Paypal and 1099k's

[08Malibu]

Our government using in "Emergency" situation as a guise to pass legislation that hurts the American people in a way TOTALLY UNRELATED to the emergency itself? You don'y say???

And yes, use cash. Keep cash alive. It's critical for your privacy and freedom.

Just don’t travel with too much of it. If you’re stopped with a lot of cash the government uses loopholes to seize it. It will be up to you to prove you’re not up to no good with it to get it back.

 

[PBGBodyFan]

Well, you could find a Hurst Olds/Cutlass guy to let those parts live on and get a little cash or beer for the exchange 😀

 

[joesregalproject]

Wanted to bring this thread back for a minute. Now that PayPal rules have changed, are F&F transactions exempt or will they still require a 1099?

 

[Olds G's]

Good question. Is Venmo being held to the same rules and regs as PP? Either way, I guess it's cash and carry from here on...

 

[69hurstolds]

Wanted to bring this thread back for a minute. Now that PayPal rules have changed, are F&F transactions exempt or will they still require a 1099?

AFAIK, the 1099K will be applicable for items or taxable services sold. F&F transactions where you are simply getting money from someone for a loan payback, or gift, or other non-taxable event is exempt. Additionally, any money YOU send to someone doesn't affect you no matter which way you send it. It's just those that receive money via 3rd party "brokers" of sorts.

 

[81cutlass]

Paypal has repeatedly emailed me (auto generated) that I need to enter my TIN # or be locked out of certain account features.

I haven't put my TIN # in and still have not got locked out of anything?

However I also have not done +$600 total of goods & services transactions this year so....

But F&F from my understanding does not count toward the 1099k.

 

[joesregalproject]

Appreciate it. Just wanted to make sure I understood.

 

[Olds G's]

Paypal has repeatedly emailed me (auto generated) that I need to enter my TIN # or be locked out of certain account features.

I haven't put my TIN # in and still have not got locked out of anything?

However I also have not done +$600 total of goods & services transactions this year so....

But F&F from my understanding does not count toward the 1099k.

I've gotten the same request to enter my TIN. I put my SSN in and seems to have satisfied PP

 

[ck80]

PayPal comes asking for any darnfangled ID for them there revenuers ima tell em GIT OFF MY LAWN!