Form 1099-K
 

Anyone not familiar with 2022 changes to the 1099-K form needs to know that gross payments for 2021 were $20,000 as of Jan.1 2022 it dropped to $600.This is a IRS information return used to report certain payment transactions to improve voluntary tax compliance. To learn more about this Google 1099-K and read what irs.gov says. The way I interpret this is if you sell anything for more than $600 and it's payed by check,credit or debit card,paypal you will get a 1099K for every transaction.

Re: Form 1099-K
 

FJB

Re: Form 1099-K
 

I read if it's over 600 per year and not per transaction. Zelle, paypal,Venmo will also be included.
Gov wants to know about your cash.

Re: Form 1099-K
 

I just received one form the Social Security office for a check for the amount of $663.50 I received from the SS after the death of my mom last year.

Re: Form 1099-K
 

I recently listed some concert tickets for sale on StubHub and noticed that their software asked how much I paid for them. I have bought, and sold, tickets to concert and sporting events for years on this platform and had never seen this question.

After seeing this, I did a little research and found out......wait for it......yep, the IRS wants their share of the profits!

Re: Form 1099-K
 

Wonder if I can get a refund on all the money I’ve lost on race cars and parts?

Re: Form 1099-K
 

I would think that if you proved what you paid new for car part and then sold it used the loss should be allowed.

Re: Form 1099-K
 

A friend of mine has(d) made a living off ebay; now he says they charge sales tax and insist on using pay pal....he says about a 15% hit