No, I didn't say that, and sorry if I wasn't clear. A 1099-K is for you to file, and account for on your taxes. Even if you get a 1099-K from say, eBay for $900 for selling sh*t, and you show fair market value of say, $1000, then you sold as a loss and you won't pay any taxes on the loss.
The powers that be run around promising not to raise any taxes on anyone making <400K per year. Separate issue. But in the meantime, loopholes can be squeezed and taxation effectively goes up just by doing that. They're going to treat everyone as a tax cheat first, even if you make <400K. And if they get their way, your bank will tattle to the IRS anything that aggregates over 10K in or out of your bank account every year. The 1099-K was originally touted as all these UBER drivers and similar people hustling on the side not paying any taxes. That was the initial reason. I'll let you be the judge. Which of course morphs into anything over $599.99 per year getting money from any entity nets you a 1099-K. They're really trying to get rid of cash money altogether if they had their way. It's easier to track that way.
It's not even a factor of paying taxes owed, it's just a PITA factor of now you have to start acting like a business keeping records when you're not even a business. That's the part that sucks donkey balls. Might as well get a business license, run the business into the ground for what, 3 years, go defunct, then start a new business.
It's going to be interesting to see how all this plays out to say the least. If there's a legal loophole out there, someone's going to find it. Stay frosty.
