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?
@audioelevations If you're buying/selling $200K in audio gear a year, hats off to you btw, I think you've jumped from hobbyist to being a small dealer. Good for you doing all cash transactions otherwise you would already be paying tax. @dadork Stop the nonsense rants nothing that you're saying is anything but rhetoric devoid of fact. Try reading up on some real statistics regarding poverty sometime the truth minus any myths is pretty harsh, |
Yes the truth about poverty is complex with many factors. @dadork I do like your story and find it both inspiring and humbling. Well done sir. |
For most of us selling used gear, there likely should be a loss, so keep your receipts of purchases which again for most of us are in our outlook, or other online service. If you are fortunate to sell something at a gain, I’m pretty certain you can’t net against other losses unless you have a business and file schedule C, etc. |
@dadork I agree with @grannyring and congratulate you on your success. There are many like you, proud to get out of poverty and we need more like you, not government dependency. |
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