Good question! So that is technically being phased in. You might receive a 1099-K form but it is technically not required in 2024 unless it hits 5k or more. It is still not supposed to have family or friend transactions. Here is a summary quote from the IRS “Notice 2024-85 PDF issued 11/26/2024, provides guidance and clarifies that third party settlement organizations are required to report transactions for goods or services where the total payments received were more than $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and thereafter.”
Appreciate the video!
Gracias for the watch and encouragement to keep this up! Hope all is well
Do we have to pay taxes on PayPal or zelle transactions above 600, this year?
Good question! So that is technically being phased in. You might receive a 1099-K form but it is technically not required in 2024 unless it hits 5k or more. It is still not supposed to have family or friend transactions. Here is a summary quote from the IRS “Notice 2024-85 PDF issued 11/26/2024, provides guidance and clarifies that third party settlement organizations are required to report transactions for goods or services where the total payments received were more than $5,000 in 2024; more than $2,500 in 2025; and more than $600 in calendar year 2026 and thereafter.”
@DebtTale I appreciated 🙏🙏
Thanks for asking!