I really wasn't paying attn and finally noticed they dropped the limit on reporting 1099-k's from $20k to $600. I'm not really sure how it is going to work. A lot of people transfer more than $600 on venmo. Go out to dinner with friends at a place that won't split a check so one person covers and everyone venmo's money etc. Not sure how the IRS will differentiate that with income of Gig worker who they are trying to target.
Personally, I'm going to have to figure out how to report next year. Every year I sell my MIL football tickets for games that are unused and just transfer her the money because she doesn't really do "online" stuff very well. Now I'm going to have a 1099-k sent to the IRS.
Personally, I'm going to have to figure out how to report next year. Every year I sell my MIL football tickets for games that are unused and just transfer her the money because she doesn't really do "online" stuff very well. Now I'm going to have a 1099-k sent to the IRS.