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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You could ask for interesting trades of "X, Y or Z" or you could ask for your basis and ask that the buyer donate $X to a charity (of your choice) and include the charity receipt with their payment prior to shipping. OTHERWISE, someone would be trying to EVADE income taxes rather than to AVOID or DEFER income tax. Quite a different matter.
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@grannyring I see your position. Many may not be aware but you often do favors for fellow hobbyists and mod their gear...best I can tell you barely cover your costs for doing so. |
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@grannyring I also recognize that I am an outlier. I probably bought and sold a combined six figures worth of gear during 2021 BUT, I keep meticulous records out of habit. In the past, if something was less than a few thousand dollars, I haven't kept up with it. Going forward, I will. Paypal is still pretty darn convenient but I see your point. |
