IRS delays $600 reporting requirement

[Jeff H]

From the IRS site

In addition, the Act clarifies that third-party network transactions include only transactions for the provision of ‘goods or services.’ As a result, personal gifts, charitable contributions, and reimbursements are not included.

so that sounds like gifts won't be included.

One thing I thought I heard a while ago was that you get the 1099-k and if you have the receipt showing what you paid for an item, you would only get taxed on any profit you made. I don't have time to search for that right now, but I'll take a look when I have time. I guess they figured most people won't make the effort to prove what they paid for something and the IRS will get the full tax on it.

Some of the articles I read about this seemed to misinterpret the new rules which could lead to problems if people think they are ok.