Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
We also have them on bank interest.
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We have them on brokerage returns for 1099-B.
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There's 1099-INT.
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There's 1099-DIV for dividends.
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So this is just one of many kinds of 1099s.
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Well, it's really bounced around.
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And it says one thing in the law, which is income over $600, but to prevent a blizzard of forms that are useless and don't make sense, the IRS has given them a more lenient treatment.
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So for 2023, the threshold for a 1099 form is more than 200 transactions and $20,000.
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correct if there are also fewer than 200 transactions.
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Now, let's just talk about how this would work.
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Say that you have a really nice lake property that you could rent for $5,000 a week.
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And let's say you rent it for 10 weeks during the summer for $50,000.
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Will that be reported to the IRS?
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No, because there were only 10 transactions.
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And so the threshold is 200 transactions and $20,000.
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What they've done is that, again, for 2024, they said the threshold provisionally will be $5,000.
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And I think they picked that number to eliminate reporting on a lot of income of the electric skillets and your used clothing from your closet and to draw in things like the unreported Airbnb income that could be quite substantial.
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Well, you're not in the clear.
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You still owe the tax.
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It just won't be reported to the IRS.
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Showing 441–460 of 5,937 · page 23 of 297
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