$600 Reporting IRS Requirement Reached

[calendria]

 


Well, email arrived from PayPal Thankyou    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]

 

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

[dsawan]

Nope probably never will due to the conditions here.

[ssarber]

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]

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]

same here;esp with whats going on today

[hicham1976]

Yes 600 is 600 once reaching it the IRS starts to smile😏😏😏