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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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secretguy
1,704 posts
 

Look at all the wonderful, tax dodging "patriots".

jond's avatar
jond
5,807 posts
 

+1 secretguy I'm happy to pay taxes everyone should pay their share.

noske
783 posts
 

They won't send one to me because the IRS has never sent me anything.

nonoise's avatar
nonoise
10,846 posts
 

Never knew so many sovereign citizens resided in the borders of America.
Is that like cosplaying Americans? It's hard to tell you guys from the real ones.

All the best,
Nonoise

vanson1
126 posts
 

Yes they will report and send you a 1099k but for personal items you most likely bought it for a similar price or maybe even more so no gain, no tax.

Notice how Amazon and Ebay now charge the buyer sales tax?

This was not the case before but stems from the Wayfair vs south Dakota ruling in 2018.

For sites that do not collect sales tax I imagine states could use this form to collect thier share.

AND you will pay sales tax always but only the buyer pays. 

That's where this new ruling will get it's money. 

 

Imagine paying 8% more for everything you buy on Agon?

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