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Any one else going to have trouble with this new law making all cash Apps report over $600 a year

hotrod

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Joined
Mar 24, 2009
Messages
308
So exactly how does this work , you are sent a 1099 for every transaction over $600 or once you reach $600.???

For instance is I sell 8 products to 8 different people for $700 dollars each I'm gonna get 8 separate 1099??

Or once I break the $600 limit they just keep a tally and if I make $10k at the end of the year I get one 1099 on that??
Yes for every pay app where you receive more than 600 dollars you will get a 1099 regardless if its for personal or not, its up to you to report what is taxable. It wil just state the amount not a itemized form of every transaction
 

perfection

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Mar 10, 2011
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172
Maybe someone can answer this one, what if you send bitcoin to someone? Do you get a 1099 for that? Can you label it as a donation for sending it?
 

The Big MC

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Mar 16, 2010
Messages
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By law, you should get a 1099 from an exchange if you receive/trade bitcoin which will also be reported to the IRS. The quickest way to get flagged for audit is to not report a w2/1099 that they have on file. Their computers pick that up. Of course, the only way the government knows about it is if the exchange gives a 1099 so...
 

OuchThatHurts

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Reducing your crypto exposure is a bad idea. Alt season is around the corner and stuff will be going parabolic. Crypto is literally the way for the little man to become wealthy.
What were you saying, now? 😁 💰💰💰
 

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