PayPal & 2022 Seller Reports to the IRS..

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thunder1
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PayPal & 2022 Seller Reports to the IRS..

Post by thunder1 » Thu Dec 02, 2021 2:21 pm

This is unconfirmed, but I thought I'd pass it along anyways..

Beginning in January of 2022, PayPal will be required to report to the IRS all USA sales that they process of $600.00 and above..so, 2022 sellers of watches that receive proceeds via PayPal that amount to $600.00 and above will receive a Form 1099 that they will have to report & respond to on their 2022 Form 1040 tax return..hopefully, we've all kept receipts of the purchase price of the watch(s) that we intend to sell to offset any possible profit on those sales..

Unconfirmed, but I thought I'd pass it along.. :(
Ebels are a lot like women that lack a low cut dress that zips up the side...neither get the love that they deserve...
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biglove
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Re: PayPal & 2022 Seller Reports to the IRS..

Post by biglove » Thu Dec 02, 2021 4:45 pm

I write off my watches as business ever since my homeowners’ policy refused to underwrite anymore because they said it was a business. I keep track to the penny what I spend on everything. Haven’t turned a profit for a year but have sold some well above what I paid.

Fucking A!
"Courage is knowing it might hurt, and doing it anyway. Stupidity is the same. And that's why life is hard."-Jeremy Goldberg
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