Quote:
Originally Posted by ZetaPsi909
it should not
“The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill.”
yeah iirc the pfa podcast mentioned that irs would review that stuff and decide for itself if they were genuine stuff between friends and family or not ie if we're shipping several k they could think we're intentionally mislabeling to avoid the tax hit
re: the thread i started on it a heavy volume transfer guy wrote this:
Quote:
Originally Posted by a dewd
Ha, high volume for sure. My PP is business so I never use that for anything else. The other 6 or 7 cards/apps, I'm already over that threshold. I'll speak with accountant in couple months when taxes get done. My guess is they will not do 1099K for low dollar individuals for now. I'd be willing to bet heavily if the current make-up in DC stays the same that they will do the same for individual accounts.
Thankfully, the part where they tried to get them issued for crypto wallets was skipped.
so looks like it should be ok?