Got it. It looks like we have to file a schedule C to list cost of goods sold and can write off travel expense, packing materials, etc. Seems like a real pain, but the only way to keep from paying tax on the total amount listed on the 1099.
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?
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It's not crazies @thyname , it's people pointing out the obvious. It isn't enough that you pay not only income tax, property tax, sales tax, gas tax. tons of hidden taxes, death tax. That isn't enough to satisfy the all consuming behemoth of government. Banking institutions are warning their clients the Biden admin is intent on having them report any transaction over $600.This will force them to hire more people and it will enlarge another Federal bureaucracy. The current reporting amount is 10k and it was instituted to help curb organized crime. The people who will be hurt most as always are the poor who will have a harder time making itemized deductions and end up just handing over more and more of their money. |
I had to deal with PayPal reporting for all these years Trump was in power. And those “territories” I outlined above are mostly run from Republican governors. Mississippi, Arkansas, Missouri, Maryland, and now Virginia. Unless the crazies meant leaving US when saying “territories”. If so, where would you go? Canada? Europe? Or North Korea? And the new rules were set while Trump was in power. So much for draining the swamp. Nothing really happened in those four years. |
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