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Topic: $600 Reporting IRS Requirement Reached  (Read 635 times)

calendria

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$600 Reporting IRS Requirement Reached
« on: September 20, 2022, 04:20:27 pm »
 :cat:


Well, email arrived from PayPal Thankyou   :bs: whoever thought this one up: 

once you near or reach $600 in goods and services transactions (instead of the prior threshold of $20,000 and 200 transactions)


"Haven’t I always had to declare my income from the sale of goods and services transactions? What's different?"

Reporting and declaring any income, either personal or through a business, has always been a requirement when filing your taxes with the IRS.  The change broadens the scope of reporting such that all TPSOs, like PayPal and Venmo, need to collect tax information once you near or reach $600 in goods and services transactions (instead of the prior threshold of $20,000 and 200 transactions), so that we can remain compliant with our regulatory requirements and share those details with the IRS.

This change impacts every financial institution and TPSO that you might use to transact for goods and services, not just PayPal and Venmo. This includes your bank accounts, and other ways you send and receive money.

calendria

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Re: $600 Reporting IRS Requirement Reached
« Reply #1 on: September 22, 2022, 01:56:46 pm »
 :cat:

Has anyone else reached the $600.00 threshold on Any site this year?  Last year?

dsawan

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Re: $600 Reporting IRS Requirement Reached
« Reply #2 on: September 22, 2022, 10:19:26 pm »
Nope probably never will due to the conditions here.

ssarber

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Re: $600 Reporting IRS Requirement Reached
« Reply #3 on: September 23, 2022, 06:59:32 am »
definitely not on here!! I did get some other survey sites, but when I got close to the $600, I started just getting gift cards instead. The government needs to stay out of our business.

cathy37

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Re: $600 Reporting IRS Requirement Reached
« Reply #4 on: September 23, 2022, 11:48:33 am »
I'm lucky if I ever get more than $200 on this site in one year.  It is getting so much harder to make anything on this site.  I'm lucky if I cash out every 3 or 4 months.

dsawan

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Re: $600 Reporting IRS Requirement Reached
« Reply #5 on: October 21, 2022, 02:35:33 pm »
same here;esp with whats going on today

hicham1976

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Re: $600 Reporting IRS Requirement Reached
« Reply #6 on: November 28, 2022, 06:30:52 pm »
Yes 600 is 600 once reaching it the IRS starts to smile😏😏😏

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