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New Member
posted Aug 31, 2022 10:21:16 AM

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

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2 Replies
Employee Tax Expert
Aug 31, 2022 10:37:14 AM

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

New Member
Aug 31, 2022 11:27:24 AM

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?