johnkimble123
kiwifarms.net
- Joined
- Jan 20, 2024
The law has been messy... it was for a while $20k AND 200 transactions to generate a 1099-K, then it got changed for the 2021 tax year during the COVID relief packages. What moron congressman thought it was a good idea to slide that into that bill beats me. At least before, if you had a few massive transactions, it didn't change things, and if you had a lot of small ones (say for like Girl Scouts who use Venmo) it didn't change things.This is the first year where if you get more than 600 dollars it needs to be reported, until now I think it was either 20k ot 13k.
But because it's such a bad idea, and super unpopular, it got pushed back 3 times. The 2024 tax year is the first year where the $600 threshold will be in place, maybe. It was changed as late as November/December so don't be shocked if it gets delayed again. The amount of people who will start getting 1099-Ks for doing not much of anything is going to be crazy. Using the Girl Scouts example, $600 is like 120 boxes, or about 10 cases of Thin Mints. And there's no online platform that you can use to get around this, at least I don't think so.
Going back to Phil, he's always been over the $20k & 200 transactions threshold. Based on what he claimed in business income on the bankruptcy, he's at least been smart enough not to exclude that income from taxes. So nothing will change for him.