Tax Update: IRS Delays $600 Reporting Threshold for Venmo, PayPal and Third-Part
4-Jan-23 9:01am
#2 benstylus
Great for people who didn't know about it last year. On the other hand, I probably would have sold a lot more stuff last year if it weren't for the hassle of potentially getting a 1099
So now it's a whole additional year of a hanging sword unless they do something about it in legislation. Or bump it back again at the last minute
#2 benstylus
Great for people who didn't know about it last year. On the other hand, I probably would have sold a lot more stuff last year if it weren't for the hassle of potentially getting a 1099
So now it's a whole additional year of a hanging sword unless they do something about it in legislation. Or bump it back again at the last minute
4-Jan-23 9:24am
#4 Rollobobo
So there's been no confirmation that for this new year, 2023, that they're raising the threshold or delaying it again? We just have to operate like it's going to be $600 for this tax year?
#4 Rollobobo
So there's been no confirmation that for this new year, 2023, that they're raising the threshold or delaying it again? We just have to operate like it's going to be $600 for this tax year?
4-Jan-23 11:31am
#5 benstylus
Rollobobo wrote:
So there's been no confirmation that for this new year, 2023, that they're raising the threshold or delaying it again? We just have to operate like it's going to be $600 for this tax year?
Pretty much. Unless our legislature passes a revised law raising the threshold or the IRS announces another delay, either of which could be part of an end of year thing rather than doing it early so people can plan appropriately throughout the year
#5 benstylus
Rollobobo wrote:
So there's been no confirmation that for this new year, 2023, that they're raising the threshold or delaying it again? We just have to operate like it's going to be $600 for this tax year?
Pretty much. Unless our legislature passes a revised law raising the threshold or the IRS announces another delay, either of which could be part of an end of year thing rather than doing it early so people can plan appropriately throughout the year
4-Jan-23 11:58am
#6 akfa
that'll be helpful, i had already done the foundational legwork for ebay on this lol glad to know it will be delayed
#6 akfa
that'll be helpful, i had already done the foundational legwork for ebay on this lol glad to know it will be delayed
4-Jan-23 1:25pm
#7 Gypsy
Heard about this, will save me quite a bit. I think I had about $500 set aside just in case. I'll have to do a count later.
#7 Gypsy
Heard about this, will save me quite a bit. I think I had about $500 set aside just in case. I'll have to do a count later.
4-Jan-23 5:49pm
#8 Tony
I just got the notice from eBay in December that I had passed the threshold. They had me give them my SS number so they could send me a tax form. It will simplify my tax return slightly to not have to report it.
#8 Tony
I just got the notice from eBay in December that I had passed the threshold. They had me give them my SS number so they could send me a tax form. It will simplify my tax return slightly to not have to report it.
Tax Update: IRS Delays $600 Reporting Threshold for Venmo, PayPal and Third-Part