The $600 Tax Rule is a reporting change that requires businesses to report transactions made after December 2024 that exceed $600 to the IRS, regardless of how many of those transactions they have had. If you use payment transactions to earn any type of income, you’re required to report it to the IRS once you earn over $600 on the app…As a single Senior this Tax Rule is hurting me because I do not have enough in my Social Security payment to pay everything I need to pay monthly AND do repairs on my home, get a new vehicle (I JUST was forced to get one because the one I was driving was about done for). And the insurance is much higher as well…Thank you for your consideration…
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Yes!! Between my teenage kids, my husband, and myself we transfer money back and forth on cash app. This year we will have to claim it. That is ridiculous. Most people are using these apps to pay family and friends for non business things. We should not have to report that! Also, like you stated if we earn any smaller amount of side money it should be ours. $600 could be one garage sale.
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