You may get a form with your taxes this/next year called a 1099k. In it Paypal, venmo, ebay et al will have dobbed you in if you had transactions coming in above $600 USD (rather lower than many transactions totalling north of 20000 USD of years past).
It does not apply to things you sold at a loss (resell some old furniture for less than you paid for instance), personal transfers (you paid for rooms in a hotel for you and your friends and they paid you back, or if you go to fancier restaurants than I with bigger parties than I then it gets up there as well) and the like but if your payer does not reflect this (assuming it was even an option at the time, not all will have had it) you have a problem. You either sort it by contacting the payment provider and getting them to amend it, or have an explanation which in turn means paper filing as opposed to electronic (very slow these days, even more so in light of this change).
Might also make using personal transfer options on paypal to dodge fees that little bit more annoying to be legit about.
If you buy and flip games, computers, sell artwork/items you create, buy and flip from yard sales/house clearances/estate sales, fix/mod things to sell on (vehicles being very much within this remit) and such like, all of which I have had many conversations with people around here that do it routinely as a minor side hustle (US laws and regs around when and how you should file such things as a self employed business being quite bizarre to me), then be very aware of this one.
Failure to do so or ignoring the form may well see you audited which is almost never a good thing, will probably delay any tax refunds (personally I prefer not to give the government interest free loans but you do you/it is made easier if you do overpay in some cases -- why remove the boot when it gets you an interest free loan) or have knock on effects for various kind of payments you get from the government (what gets troubled here varies but if you are expecting payments from them to balance your budget then best not to chance it).
Video covering some other things and more on it in general
It does not apply to things you sold at a loss (resell some old furniture for less than you paid for instance), personal transfers (you paid for rooms in a hotel for you and your friends and they paid you back, or if you go to fancier restaurants than I with bigger parties than I then it gets up there as well) and the like but if your payer does not reflect this (assuming it was even an option at the time, not all will have had it) you have a problem. You either sort it by contacting the payment provider and getting them to amend it, or have an explanation which in turn means paper filing as opposed to electronic (very slow these days, even more so in light of this change).
Might also make using personal transfer options on paypal to dodge fees that little bit more annoying to be legit about.
If you buy and flip games, computers, sell artwork/items you create, buy and flip from yard sales/house clearances/estate sales, fix/mod things to sell on (vehicles being very much within this remit) and such like, all of which I have had many conversations with people around here that do it routinely as a minor side hustle (US laws and regs around when and how you should file such things as a self employed business being quite bizarre to me), then be very aware of this one.
Failure to do so or ignoring the form may well see you audited which is almost never a good thing, will probably delay any tax refunds (personally I prefer not to give the government interest free loans but you do you/it is made easier if you do overpay in some cases -- why remove the boot when it gets you an interest free loan) or have knock on effects for various kind of payments you get from the government (what gets troubled here varies but if you are expecting payments from them to balance your budget then best not to chance it).
Video covering some other things and more on it in general