# Will we see a resurgence in trading yoyos with the new 1099k law in 2022? **URL:** \ **Category:** General Yo-Yo\ **Created:** [December 29, 2021, 1:09am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623 "2021-12-29T01:09:40Z")\ **Posts on this page:** 19\ **Page:** 2
**Author:** ![AaronW](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/aaronw/32/49251_2.png) [@AaronW](https://forums.yoyoexpert.com/u/AaronW)\ **Post date:** [January 4, 2022, 2:16am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/21 "2022-01-04T02:16:14Z")
Like @jhb8426 said you’ll get a 1099 if you received more than $600 in G&S for Paypal, or a flat $600 for the other money service sites or $600+ in sales on eBay. I received two 1099’s last year. It was a giant pain. Sure you can count a loss, but you’ll need to have all your receipts to prove what you originally paid. > [@Crow-yo](#): > > –Arlo Guthrie Arlo was one of the best concerts I’ve ever been to. Have seen him twice, and if the pandemic ever ends I hope to see him again. ---
**Author:** ![Chriscatastrophe](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/chriscatastrophe/32/111769_2.png) [@Chriscatastrophe](https://forums.yoyoexpert.com/u/Chriscatastrophe)\ **Post date:** [January 4, 2022, 4:23am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/22 "2022-01-04T04:23:25Z")
What’s totally messed up is that I am like borderline on a tax bracket and it could legitimately bump me up a tax bracket and I don’t have enough to deduct to exceed the standard deductions . This new law is really careless. I would think they would have a way of safeguarding for recreational sellers . ---
**Author:** ![yoyo7](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/yoyo7/32/140308_2.png) [@yoyo7](https://forums.yoyoexpert.com/u/yoyo7)\ **Post date:** [January 5, 2022, 1:34am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/23 "2022-01-05T01:34:52Z")
> [@Chriscatastrophe](#): > > This new law is really careless. I would think they would have a way of safeguarding for recreational sellers . Lol if anything this law was made to screw over the average American just like the majority of them 🙃 ---
**Author:** ![Nathan](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/nathan/32/191605_2.png) [@Nathan](https://forums.yoyoexpert.com/u/Nathan)\ **Post date:** [January 5, 2022, 4:01am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/24 "2022-01-05T04:01:34Z")
Just for clarity, if you jump up a tax bracket only the income above the bracket step is taxed at the higher rate. ---
**Author:** ![aszyd](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/aszyd/32/151864_2.png) [@aszyd](https://forums.yoyoexpert.com/u/aszyd)\ **Post date:** [January 5, 2022, 4:11am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/25 "2022-01-05T04:11:49Z")
What about Venmo and their seller protection? I don’t know much about it, and I also know that they are owned by PayPal. Will using Venmo for sales trigger a 1099? ---
**Author:** ![Chriscatastrophe](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/chriscatastrophe/32/111769_2.png) [@Chriscatastrophe](https://forums.yoyoexpert.com/u/Chriscatastrophe)\ **Post date:** [January 5, 2022, 4:32am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/26 "2022-01-05T04:32:56Z")
All of them will . You would need to do a friends and family transaction to avoid this . ---
**Author:** ![Chriscatastrophe](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/chriscatastrophe/32/111769_2.png) [@Chriscatastrophe](https://forums.yoyoexpert.com/u/Chriscatastrophe)\ **Post date:** [January 5, 2022, 4:34am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/27 "2022-01-05T04:34:01Z")
This is good to know. Explaining to my wife why we jumped 10% on taxes because I was selling YoYos is a bit of a challenging LOL. ---
**Author:** ![AngryGumball](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/angrygumball/32/683872_2.png) [@AngryGumball](https://forums.yoyoexpert.com/u/AngryGumball)\ **Post date:** [January 5, 2022, 4:53am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/28 "2022-01-05T04:53:26Z")
Does this law go for income that eventually builds up to $600? Not that I’m selling yoyos but just in general using Venmo and such with my friends for small transactions (like food, gas, etc), and if I happen to buy something off the BST ---
**Author:** ![Chriscatastrophe](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/chriscatastrophe/32/111769_2.png) [@Chriscatastrophe](https://forums.yoyoexpert.com/u/Chriscatastrophe)\ **Post date:** [January 5, 2022, 6:21am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/29 "2022-01-05T06:21:54Z")
I think its just for goods and services type transactions. Friends and Family as well as , other friend to friend transactions on venmo should not be getting a 1099k as far as I know. ---
**Author:** ![Chriscatastrophe](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/chriscatastrophe/32/111769_2.png) [@Chriscatastrophe](https://forums.yoyoexpert.com/u/Chriscatastrophe)\ **Post date:** [January 5, 2022, 6:23am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/30 "2022-01-05T06:23:08Z")
Here are some helpful videos I found [![](https://us1.discourse-cdn.com/flex015/uploads/yoyoexpert1/original/4X/e/8/3/e837fa3a656faaf9c1ba3fc7f1ba43e2e1aec09c.jpeg "How to deduct PERSONAL ITEMS in your reselling business") ](https://www.youtube.com/watch?v=nho3sK-pY0I) [![](https://us1.discourse-cdn.com/flex015/uploads/yoyoexpert1/original/4X/d/f/3/df3eb997cd624c24b707007838c977bdac264bed.jpeg "New 1099K thresholds! The IRS will now know how much you make 😬") ](https://www.youtube.com/watch?v=X6PniwHEj-c) ---
**Author:** ![TheHelveticaScenario](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/thehelveticascenario/32/61632_2.png) [@TheHelveticaScenario](https://forums.yoyoexpert.com/u/TheHelveticaScenario)\ **Post date:** [January 5, 2022, 6:23am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/31 "2022-01-05T06:23:43Z")
Right, it depends on the manner in which you received the money. To use PayPal terminology as an example: G&S would count, F&F would not. The important part that I think people are ignoring is that you only pay taxes on profits. If you have a net loss, then there is no taxable income. But you still got to report that income regardless. I found eBay’s [FAQ](https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html) helpful since they’re going to feel the brunt of this. But the info would generally apply to other platforms. ---
**Author:** ![Chriscatastrophe](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/chriscatastrophe/32/111769_2.png) [@Chriscatastrophe](https://forums.yoyoexpert.com/u/Chriscatastrophe)\ **Post date:** [January 5, 2022, 7:39am UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/32 "2022-01-05T07:39:17Z")
My big concern is documenting it to the IRS. PayPal is gonna 1099 no matter what and it is going to make it hard for me to document how much money I lost on each throw. The other part to that for me is that I can hardly ever deduct because we never exceed the threshold. So for someone like me it goes straight to earned income ---
**Author:** ![Isaac](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/isaac/32/597931_2.png) [@Isaac](https://forums.yoyoexpert.com/u/Isaac)\ **Post date:** [December 24, 2022, 6:13pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/33 "2022-12-24T18:13:49Z")
The new $600 threshold is delayed for another year. > **[IRS announces delay for implementation of $600 reporting threshold for...](https://www.irs.gov/newsroom/irs-announces-delay-for-implementation-of-600-reporting-threshold-for-third-party-payment-platforms-forms-1099-k)** > > Updated January 3, 2023: Frequently asked questions about Form 1099-K PDF IR-2022-226, December 23, 2022 ---
**Author:** ![TheSliverKing](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/thesliverking/32/297284_2.png) [@TheSliverKing](https://forums.yoyoexpert.com/u/TheSliverKing)\ **Post date:** [December 25, 2022, 4:37pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/34 "2022-12-25T16:37:45Z")
Thank god. Now people can stop complaining when i offer to cover g&s fees rather than family and friends 😅 ---
**Author:** ![JEA86](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/jea86/32/288088_2.png) [@JEA86](https://forums.yoyoexpert.com/u/JEA86)\ **Post date:** [December 25, 2022, 4:42pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/35 "2022-12-25T16:42:38Z")
Just through next week though lol ---
**Author:** ![fos1](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/fos1/32/150706_2.png) [@fos1](https://forums.yoyoexpert.com/u/fos1)\ **Post date:** [December 25, 2022, 5:01pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/36 "2022-12-25T17:01:29Z")
It is only temporary. It will take effect for next year’s tax return. The IRS isn’t getting 86000 new auditors for nothing. ☹ ---
**Author:** ![kretzschmar](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/kretzschmar/32/668707_2.png) [@kretzschmar](https://forums.yoyoexpert.com/u/kretzschmar)\ **Post date:** [December 25, 2022, 5:15pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/37 "2022-12-25T17:15:12Z")
Thank goodness, it was gonna be hard explaining why I went to jail. I didn’t pay my yoyo taxes, but I got a sweet OG Peak waiting for me at home when I get out of here. ---
**Author:** ![yoyodoc](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/yoyodoc/32/48820_2.png) [@yoyodoc](https://forums.yoyoexpert.com/u/yoyodoc)\ **Post date:** [December 27, 2022, 7:16pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/38 "2022-12-27T19:16:20Z")
This was posted today on Yahoo financial news\> Pretty much what Issac already mentioned… I’m just posting this link to bring it to the top for those that missed this information\< > **[IRS ditches new tax requirement for now that would have caused ‘lots of...](https://finance.yahoo.com/news/irs-ditches-new-tax-requirement-for-now-that-would-have-caused-lots-of-confusion-160527501.html)** > > The IRS is delaying the new $600 reporting threshold for 1099-K tax forms. ---
**Author:** ![nonja121](https://sea1.discourse-cdn.com/flex015/user_avatar/forums.yoyoexpert.com/nonja121/32/52722_2.png) [@nonja121](https://forums.yoyoexpert.com/u/nonja121)\ **Post date:** [December 27, 2022, 8:55pm UTC](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623/39 "2022-12-27T20:55:09Z")
Yeesh, I come back after a hiatus wondering if I could liquidate some of my bloated yo-yo collection to this tax nonsense… [Previous page](https://forums.yoyoexpert.com/t/will-we-see-a-resurgence-in-trading-yoyos-with-the-new-1099k-law-in-2022/349623.md?page=1)