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?

 

Ag insider logo xs@2xdave43

Some people have a really skewed and fact free notion of how things work. Most of it sounds like a grade school level rationalization of a desire to gaslight people. Good luck with that. Maybe a career writing for right wing news is in order as they have a willing and uncritical following that will eat that crap up.

All the best,
Nonoise

Thanks @rodman99999, I wish these qualify as capital loss, but I am afraid this is too good to be true. More likely a personal item kinda thing, that you cannot take a tax loss for, or a hobby classification. Hopefully a CPA can chime in here. Thank you though 

@thyname-

     "More likely a personal item kinda thing, that you cannot take a tax loss for, or a hobby classification." 

     Read the second paragraph under, "Who Will Receive Form 1099-K in the Future?", of the article below*.

     If you are 1099ed: you're being considered in business, to one degree or another.

     If you're being taxed on the sale of ANY asset, the initial cost of the asset (as well as sales fees, shipping, etc) should be deducted to determine your tax liability, unless you just like paying something you don't owe.

     Any business I've ever conducted, has been taxed account to profit/loss statements (Schedule C).

     * https://news.bloombergtax.com/tax-insights-and-commentary/new-form-1099-reporting-coming-in-2022

       Here's what the current administration would LIKE to do:

        https://crsreports.congress.gov/product/pdf/IN/IN11772     

I see @nonoise you don't have any answers for my questions or postulations other than ad hominin attacks. If you read through the entire thread on Prima Luna v Raven you will see this played out by yourself repeatedly as well as others on the left that you are unable to see anyone who disagrees with you as anything but a racist. The difference between liberals and conservatives is that conservatives believe liberals are people with bad ideas while libs believe that conservatives are just bad people. You see a racist around every corner. Someone went so far as to claim that there's no way Raven could make a good amp because it's located in a small town in Texas and everyone there is basically a troglodyte. I am a Constitutional Conservative. I am NOT a racist. I don't care what color your skin is. I would hire anyone who can come in and do the job required, they'd get the same pay as anyone else and more if they proved to be a good employee. The majority of conservatives are in my camp. We even like it when people from all over the world come here, as long as they come here legally according to the laws on the books written by congress. What we don't like is politicians who circumvent the laws they themselves have written. The majority of nation's do not allow the unregulated influx of foreigners so we are not unique in that regard.

@thyname no I don't and that's the point. Why does the government feel they are entitled to be involved in the minutia of everybody's every day life? My solution would be the Flat Tax where everyone paid the same 10% rate. Ten percent is the same amount for rich or poor. I think if half the nation who don't pay income tax had some skin in the game they might reconsider and think more about governments reckless spending habits. It's a lot easier to overlook it when it's someone else's money.

 

The Four Different Ways To Spend Money

 

1) You can spend your own money on yourself.

If you spend your own money on yourself, you’re very careful on what you spend it on. You make sure you get the most for your dollar.

2) You can spend your own money on someone else.

When you spend your own money on someone else, you’re careful on not spending too much. You don’t worry as much about the gifts you buy for other people as the things you buy for yourself.

3) You can spend somebody else’s money on yourself.

You’re careful to get good things for the money. But you’re not very worried about getting the best bang for your buck. You’re happier to spend more of somebody else’s money within reason.

4) You can spend somebody else’s money on somebody else.

You become a “distributor of welfare funds.” You’re interested in making your own life as good as you can. But you’re not going to be anywhere near as careful as spending this money on other people.