- Mar 9, 2011
- 70,186
- 83,939
- 3,635
Which deductions did they do away with?
They did reduce the $20,000 amount before your get a 1099k from payment processors like Ebay and Venmo, down to $600. The IRS did bump it up to $5,000 before you'd get smacked with a 1099k, but that caused a lot of people to quit selling stuff online.
That was part of Shithead Biden's Inflation Reduction Act.