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

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

posted

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

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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?