PayPal taxes

[Trbo323]

It's tax season which reminded me of something, that PayPal/venmo online payment tax thing, whatever happened to it? I thought we were all supposed to be paying some ridiculous amount in taxes because of it but I've not seen it mentioned in a while.

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[scottieb]

Last year the state sent me paperwork showing what my taxes on Paypal transactions were. It arrived quite late I remember.

[nerdcore]

Current Form 1099-K Reporting Thresholds 2025 Update | PayPal US

Someone at work brought it up. You would need to have received over 20K and made 200 transactions for goods and services in a calendar year.

State exceptions:

• Vermont, Massachusetts, Virginia, Maryland: $600 USD in gross payment volume from sales of goods or services in a single calendar year, regardless of the number of transactions.
• Illinois: over $1,000 USD in gross payment volume from sales of goods or services in a single calendar year and four or more separate transactions.

[Ecapnation]

Its changed again from the $600 cap thing

[iamthelazerviking]

I don't know but when filing and when this form comes up I say it was selling personal shit at a loss

[Trbo323]

Its changed again from the $600 cap thing

To what? You have some more up to date info?

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[Ecapnation]

To what? You have some more up to date info?

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I'll ask my accountant for certain but supposedly its back up to like $20k provided you can prove items were sold for profit

[freedom]

To what? You have some more up to date info?

The big beautiful bill changed it back to what it used to be? I just filed my return today, and my tax preparer and I discussed all the current and upcoming tax changes.

[Trbo323]

Is that for all states or is there still that list of exemptions?

This all started because I went to buy a emek through Facebook today (because you load of jerks won't sell me one!), found a guy, settled on price, I even added for pp fees, sent money and he sent it back saying he only accepts f&f payments. I asked why and he pointed to these taxes which I had forgotten about

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[Ecapnation]

The big beautiful bill changed it back to what it used to be? I just filed my return today, and my tax preparer and I discussed all the current and upcoming tax changes.

No.... they dumped the changes because of extra work figuring it out and you know.... Firing everyone

[Trbo323]

No.... they dumped the changes because of extra work figuring it out and you know.... Firing everyone

That does tend to make things harder to do

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