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New 1099-K tax laws - PayPal, E-bay, etc. money received (1 Viewer)
- Thread starter JohnnyU
- Start date
beef
Footballguy
About time we have a law and order President that cracks down on tax evasion!
Last edited by a moderator:
JohnnyU
Footballguy
Saw this posted in the paypal thread from a link. I'm convinced now sending to family and friends won't apply to the 1099-K, but I'm still keeping league funds in a savings account until time to pay winnings. I'll then transfer needed amount and send. This won't apply to 2022 winnings since I've already paid most. The rest I'll just send by check and go back to sending by PayPal 2023 and beyond.
How these new tax reporting changes may impact you when paying or accepting payments with PayPal and Venmo for goods and services
Recently, there have been some questions regarding changes to upcoming U.S. tax reporting requirements that could impact the information PayPal shares with the Internal Revenue Service (IRS) about transactions made using PayPal and Venmo for the sale of goods and services. While a lot of questions still need to be answered, and in some instances, legislation finalized and signed into law, we’ve answered some of the most pressing questions below – and we’ll be sure to keep this list updated as more details are finalized.
Q: Will I have to pay taxes when sending and receiving money on PayPal and Venmo - what exactly is changing?
To answer this, we need to break it into two specific areas which are currently being discussed by Congress. This includes lowering the reporting threshold for goods and services transactions on a 1099-K, as well as potential changes to how financial institutions report in-flows and out-flows of money on customers’ accounts. Here’s a quick summary of both:
1099-K Threshold Change:
This new Threshold Change is currently only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, etc.
How these new tax reporting changes may impact you when paying or accepting payments with PayPal and Venmo for goods and services
Recently, there have been some questions regarding changes to upcoming U.S. tax reporting requirements that could impact the information PayPal shares with the Internal Revenue Service (IRS) about transactions made using PayPal and Venmo for the sale of goods and services. While a lot of questions still need to be answered, and in some instances, legislation finalized and signed into law, we’ve answered some of the most pressing questions below – and we’ll be sure to keep this list updated as more details are finalized.
Q: Will I have to pay taxes when sending and receiving money on PayPal and Venmo - what exactly is changing?
To answer this, we need to break it into two specific areas which are currently being discussed by Congress. This includes lowering the reporting threshold for goods and services transactions on a 1099-K, as well as potential changes to how financial institutions report in-flows and out-flows of money on customers’ accounts. Here’s a quick summary of both:
1099-K Threshold Change:
This new Threshold Change is currently only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips, etc.
Hot Sauce Guy
Footballguy
Wow. That really sucks.
I wonder if he had other stuff going on with PayPal that may have contributed besides FF?
Regardless, it’s pretty crappy. Glad he’s going to pay out the league. Tough situation to be in.
bicycle_seat_sniffer
Smells like chicken
funny the guy who runs two of my leagues just did the same thing, I call b.s. as he was always super late paying out, and also always seemed to have a few leagues as start ups. What convenient time to just not pay anyone and end your leagues.
bicycle_seat_sniffer
Smells like chicken
Hot Sauce Guy
Footballguy
Sadly, that thought occurred to me as well. I’ve seen this used as an excuse before, but since I didn’t know the circumstances I didn’t want to pass any judgement on this commish.
Denver724
Footballguy
You ever get paid? I am in the same boat and owed a few k. And I still see Commish's on the "Looking for Leagues" forum still collecting funds via PayPal. Hard to believe to be honest.
Football Jones
Footballguy
I had somebody owe me FF money & they added a football icon & it went through. Is this simply because people are putting 'FF' in the title or something?
Also, it would be a tough situation to be in as a Commish if you did everything right & PayPal bent you over. It makes you look like a scammer. I'd tend to give people the benefit of the doubt right now.
Also, it would be a tough situation to be in as a Commish if you did everything right & PayPal bent you over. It makes you look like a scammer. I'd tend to give people the benefit of the doubt right now.
JohnnyU
Footballguy
Last edited by a moderator:
Denver724
Footballguy
Denver724
Footballguy
You ever get paid? I am in the same boat and owed a few k. And I still see Commish's on the "Looking for Leagues" forum still collecting funds via PayPal. Hard to believe to be honest.
Hot Sauce Guy
Footballguy
I never went unpaid. I used Venmo to pay out 1 dude, and the LCG winner/loser rec’d physical checks
i use PayPal for my company & didn’t want to risk it.
That said, I never saw anything validated that PayPal or Venmo were freezing accounts for fantasy sports. Sounds like a shady league where the commish screwed people over.
massraider
Footballguy
League Safe if you don't know them.
If you know them, probably best to use League Safe
If you know them, probably best to use League Safe
