reporting it also. FYI.
starting January 2022, if you receive more than $600 per year through third-party peer-to-peer payment apps like Cash App, Venmo, paypal or Zelle, you will be taxed on those transactions.
Those posts refer to a provision in the American Rescue Plan Act, which goes into effect on January 1, 2022, according to which anyone receiving $600 per year using Venmo, PayPal, Zelle, or Cash App will receive a 1099-K and be required to report that income on their taxes. The 2nd part of it is wrapped up in the now stalled BBB bill that will require banks to also report all transactions in or out at or above 600.00.
The new reporting requirement only applies to sellers of goods and services, not personal payments, like if someone paid you back for dinner.
starting January 2022, if you receive more than $600 per year through third-party peer-to-peer payment apps like Cash App, Venmo, paypal or Zelle, you will be taxed on those transactions.
Those posts refer to a provision in the American Rescue Plan Act, which goes into effect on January 1, 2022, according to which anyone receiving $600 per year using Venmo, PayPal, Zelle, or Cash App will receive a 1099-K and be required to report that income on their taxes. The 2nd part of it is wrapped up in the now stalled BBB bill that will require banks to also report all transactions in or out at or above 600.00.
The new reporting requirement only applies to sellers of goods and services, not personal payments, like if someone paid you back for dinner.
our asses
