83 Venmo, Paypal, Cash App must report payments of $600 or more to IRS ... The change was made when the American Rescue Plan was passed in March 2021 (thealteran.com) posted 2 years ago by xleb2 2 years ago by xleb2 +83 / -0 24 comments share 24 comments share save hide report block hide replies
There's nothing "theoretical" about it; if you made $600 or more in sales annually, you're getting a 1099-K. The onus is then on you to explain to the IRS how the items you've sold were at a loss (i.e. a yard sale) or at a profit (a business).
Hope you kept your receipts.