2024/2025 IRS 1099's for payment apps

[CarGuy]

F&F transactions will be more important in 2024. For 2024, $5,000 will be the trigger for a payment app to send a 1099-K. F&F is excluded:
"Will the IRS tax money sent to family or friends?
Rumors have circulated that the IRS was cracking down on money sent to family and friends through third-party payment apps, but that isn't true. Personal transactions involving gifts, favors or reimbursements are not considered taxable."
IRS Change: Here's What PayPal, Venmo and Cash App Users Need to Know About Their 2023 Taxes
For 2025 the threshold/trigger will be lowered to the $500 figure that was to have gone into effect for 2023. 2023 and 2024 were then decided to be transitional years.

 

[Atticus]

It's going to go back to $500? This is so stupid and is just going to kill many hobbiest transactions...

The old $20K was fair. (Although, I'm sure some folks that are in the higher end watch hobby would argue that point)

 

[OakleyBoss]

Agreed $20k was fair, maybe they could argue it down to $10k, but either way those numbers really indicated a business. $500 is anyone selling anything on eBay.

 

[reggavegga]

I see that changing if we get a different President...

 

[Deleted member 50155]

F&F transactions will be more important in 2024. For 2024, $5,000 will be the trigger for a payment app to send a 1099-K. F&F is excluded:
"Will the IRS tax money sent to family or friends?
Rumors have circulated that the IRS was cracking down on money sent to family and friends through third-party payment apps, but that isn't true. Personal transactions involving gifts, favors or reimbursements are not considered taxable."
IRS Change: Here's What PayPal, Venmo and Cash App Users Need to Know About Their 2023 Taxes
For 2025 the threshold/trigger will be lowered to the $500 figure that was to have gone into effect for 2023. 2023 and 2024 were then decided to be transitional years.

Hey Curt.....This is Myles from Ebay I'm Hawaiinokaoi808....my email is miho356@aol.com.

 

[Atticus]

Hey Curt.....This is Myles from Ebay I'm Hawaiinokaoi808....my email is miho356@aol.com.

Just signed you up for all kinds of Spam. lol

 

[CarGuy]

Just signed you up for all kinds of Spam. lol

 

[CarGuy]

Hey Curt.....This is Myles from Ebay!

Welina!

 

[Tom.]

I am not in the US, but it's clear to anyone that these are moronic rules. And i feel your pain.

Tax agencies both in Europe and now in the US are out to get the "little man"

while big corrupt businesses and people with power can do whatever the **** they want.

 

[Deleted member 50155]

Thanks