1099k rule suspended for a year

Everyone must report all income but Paypal and Vemmo and others do not have to send 1099Ks this year- the IRS has issued a ruling that the 1099K sending will be suspended for a year. There are bills to Congress to change the reporting amount to 5000or 20000 so it may be changing.

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Again, what does it matter? We always have and will always have to keep detailed records and report every penny we make. Nothing changes.

Yeah, you're absolutely right.

...and Paul Pelosi doesn't benefit from any "pillow talk" when making stock trades. ROFL

@luckygirl0100 wrote:

Again, what does it matter? We always have and will always have to keep detailed records and report every penny we make. Nothing changes.

Well I'm happy about it mainly because i feel like it will make tax time less complicated. Yes, you still report all income. But when you receive a 1099 from a MSC, they typically don't include reimbursements. I feel like if you had received a combined 1099 k from paypal it would just make the process longer because you'd have to separate any reimbursements for every MSC. And then what about Ebay payments. Again, you'd have to document cost basis for items sold on there, with many sold at a loss for those who are just casual sellers. I don't mind paying my taxes, but I certainly like to make it as easy as possible.

What others do doesn't change what I do... (fyi I'm a pretty damn conservative Republican who can't stand Nancy Pelosi & her husband)

@maverick1 wrote:

Yeah, you're absolutely right.

...and Paul Pelosi doesn't benefit from any "pillow talk" when making stock trades. ROFL

@luckygirl0100 wrote:

Again, what does it matter? We always have and will always have to keep detailed records and report every penny we make. Nothing changes.

Edited 1 time(s). Last edit at 12/24/2022 02:06AM by luckygirl0100.

Buffoons are hilarious and continue to be so.

YaY. I, of course, keep complete (may I say "elegant"?) records for tax purposes.

But this WILL make filing less stressful.

@maverick1 wrote:

Yeah, you're absolutely right.

...and Paul Pelosi doesn't benefit from any "pillow talk" when making stock trades. ROFL

@luckygirl0100 wrote:

Again, what does it matter? We always have and will always have to keep detailed records and report every penny we make. Nothing changes.

Oh good. Politics. Just what I come here for.

Fact 1: Paul Pelosi is an American citizen, not a politician.
Fact 2: Politicians create tax policy including suspending 1099K reporting.

So you did come here for politics based upon fact #2, not fact #1.

Edited 1 time(s). Last edit at 12/24/2022 11:30AM by maverick1.

fwiw, ebay doesn't use paypal for sellers any more. Direct deposits only. But other sites do, I'd guess.

What about Santos? GOP rep?

Shopping Eastern Pennsylvania since 2009

@ceasesmith wrote:

YaY. I, of course, keep complete (may I say "elegant"?) records for tax purposes.

But this WILL make filing less stressful.

Yes, you may say, "elegant." Inflection matters, though. May I suggest a seductive tone? Hahaha!

this is not some political forum, reported.

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1099k rule suspended for a year

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