IRS delays $600 reporting requirement

[Jeff H]

I knew it was coming but it sounds like it only applies to people running some sort of business, not people selling stuff online they don't need. Also, I read in several places it says stuff that adds up to $600 vs several places saying individual transactions $600 and higher.

If you use third-party payment platforms, like PayPal, Venmo or Cash App, to collect payments for your side gig or business, the Internal Revenue Service (IRS) wants to remind you to report payments of at least $600.

This rule is aimed at individuals who run a side hustle, small business or do part-time work. So if you’re just sending money to friends for a restaurant bill or a vacation, or collecting a one-time payment for selling something online, this won’t apply to you.