IRS wants cut of internet sales topping $600 or more per year – By Joe Napsha (Triblive) / February 6, 2022
Online sellers who hope to cash in on anything from baseball and football card collections to a valuable old toy may now have to pay a portion of the proceeds to Uncle Sam if they use a third-party payment platform to collect the proceeds.
“It will be a change for all those hobbyists who are selling things,” through a platform such as PayPal, said Jeremy Fairgrieve, who owns Pop Culture Connection in downtown Greensburg.
Those who might complain about the new Internal Revenue Service reporting requirements can blame it on the government’s desire to collect unreported income. The IRS rule requiring third-party payers — such as PayPal and Venmo — to report the money it sends to people for purchases of good and services if the individual’s sales top $600 total in a year.
