IRS delays 1099-K for Venmo/Paypal users

[digitaldrummer]

obviously this is of interest to folks that are in the USA. This year the IRS was supposed to implement a new law that would result in PayPal and Venmo users (or Zelle or cashapp and whatever else you might use to accept or make payments) receiving a 1099-K for transactions made in 2022. It wasn't really clear but it looked like the vendor (Paypal, Venmo, etc) would be required to send you a 1099-K and then you'd be responsible for sorting out (and proving if you were audited) which transactions were taxable (meaning you sold goods or services) or if you were just sharing the cost of a pizza. Meanwhile the CEOs and billionaires continue paying zero taxes.

I for one am super happy that this has been delayed and I hope that it never gets implemented (or at least not until the uber-rich pay their fair share first). sorry, not sorry. /<rant>

https://www.irs.gov/newsroom/irs-announ ... rms-1099-k

[Nick Sevilla]

As usual, the people at the bottom get it first.

[markjazzbassist]

great news, but also yeah not fair to us in the middle or lower socioeconomic brackets. hopefully reverb doesn't do it either (they said they would).

[digitaldrummer]

right I think this should apply to Reverb too - and I did a lot on Reverb this past year (liquidating my brother's estate) so I will be happy not to receive a 1099...

[markjazzbassist]

right I think this should apply to Reverb too - and I did a lot on Reverb this past year (liquidating my brother's estate) so I will be happy not to receive a 1099...

i'm with you, i sold a lot on reverb and was dreading that tax bill/burden of proving sales at loss.

[digitaldrummer]

got an email from Reverb yesterday saying no 1099 this year (unless you sold more than $20K or did 200 transactions).

[markjazzbassist]

same here, was news to my ears cause i've sold a lot (definately more than 20k but nowhere near 200 transactions though)