bgbuck153
Well-Known Member
What if we were to buy gift cards for where the sellers wishes or a visa gift card sent as payment?
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What do you mean ways around 1099?What if we were to buy gift cards for where the sellers wishes or a visa gift card sent as payment?
Please show me where IRS has this codified in the tax code?If you use PayPal and Venmo (could be others as well) to receive payment on selling stuff the IRS is going to 1099 the seller once they hit $600 in sales.
New tax law requires a 1099 on anything over $600 in accumulated sales through electronic payment services, such as paypal.What do you mean ways around 1099?
All you have to do is google it. It was part of a covid stimulus bill.Please show me where IRS has this codified in the tax code?
I own two businesses, and any vendor or contractor to whom we pay more than $600 in a calendar year will get a 1099 from us. In fact, we require a W9 before allowing any work. There are some exceptions; for example, if the company we are doing business with is a C Corp, we don't have to issue 1099s to them.Please show me where IRS has this codified in the tax code?
That sucks....I'm lucky I guess only MO or cash to me.New tax law requires a 1099 on anything over $600 in accumulated sales through electronic payment services, such as paypal.
The way around this is either to send/receive as friends and family or, as a seller, keep track of every receipt and prove you took a loss.
IRS form 1099 is not issued by the IRS; it is issued for a variety of payments from a party paying misc income of $600 or more. Your bank issues you a 1099-INT for interest payments. Sell any real estate and the title company will issue you a 1099-R.If you use PayPal and Venmo (could be others as well) to receive payment on selling stuff the IRS is going to 1099 the seller once they hit $600 in sales.
That would work if that is the agreement.What if we were to buy gift cards for where the sellers wishes or a visa gift card sent as payment?