Deep South Homestead
Deep South Homestead community with Danny and Wanda.
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1099k tax that became effective Jan 2022?
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1099k tax that became effective Jan 2022?
Does anyone understand this tax. I understand 1099’s but this is for those in Etsy, PayPal and from what I heard any media where you get money. $600 or more. And something was said about FB marketplace. And if you sold anything over what the IRS considers it is worth seller has to pay capital gains tax.
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10 Replies
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I thought it was supposed to go into effect in 2023, but not certain. What I read left me with the impression that the government is trying to capture all the taxable income they can tax people on, so they are requiring the places you do business with (sell things on their sites, etc.) to report to them how much so they can be sure you’re not under-reporting income to them or not reporting income they want to tax you on. Those entities will now be sending you 1099s, and they’ll also be required to notify the IRS how much the 1099s are for so it will then be checked against what you report on your income tax return. I read something (sorry can’t remember where to provide a source) that there is effort to get this amount changed to a higher number, so it seemed like it might still be a little up in the air. Probably best to keep good records and ask your tax preparer/expert or check one of the online tax forums before filing in the spring. Hope this helps.
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Found this link. Hope it’s helpful.
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Thank you. And I agree. I don’t sell a lot but I do sell things. I do buy things. That tax is going to really hurt people. Lot of people are going to be hurt by this. It used to be $20,000. Now it’s $600. Thank you again.
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we get taxes on our property tax. Taxes on births, death and everything in between. I’m so sick of it.
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Just found this news item, so am posting an update: https://www.theepochtimes.com/mkt_app/irs-halts-controversial-new-rule-requiring-reporting-of-600-payments_4942931.html?utm_source=Morningbrief&src_src=Morningbrief&utm_campaign=mb-2022-12-24&src_cmp=mb-2022-12-24&utm_medium=email&est=HD%2FPhKpOFO03H0MuZmGWQKRLquff%2B7adKcAEyewt5dfk2Yk7tjxNEOnduOzrAKx%2FUKWaCw%3D%3D
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The Internal Revenue Service on Friday postponed the introduction of a $600 threshold for filing a Form 1099-K.
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I saw ninjas video. I’m so glad. Only reason I’m concerned is husband passed and I have been selling things I know I will never use.
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The Economic Ninja just put another video out about this.
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don’t take any electronics payment ,and you will be ok
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