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.
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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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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If you are mailed to 1099k form you can claim zero profit and be done with it.
What is interesting is that this new rule also has a requirement for the payment app to collect the users EIN or SS#. This part is still being flushed out but expect this sometime. I would also expect that this recording and collecting will be used for state sales tax collation as some sites do not include this.
If you buy on Ebay or Amazon you automatically are charged your local state sales tax.
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