If you received income from online services such as Venmo, Paypal, Etsy, Ebay, Uber, Doordash, AirBNB or VRBO, look out for a new form coming your way.
A change in tax reporting could catch some people by surprise when filing in 2023, the Internal Revenue Service warns.
“The IRS cautions people in this category who may be receiving a Form 1099 for the first time – especially “early filers” who typically file a tax return during the month of January or early February – to be careful and make sure they have all of their key income documents before submitting a tax return. A little extra caution could save people additional time and effort related to filing an amended tax return.
The form doesn’t mean there’s a change in the taxability of income, the IRS said. All income, including from part-time work, side jobs or sale of goods is still taxable and must be reported unless excluded by law. Also, money received through payment networks from friends and relatives as personal gifts or reimbursements for person expenses – a person paying you back for a shared gift, for example – are not typically taxable expenses.
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