4 ms·

A huge majority of folks wouldn't need to bother, and the rest could make changes if they are needed.

• refurb 4y ago
  I highly doubt it since the 1099-K reporting for any payment platform transfer over $600 is only delayed. That's going to impact a lot of people.
  • brewdad 4y ago
    I've met one person in my entire life that has to deal with a 1099-K. I've met a lot of people and have been around for a handful of decades.
    • refurb 4y ago
      You realize they changed the rules this year, but delayed implementation? The threshold used to be $20,000/200 transactions, but it's going to $600 for even a single transaction. Your friend sends you $1000 for a shared vacation? That's a 1099-k. Your roommates send you $1000 as their share of the rent? That's a 1099-k. Sell your car for $5,000? That's a 1099-k. None of those are actually taxable, so you need to sift through the 1099-Ks you receive to see which ones need to be reported and which ones don't.
      • UncleMeat 4y ago
        Huh? Isn't Venmo excluding the friends&family transactions?