New 1099k Threshold Change $600 Taxes - Can I Avoid IRS Tax Form for Venmo, Paypal, Cashapp, Zelle?
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- เผยแพร่เมื่อ 16 ก.พ. 2022
- New IRS 1099K Threshold Rule $600 - How to Avoid Getting a Tax Form Paypal, Venmo, Zelle, Cashapp - American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), like PayPal and Venmo, to report goods and services transactions made by customers with $600 or more in annual gross sales on 1099-K forms. Currently, a 1099-K is only required when a user receives more than $20,000 in goods and services transactions and more than 200 goods and services transactions in a calendar year. This new Threshold Change is currently only for payments received for goods and services transactions. Previously in 2021 a 1099-K is only required when a user receives more than $20,000 in goods and services transactions and more than 200 goods and services transactions in a calendar year. #1099k #new1099k #selfemployedtaxes
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Apologies for the audio gain issue! Flipped a setting and can't recover it this time 😂❤️
0:00 Start
2:10 I only want the 30 second version of this video
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It goes beyond self employment.. people simply selling used personal items at a loss are getting screwed by this law change.
Not if ppl use money orders or cash!! Stop using your phones!!!
@@AmandathePandaBooks yeah but it’s 2022… going to 2023. Those are becoming obsolete.
You can sell at a loss but if you sell something for a profit then you are taxed
@@csh9853 If you sell personal, non-business, items at a loss, it's still reported on the 1099-K and the IRS will treat it as income unless it is accounted for .. the IRS needs to give guidance on how to handle this to offset the 1099-K.. perhaps Schedule D capital loss.
what about my friends and family sending rent to me? do i get 1099?
I'm so glad somebody is making these types of videos!! SUPER useful for everybody who's just starting out. Thank you for making these videos and taking the time to do in-depth research to give us the best advice even if you're not a tax expert. What a time saver, truly! ❣⭐
So glad this was helpful!
Stop using your phone!!! Stop using any PayPal, or any digital anything!!! Use money orders!! Or cash!!
Thank you for the TH-cam updated video very much also.
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Thank you Ginny!
Thank you!!
thanks for cutting through this mess......more crazy stuff .......it's everywhere ,now...!!!
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Good news! Thank you Ginny
Very welcome
I know this comment isn't relevant to the video... but I got a letter from the edd for proof of self employment and my documents met legal requirements!! Thank you for all your guidance on this!! I feel like I can breathe now!!
So good, thank you.
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Hi Ginny wonderful info, you always so amazing, thank you so much🌹🥰🥰🥰🌹🌹🌹🌹
Thank you ❤️❤️
Thank Brandon for this.
TY Ginny!
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Great info 👍
Thank you Nancy ,❤️
Definitely helped
Thank you!
Taxes should ONLY be collected on profits only, not gross revenue. The government/IRS knows that 95%+ of casual sellers selling items that they acquired 10,15, 20+ years ago will not have kept receipts to prove original cost. Therefore, they will be wrongfully taking advantage of these people by taxing on gross revenues, not profits. This should be illegal.
Tax is only collected on profit - you are issued a tax form on gross numbers, which is reported to schedule C, then deductions are applied on your schedule C.
@@ginnysilver What deductions do people apply on schedule C from items acquired 10, 15, 20+ years ago in which 95%+ of people no longer have receipts nor remember their original cost?
If you are a business and are selling items and taking deductions you are required to claim those deductions when they were purchased not 10 years later. If you are not a business and are not selling for a business and are taking a loss on a personal sale you do not have a schedule C.
Thanks Ginny for this new info. Honesty is the best policy as the saying goes! people thought I was crazy to report all my cash income---- but if I hadnt I would have never qualified for PUA during my business' shut down. P.S. Have you ever gotten a notice from EDD re; your docs? I havent! lol
Yes! It's also a shock to most self employed that loans and mortgages look at three years of self employment history and not just one and if you don't claim it or deduct it all away it can have a huge impact.
No notice, I'd assume you're apprpved
TY
Awesome informative video Ginny 👏🏼
Thank you!
Please give more details on the "Net" part of Net Income such as shipping, handling, gas mileage, listing fees, and local sales tax, and possibly a small business license fee. How to keep detailed records on these"Expenses" from sale of goods and services to arrive at the Net Income and the "format" for submission to the IRS. Also can you deduct supplies cost for record keeping because they consider it a business.
Very helpful video. The audio is quite distorted - if you can solve that, your videos will do better on YT.
Thanks for the information!
Yes, audio gain switched inadvertently- usually audio is fine. Wasn't recoverable and usually isn't an issue.
Yes you have..
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She’s so awesome 🙌🏽🙌🏽🙌🏽🙌🏽
Thank you ❤️ how have you been?
I accept cash only when I sell an item, and never ever deposit your extra money in a bank account.
Well.... this should be great fun. 😄💰❤️
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If I receive more than $600 a year using PayPal from a online side hustle where I test websites will this apply to me. I receive the money through a “personal” PayPal account so how would they even know if it’s a personal transaction or a transaction gained from a service I provided?
Sweet!
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Hello Ginny 👋
Thank you!!
What if I sell my own personal vehicle on F.B. marketplace? But the transaction is done face to face. No third party payment transaction. Will marketplace still send me a 1099k? If so I dont have any docs. To prove it was at a break even, loss ,or profit? What would the irs use as a baseline for a valuation tool if anything?
My husband and I are senior citizens and don't do taxes anymore. If we sell over $600 on Ebay for example, and they send me a 1099k, will I have to do my taxes again, even if the income does not bring us up to the amount that we have to file?
Also does each marketplace report separately? For example if I sell $300. on three different marketplaces (Ebay, Etsy,Poshmark for example) will I receive a 1099k from any of them? Is each a separate entity for giving 1099k?
Ginny......have you heard of "enQ" a service that calls quickly into IRS.....read an interesting article in paper this weekend, on them.....what say you?🤑
I would just use Claimyr 😆
This will create backlogs on a mass scale insane
Can you do a video about how to get free tax filing for low income people and the self employed? Long ago H&R Block and Turbo Tax agreed to allow low income (under 34k) to file free and use the software but have now stated that they will end that program possibly this year. The deal was initially struck so that the IRS would not create it's own tax filing software. Does the IRS now have it's own software. As a low income gig worker I am entitled to free tax filing using software but not sure where to find that now.
tax hawk is free for federal but charges 15 for state returns.
Irs website. You can do your taxes for free.
Soooo the way to avaoid the $600 tax rule is to NOT go over $399 per year?
I've sent my son probably over a $1000 this past year through cash app. This has got me worried. This is just a dad given his son money. Do I need to be worried?
What's stopping people from changing business transactions to friends and family? It's easy to say but seems hard to implament and friends and family transactions when one is making over 10k+
Tax evasion. It's a federal offense.
All my customers are friends!😊
Received rebates deposited to PayPal, I have to pay tax, that is ridiculous.
Hi Ginny!
I recieved a notice of determination for pua letter. It's says the proof I sent in wasn't sufficient. I sent a copy of my business tax form and my EIN. I figured that was enough because it said an ein was okay. I'm freelance. I have to send an appeal and I'm just completely confused on what I should write and send in?? Please help!
Videos on my channel home on this topic. Call EDD and talk to a tier 2 they may reverse it over the phone.
I did deposit several hundreds of dollars, i used to buy goods on ebay, which i pay taxes, now the IRS wants me to pay tax on my deposits, can i get my ebay statements and ovoid paying taxes twice?
Who ever made this bill must really dislike life in general lol. they got a serious DEATH WISH lol lol
Very confusing.
I don't have a business but I sold some used bicycle parts and accessories at a loss. I got paid thru PayPal the amount was $1108.80. I received a 1099k. What's your thoughts?
Selling your own personal property at a loss is not self employed income and does not require claiming on a tax return - this is a personal transaction and the 1099 rule change **only applies to business transactions and accounts** if your PayPal was marked friends and family you will not receive a 1099 and since this is not self employment (it's personal property sold at a loss) it is not the same. If you received a 1099 it sounds like you did not mark this as friends and family - you would need to talk to your tax professional about this since it's a personal item sold at a loss and they will know how to note this in your taxes properly.
I love your video thx , I’m using zelle I send about 250& months to someone
I don’t receive I only send ,so what about this ? Thx
How do you make sure its labeled as friend & family. And not business? Im in the same boat & just want to make sure im good
does personal loan is count as income?
Where did the $400. Limit come from? My research showed a $600. A year.
$600 is the limit for a business to send a 1099. $400 is the limit for someone to report their self employed income on a tax return.
Feel like this is to combat all the street vendors everywhere, i live in LA and have been happy to see fellow community members getting into the entrepreneurial spirit but i guess it was good while it lasted for those folks. I guess its true what they say there’s only 2 guarantees in this world 1. Death 2. Taxes 😩
street vendors? its more for ebay and other online sellers
this is all thanks to crappy joe an the rest of the demorats
@@metalbeast83 hey moron crawl out from under that rock, it ain't happening this year, how come the cons didn't do anything about it?
Even if u sell online as a hobby just to clear or do it as a hobby it still consider a business just use your supplies and other deductible. This year I let hr block do mines
If you earn over $400 in the year (net) it must be claimed on a tax return.
Sunburn?
Has the IRS given guidance at all for those who receive $600 or more for sale (at a loss) of used personal items?
only thing we can try to do now is get paid in cash
The rule was put on hold
@@mostmost1 Poshmark is still requiring your Social Services number
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Thank you!!
Cash is king
FJB this country needs to remove tyranny.
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If I paid a contractor via Venmo - for my rental property- can I skip the 1099-k mailed to contractor. Thank you
No
What if I’m selling some items to people like a couch I own for say $1,000 plus other stuff using zelle with my personal bank account. Does that need to be reported ?
If you are selling your personal items and taking a loss then no that is not income.
@@ginnysilver thank you! , what if I help a lot of my friends move and they also pay me to help them through zelle do I need to report that if it’s over $600 . How would the irs know ?
What about Stripe? I also wonder how they can send me a 1099 without me giving them my social security number. They have not asked for it nor has my employer. I'm fine with receiving this document because it's hard to keep track of all the different payments from all these gig jobs. Can the 3rd party payer just call the IRS and get your Social Security number or what? I understand that there are new reporting laws but don't they have to contact me to get my SS?
Stripe requires either a ss or ein - yes
@@ginnysilver Thanks for the clarification. They have not asked for my SS so I wondered how they get it.
I use stripe - they ask for it at signup so I feel like you may not be recalling it perhaps?
@@ginnysilver no not really. I'm a gig worker (revisiting this video:) and some people who hire me pay me through Stripe. No one asked me for my social security number and I personally did not have to sign up. I had a heck of a time filing in 2022 because Stripe would not help me get their information to be able to file my income from them.
Stripe is a credit card processor, perhaps you are confusing stripe with another program?
What if I put in the memo for zelle "bills" or "lunch"
I would never recommend tax evasion. Personal transactions, yes. Business transactions, no.
So if I receive more than 600$ on zelle that is not a business transaction do i still have to put it on taxes?
This does not apply to personal transactions - such as sending a friend or family member money. If it is a personal transaction, no.
@@ginnysilver how do you make sure its label as F&F and not business?
if no one accepts it as law then it is not law...residents decide what is and isn't....government does not
Of times before..
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Why would the iRS allow Zelle to not report 1099-K for tranactions over $600 per year? If all the other companies have to, seems like they would have to as well?
The democrats good job this is crazy..
So if I have personal account and friends and family send me 600+ in a year I'll get a 1099k ?
Incorrect - this is for business transactions and business accounts.
I had changed it to a business not knowing I would get a 1099k what do I do now ? I got a 1099k.
You pay the taxes you owe on the business income
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Lower the gain on your mic by like 6db
Lol yes, I usually have it down 9DB but flipped a setting accidentally and fixing in post didn't cut it.
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The irs needs to be abolished.
More than $400 a year? 😯
$400 and over in self employed income and it must be claimed on your income taxes
BTW Awkward is the best way to describe this🤣
The IRS?? Haha
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Myself and many people receive for more than $600 through Venmo and never got a 1099K
So Clickbait topic of the week or the year perhaps
Uhhh... nope. More recent videos of mine on this topic show that this law was delayed..... This was in fact a law which was amended to be delayed. Date of this video shows the current information at the time, followed by other videos with the new dates 🤣🤣🤣
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You keep saying 400 or more. The new rule is six hundred are more why are you saying four hundred
You are confusing two completely different rules. IRS states $400 and up you are required to claim self employed income on your own tax return. $600 and up is the requirement for a business or CC processor to send you a 1099.
I actually just made a short about this exact misconception yesterday it's posting today
What I heard this is not apply to Zelle. Can you confirm?
Watch the videos I cover that.
ET phone Home
Don’t forget about TH-cam
TH-cam ads are through Google ads and Google always sends a 1099 there is no change there.
It’s 600.00 not 400.00
Incorrect - 1099 limit to be required to SEND a 1099 is $600. $400 limit as stated in the video is what triggers you to be required to report your self employed income regardless of whether or not you receive a 1099.
Me a bunch of
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Does your brain ever take a break 😀
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@@ginnysilver 💯😁
Awkward..."IRS"....that's what she said....lol
😂😂hahhaa... drop me 5 that what she said comments to help the video
@@ginnysilver Awkward..."LAW CHANGE"....that's what she said....lol
@@ginnysilver Awkward..."NET INCOME"....that's what she said....lol
@@ginnysilver Awkward..."WILL NOT"....that's what she said....lol
@@ginnysilver Awkward..."OR IF"....that's what she said....lol
Crapolla
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I just click on here to check out your beauty
Cash is king