I didn't get mine yet. Let me know how you do.
I’m not sure about this, but I think that they included the fees that the buyer paid in the gross sales they reported. I asked them for a report that details the sale info they have reported. They said that they don’t do that. F*ng idiots.
www.cnbc.com
blog.turbotax.intuit.com
So if I’m reading this correctly, the 1099k generated if under $20,000(mine was $685) is delayed by a year. Meaning I wouldn’t have to claim it for this year but in the future I would because they delayed the law a year?My best friend is dealing with an erroneous 1099K from Paypal and I sent her these on what to do with it since paypal refuses to fix it
Tax pros ‘expecting the worst' with Venmo, PayPal tax reporting change. How to handle a 1099-K for personal payments
While the 1099-K tax reporting change applies to business payments, it's possible you'll receive one for personal transfers. Here's how to handle it.
Understanding your Form 1099-K | Internal Revenue Service
Form 1099-K reports payments from payment apps or online marketplaces and from credit, debit or stored-value cards. Use it to help figure and report your correct income on your tax return.www.irs.gov
1099-K Form Reporting Threshold Delay Announced For Tax Year 2023 - Intuit TurboTax Blog
The IRS announced another delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season.
You should talk to a tax professional for clarification
The federal requirement is delayed a year. But for the past few years Massachusetts (and Vermont) has a $600 state limit while the federal has been 200 transactions and $20,000 in sales.
I don’t think that you will get a 1099k this year. The $600 threshold is in Massachusetts and Vermont.
