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Re: $600 dollar financial transactions
[Re: MorningAir]
#3478720
09/03/21 09:52 AM
09/03/21 09:52 AM
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Joined: Jan 2001
Posts: 10,799
Birmingham
wew3006
Booner
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Booner
Joined: Jan 2001
Posts: 10,799
Birmingham
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Yes, the current threshold for receiving a 1099 from companies like PayPal and EBay is 200 transactions AND $20k in volume. The effort is to move that to $600 and you get a 1099 and have to account for that on your tax return and prove profit /or loss. So; if you decide to have an "online" garage/estate sale, it could get complicated. Most significant entities( Ebay, Gunbroker, Facebook Pay on Marketplace, etc) are already collecting sales tax.
The bank account access is the really scary part.
Last edited by wew3006; 09/03/21 09:57 AM.
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