Hey all....this is not to be a holier than thou "I am above Venmo" thread.
The IRS rules for 1099s are now in effect. Anything tagged goods and services in aggregate over $600 is now sent to the IRS as of Jan 1 2023.
Friends and family transfers are not subject to the reporting....however...
IRS warns taxpayers about new $600 threshold for third-party payment reporting
Story by Kate Dore, CFP® • Yesterday 1:09 PM
The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments.
The change applies to payments from third-party...
Long, but informative, article in coinweek covering when the government gets involved in your PM purchases and sales: