Tropical Fruit > Tropical Fruit Buy, Sell & Trade
2022 PayPal taxes
Jaboticaba45:
--- Quote from: gardenfreak on January 02, 2023, 12:43:59 PM ---IRS delays new tax-reporting rule on Venmo, PayPal payments over $600
Controversial reporting rule on payments over $600 will go into effect in 2024
--- End quote ---
https://www.cnbc.com/amp/2022/12/27/what-to-know-about-the-1099-k-tax-reporting-change-for-venmo-paypal-.html
Looks like we have one more year! Lol
dalghariMike:
spammer
K-Rimes:
--- Quote from: dalghariMike on February 04, 2023, 05:12:50 PM ---Yeah, it's a bummer to hear that PayPal is now gonna start charging taxes on all earnings over $600. But it's always important to keep track of your income, especially if you're using it for something like a side gig or business.
--- End quote ---
PayPal does not charge taxes, the government does. All PayPal does is prepares a 1099 showing your "income" which you can choose to report, or not, but you best have an explanation why you didn't in the case of an audit. Many times I receive gifts through PayPal and won't be declaring those as income.
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