1099

Hey all....this is not to be a holier than thou "I am above Venmo" thread. The IRS rules for 1099s are now in effect. Anything tagged goods and services in aggregate over $600 is now sent to the IRS as of Jan 1 2023. Friends and family transfers are not subject to the reporting....however...

IRS warns taxpayers about new $600 threshold for third-party payment reporting Story by Kate Dore, CFP® • Yesterday 1:09 PM The IRS on Tuesday warned taxpayers about the new $600 threshold for receiving Form 1099-K for third-party payments. The change applies to payments from third-party...

Long, but informative, article in coinweek covering when the government gets involved in your PM purchases and sales: http://www.coinweek.com/news/industry-insider-irs-reporting-rules-for-cash-transactions-and-precious-metals/ :cheers:

The website provides a more enjoyable read: http://goldsilver.com/article/irs-1099-gold-reporting-private-gold-private-silver-bullion/