You guys hear about the new IRS rules?

[Scroll32]

https://money.com/tax-1099-k-600-ebay-etsy/

Hope everyone enjoys getting their 2022 1099 k forms via PayPal this year.

Edit: I also now have read an article that this has been raised to 10 thousand, https://www.reuters.com/world/us/us...g-threshold-2021-10-19/?utm_source=reddit.com

 

[Ally]

Hope everyone enjoys getting their 2022 1099 k forms via PayPal this year.

Everyone = Americans

 

[astray]

That is a yikes.

 

[Scroll32]

Everyone = Americans

Fair enough ig.

 

[polarline]

https://money.com/tax-1099-k-600-ebay-etsy/

Hope everyone enjoys getting their 2022 1099 k forms via PayPal this year.

100% its passed into law?

 

[Xunifi]

100% its passed into law?

Yeah, everything over 600 USD is taxable now.

 

[Scroll32]

Yeah, everything over 600 USD is taxable now.

You've always been supposed to pay taxes on it, its just now that you are going to have documents sent to you to make sure you pay it.

 

[I_Luv_Cowz]

You've always been supposed to pay taxes on it, its just now that you are going to have documents sent to you to make sure you pay it.

Bitcoin

 

[Xunifi]

You've always been supposed to pay taxes on it, its just now that you are going to have documents sent to you to make sure you pay it.

You only had to report anything over 20k previously, right?

Bitcoin

Don't you still have to claim cryptocurrencies?

 

[Jakeys]

Ruh-roh shaggy

 

[I_Luv_Cowz]

You only had to report anything over 20k previously, right?


Don't you still have to claim cryptocurrencies?

Only if you decide to exchange it for USD

 

[Blockers]

LOL

 

[demha]

who is the irs? does this apply to the international community

 

[Aesir]

who is the irs? does this apply to the international community

honestly i didnt care about it from the start and im an adult/living in us

 

[demha]

honestly i didnt care about it from the start and im an adult/living in us

I mean, I'm still 16, and we dont have any tax authority here for the general public, only for corporations. Citizens just have to pay a 5% VAT on every purchase. No income tax or any of that

 

[Gunny]

I mean, I'm still 16, and we dont have any tax authority here for the general public, only for corporations. Citizens just have to pay a 5% VAT on every purchase. No income tax or any of that

IRS (Internal Revenue Service) is a United States government entity that deals with anything and everything tax related. As person Internal, it wouldn't matter to you unless you lived in the US.

 

[demha]

IRS (Internal Revenue Service) is a United States government entity that deals with anything and everything tax related. As person Internal, it wouldn't matter to you unless you lived in the US.

oh alright, thanks for clarifying that

 

[Xunifi]

The days of tax evasion for kids are over.

It was fun while it lasted, but the 200 transaction AND $20k total fiscal year gross income was WAY too high to begin with.

It's not tax evasion if the IRS doesn't require you to report it.