
"You don't pay taxes – they take taxes." - Chris Rock
Up till now, whatever you made on eBay, Etsy, and the like might have seemed like tax-free cash. But now, the IRS will be in the know more and more regarding those sales… and that’s something you’ll want to keep in mind going forward.
Lowering the limit
Rules that were in effect until this month said that if you sold goods or services via platforms like eBay, Etsy, and Uber and if that platform used third-party transaction networks (think PayPal), you received a federal tax document called a 1099-K, and your income was reported to the IRS.
Thing is, you didn’t get that form unless you had at least 200 transactions worth a combined twenty grand or more.
Now, that limit’s been lowered.
Payment apps such as PayPal, Venmo, Zelle, CashApp, and other third-party e-payment
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