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New 1099-K threshold postponed a year by IRS
The IRS will catch up with you next year instead.
IRS announcement (23 Dec 2022):
"The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.
"As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021."
3 comments
kh-vince
·3 years agoHi everyone,
Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.
Thank you for understanding.
anba_9608
·3 years agoNew(ish) seller here. Sold something for $120. Got 148 after they paid shipping/costs. I ended up with 100 (and used $5 shipping) because apparently I got to pay the shipping and two different fees of around $20+ each and 'won't have to worry about the irs or taxes'. I'm just an occasional seller. Last time I sold on here around 2012/13, if I sold something for $500, after shipping and fees they'd only take $60-70. And I didn't have to file then either as far as I know. This was back when you had to link your bank to your PayPal to your account.
Am I tripping? Have the fees and taxes always been this high? I'm just wondering if as an occasional seller it's worth it anymore.
john348
·3 years agoI made way more then $600 that is why I am concerned.