1099-K $600 threshold DELAY: Will personal transactions be taxed?!

The new $600 1099-K threshold is going to be a giant mess. BUT just 1 week before the new year, the IRS announced that the change that the new threshold won't take effect until 2023...at which point it will still be a giant mess. Learn how to make sure that your personal transactions don't end up getting taxed on your tax return this year!

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My first 1099-K video:    • New 1099K thresholds! The IRS will now kno...  


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TIMESTAMPS:

00:00 - Introduction
01:44 - Taxable income and new 1099-K thresholds
02:08 - Old vs. new reporting thresholds
02:32 - IRS follow-up if threshold is not met
02:39 - Personal transactions and 1099-K reporting
03:08 - Handling personal vs. business transactions
03:34 - PayPal transaction designations
04:25 - Legal implications of misreporting
05:08 - Venmo reporting for personal and business accounts
05:44 - Cash App reporting rules
06:03 - Zelle reporting and its tax implications
07:16 - How to handle incorrect 1099-K reports
07:35 - Options if personal transactions are reported as business
09:16 - Simplest way to handle incorrect 1099-K reporting