Question

I have a rental property and the payment is made to my PayPal account. Will the new tax law affect me?

Forum|Forum|3 years ago
August 31, 2022
1 reply
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Hi Cjfoxx,

Yes, you will be affected by this law.

PayPal and Venmo will be required to provide customers with a 1099-K form if they receive $600 or more in goods and services transactions during the 2022 tax year. This means you will need to take into account the Threshold Change with your Tax Year 2022

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C

CjfoxxAuthor

I report to the IRS the total rent received annually via PayPal. Will I be required to pay additional taxes as a result of using PayPal to collect my rent payments. I am considering having future rent payments made via direct deposit to my checking account to eliminate filing a 1099K. Is that something I should consider?