This new Threshold Change is only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal for dinner, gifts, shared trips, etc.Will I have to pay taxes when sending and receiving money on PayPal - what exactly is changing?īeginning January 1, 2023, the Internal Revenue Service (IRS) implemented new reporting requirements for payments received for goods and services, which will lower the reporting threshold to $600 USD for the 2023 tax season from 2022’s threshold of $20,000 USD and 200 transactions. Goods and services above the reporting threshold in a calendar year. Revenue Service (IRS) about customers who receive payments for the sale of Including PayPal, are required to provide information to the US Internal
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