zelle site says they do NOT report to IRS nor do they issue 1099's
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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Does anyone have a link to these new limits? PP says it's still the 20,000/200 in a calendar year and they reference IRS IRC Section 6050W. Heres the link: https://www.irs.gov/pub/irs-utl/irdm_section_6050w_faqs_7_23_11.pdf IRC Section 6050W says the same thing - 20,000/200 in a calendar year |
Paypal notified me that they will send me form 1099 this year for selling used gear. I used Paypal for the transaction. Paypal has been withholding fund that I get paid for selling my used gear on Audiogon. Paypal withholds my funds for weeks and requests tons of information concerning the Audiogon sale for releasing the funds to me. Is there a better online payment service company out there? Is Zelle a good alternative? Please help, I need to stop using Paypal. |
I just got my 1099 from paypal, sold 6200 worth of audio gear in 2021 FINE BY ME, IRS says I am a business, GREAT, now I get to deduct the loss miles driven to the hi end audio store where I look for gear, a home office etc I will make sure my losses and expenses are WAY MORE than the income I got gosh darn I am such a bad business man, shucks ! |
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