Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: 2022 1099-K
2022 1099-K
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
BIGPETE
Level 3
08-07-2022
08:09 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
Labels
2 Comments 2
Taxprohere
Level 7
08-07-2022
11:03 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"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.
