Maagerno advised, “You want to keep track of the items that you sold that were not business income so that if the IRS ever audits you, then you have records that say ‘hey this was just a garage sale. He used the example of a garage sale to explain how important it will be to specify which transactions are personal, as opposed to business. That is regardless of the number of transactions.Ģ2News spoke with Ray Maagero who is an expert with Liberty Tax in West Springfield. If you receive a transaction that is 600 dollars or more through apps such as Venmo, Cash App, or PayPal, it will need to be reported on that tax form. The change you will have to be prepared for next tax season focuses on the 1099-K. January events at Eastern States Exposition in West Springfield
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