1099k

[donnav2323]

So under the new policy for 1099k  for 2022 we will have show a business venture and pay taxes for any amount over $600 per year total thru paypal  instead of the existing $20,000.  Is this correct 

[erkosuniverse]

thanx for that info

[7606dennis]

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@carloscycle wrote:

If total yearly sales are only $1,000 per year (not profit) then it's not a business.

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Can you show us documentation that this is part of the US tax code, carloscycle?

[7606dennis]

OP!  I would suggest consulting an income tax professional.  The IRS is probably not someone on whose radar you want to be picked up on.  I believe Al Capone learned that the hard way.

[amricons]

No