Amendment to Change 1099 from $500 to $10,000
- Thread starter caannie
- Start date
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Delayed once more?
www.cbsnews.com
Do you use PayPal or Venmo? The IRS is giving you a break.
Tax agency also said it will boost the reporting threshold to $5,000, from $600, in 2024 as it phases in the new regulation.
www.cbsnews.com
Delayed once more?
Do you use PayPal or Venmo? The IRS is giving you a break.
Tax agency also said it will boost the reporting threshold to $5,000, from $600, in 2024 as it phases in the new regulation.
It's staying at $20,000+/200+ transactions for 2023?? That's great!
Hopefully $5000 for the 2024 tax year will be enough for them...because a $600 threshold is too low.
Thank goodness!
I just got the dreaded email last week from VC asking for my SS for tax purposes. I guess I assumed since they were a European company we wouldn't be subjected to the $600 threshold since they had never asked for our SS numbers before, but I guess since they acquired Tradesy now they're a US company. Thank goodness they delayed it. Between ebay, Poshmark & VC I was well over the $600 limit and wasn't looking forward to the extra work of having to prove I lost money on the sales.
I just got the dreaded email last week from VC asking for my SS for tax purposes. I guess I assumed since they were a European company we wouldn't be subjected to the $600 threshold since they had never asked for our SS numbers before, but I guess since they acquired Tradesy now they're a US company. Thank goodness they delayed it. Between ebay, Poshmark & VC I was well over the $600 limit and wasn't looking forward to the extra work of having to prove I lost money on the sales.
I'm over $600, but less than $5000... basically letting go of items that no longer match my personal style. And... a few impulse purchases that I made while on vacation in 2022.
I think that $5000 is fair; $600 really hurts the occasional gig worker and those clearing old things out of their homes more than anyone else.
I'm so relieved to hear this. Mostly because the idea of $600 being an acceptable threshold is, to say the least, absurd.
I was happy to hear this too. Unloading the rest of my Coach bags from my personal collection and also stuff around the house. When you get older you will understand “Getting rid of stuff around the house”. Now to get rid of my Hallmark collection this year! Although I can show I am going to lose a small fortune on it.
Mercari is still asking me to enter my w9 information. Did anyone else add this or will they eventually remove this due to the delay?
They harass me with periodic emails because I’m approaching the $600 limit. Last year I ignored them and stopped selling when they disabled selling on my account (a buyer tried to purchase something from me but Mercari needed my SSN to complete the sale as it would push me over $600; I decided to not provide the info and lose the $10 sale). I was able to resume selling after January 1st. I think they send automated emails when you get close to the $600 limit. #nottaxadvice
ETA: what upsets me is Paypal tried to get me to give them my SSN after I received a recent Rakuten cashback payment. This is NOT taxable income; it is a refund of money spent. I find PayPal’s practice of asking for SSN to be misleading. It’s likely an automated email, but still.