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BIGPETE
Level 3
August 7, 2022
Question

2022 1099-K

  • August 7, 2022
  • 2 replies
  • 7 views

Does anyone else see a problem with the new tax rules for receiving a 1099-K for amounts over $600 in 2022? If I sent my kids a birthday or Christmas gift of $1000 on VENMO would they have to show this as income on their tax return?? How do you differentiate between business income as opposed to it being a gift or reimbursement? Thanks for your help

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2 replies

rbynaker
rbynaker
Level 13
August 7, 2022

When the IRS hires 87,000 new auditors they will have plenty of resources to track all of these down and determine what's taxable and what isn't.

    Taxprohere
    Taxprohere
    Level 7
    August 7, 2022

    "How do you differentiate between business income as opposed to it being a gift or reimbursement?"

     

    You ask your client.  Expecting a lot more line 21 income and backing out on adjustments.

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