Current Events > Any tax savvy people here? Paypal question!

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Rowdy54 01/28/22 6:56:15 PM #1:	So during the warm months, I do yard work for my mother. She sends small payments to my PayPal for this work. Until this tax year, this hasn't been a problem. They've now changed how reporting works, but I haven't received a 1099 yet. Will they send one, or does PayPal have the means to determine that I don't actually run a business and this is just a family helping family out? Thanks in advance! --- This is my signature. <cite>Rowdy54 posted [p:962163194] in Any tax sa... [t:79873971]...</cite> <quote>So during the warm months, I do yard work for my mother. She sends small payments to my PayPal for this work. Until this tax year, this hasn't been a problem. They've now changed how reporting works, but I haven't received a 1099 yet. Will they send one, or does PayPal have the means to determine that I don't actually run a business and this is just a family helping family out? Thanks in advance! </quote> ... Copied to Clipboard!
DrizztLink 01/28/22 7:01:24 PM #2:	Rowdy54 posted... So during the warm months, I do yard work for my mother. She sends small payments to my PayPal for this work. Until this tax year, this hasn't been a problem. They've now changed how reporting works, but I haven't received a 1099 yet. Will they send one, or does PayPal have the means to determine that I don't actually run a business and this is just a family helping family out? Thanks in advance! I would assume the lack of any extant business would be evidence that you don't have a company but assuming with the IRS is a sticky wicket. --- http://guidesmedia.ign.com/guides/9846/images/slowpoke.gif https://i.imgur.com/M8h2ATe.png https://i.imgur.com/6ezFwG1.png <cite>DrizztLink posted [p:962163323] in Any tax sa... [t:79873971]...</cite> <quote>Rowdy54 posted... </cite> <quote>So during the warm months, I do yard work for my mother. She sends small payments to my PayPal for this work. Until this tax year, this hasn't been a problem. They've now changed how reporting works, but I haven't received a 1099 yet. Will they send one, or does PayPal have the means to determine that I don't actually run a business and this is just a family helping family out? Thanks in advance!</quote>I would assume the lack of any extant business would be evidence that you don't have a company but assuming with the IRS is a sticky wicket. </quote> ... Copied to Clipboard!
itachi15243 01/28/22 7:08:24 PM #3:	I think it's only after they give you so much, something like 1500 or 15000. How much does she give you --- I do drawings and stuff https://www.fiverr.com/blueblitz <cite>itachi15243 posted [p:962163501] in Any tax sa... [t:79873971]...</cite> <quote>I think it's only after they give you so much, something like 1500 or 15000. How much does she give you </quote> ... Copied to Clipboard!
Rowdy54 01/28/22 7:09:43 PM #4:	itachi15243 posted... I think it's only after they give you so much, something like 1500 or 15000. How much does she give you The total for the tax year is probably between $700-$800. I can't find a total. --- This is my signature. <cite>Rowdy54 posted [p:962163528] in Any tax sa... [t:79873971]...</cite> <quote>itachi15243 posted... </cite> <quote>I think it's only after they give you so much, something like 1500 or 15000. How much does she give you</quote>The total for the tax year is probably between $700-$800. I can't find a total. </quote> ... Copied to Clipboard!
TheRock88 01/28/22 7:13:28 PM #5:	itachi15243 posted... I think it's only after they give you so much, something like 1500 or 15000. How much does she give you this year they changed it from $20k (I believe) to $600. So if he made more than that, expect a 1099 in the mail --- Violence, speed, momentum <cite>TheRock88 posted [p:962163624] in Any tax sa... [t:79873971]...</cite> <quote>itachi15243 posted... </cite> <quote>I think it's only after they give you so much, something like 1500 or 15000. How much does she give you</quote> this year they changed it from $20k (I believe) to $600. So if he made more than that, expect a 1099 in the mail </quote> ... Copied to Clipboard!
Rowdy54 01/28/22 7:15:43 PM #6:	TheRock88 posted... this year they changed it from $20k (I believe) to $600. So if he made more than that, expect a 1099 in the mail That's what I thought, but it hasn't appeared in the PayPal app yet. And as far as I know, they have to have it available no later than Jan 31st, right? --- This is my signature. <cite>Rowdy54 posted [p:962163676] in Any tax sa... [t:79873971]...</cite> <quote>TheRock88 posted... </cite> <quote>this year they changed it from $20k (I believe) to $600. So if he made more than that, expect a 1099 in the mail</quote>That's what I thought, but it hasn't appeared in the PayPal app yet. And as far as I know, they have to have it available no later than Jan 31st, right? </quote> ... Copied to Clipboard!
Cuticrusader09 01/28/22 7:16:38 PM #7:	TheRock88 posted... this year they changed it from $20k (I believe) to $600. So if he made more than that, expect a 1099 in the mail Well, a parent can gift a child $15,000 each year without paying taxes. https://smartasset.com/taxes/tax-on-gifts-from-parents --- AC - Violet on Penny. (N), Rose on Sapphire (S) <cite>Cuticrusader09 posted [p:962163694] in Any tax sa... [t:79873971]...</cite> <quote>TheRock88 posted...</cite> <quote> this year they changed it from $20k (I believe) to $600. So if he made more than that, expect a 1099 in the mail </quote> Well, a parent can gift a child $15,000 each year without paying taxes. https://smartasset.com/taxes/tax-on-gifts-from-parents</quote> ... Copied to Clipboard!
Cuticrusader09 01/28/22 7:25:45 PM #8:	Rowdy54 posted... So during the warm months, I do yard work for my mother. She sends small payments to my PayPal for this work. Until this tax year, this hasn't been a problem. They've now changed how reporting works, but I haven't received a 1099 yet. Will they send one, or does PayPal have the means to determine that I don't actually run a business and this is just a family helping family out? Thanks in advance! Is it less than $15k? Then just consider it a gift from your mother and dont pay any taxes. --- AC - Violet on Penny. (N), Rose on Sapphire (S) <cite>Cuticrusader09 posted [p:962163901] in Any tax sa... [t:79873971]...</cite> <quote>Rowdy54 posted...</cite> <quote>So during the warm months, I do yard work for my mother. She sends small payments to my PayPal for this work. Until this tax year, this hasn't been a problem. They've now changed how reporting works, but I haven't received a 1099 yet. Will they send one, or does PayPal have the means to determine that I don't actually run a business and this is just a family helping family out? Thanks in advance! </quote> Is it less than $15k? Then just consider it a gift from your mother and dont pay any taxes.</quote> ... Copied to Clipboard!
Rowdy54 01/28/22 7:28:12 PM #9:	Thanks for the help all. She likely clicked "friends and family" and made it a "gift" so I should be good to go! --- This is my signature. <cite>Rowdy54 posted [p:962163948] in Any tax sa... [t:79873971]...</cite> <quote>Thanks for the help all. She likely clicked "friends and family" and made it a "gift" so I should be good to go! </quote> ... Copied to Clipboard!
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Current Events > Any tax savvy people here? Paypal question! (+) Yeah! (+)

Current Events > Any tax savvy people here? Paypal question!