Consumer News: New tax rule regarding business transactions on payment apps, real estate experts predict trends in 2022
Consumer News with ABC Columbia is brought to you by Grow Financial.
CNN– If you get paid for goods and services on Venmo, Cash App, or PayPal, you might be affected by a new tax rule. Payment app providers must now issue users a 1099 K form, if they make more than $600 through business transactions during the year. Previously, the form was only issued if a user had more than 200 business transactions in a year, totaling at least $20,000. This applies to any payment for a good or service, including tips.
CNN— First time homebuyers are hoping they’ll have better luck in 2022, after record-low inventory and soaring demand left many outbid and sidelined last year. The real estate market is still red hot, and new data out this month shows that will likely continue. Jenn Sullivan takes a closer look at the three trends experts are predicting for this year.
For the home buyers still in the market right now, realtors give two tips. First, try to get prequalified for a loan now so that if you see a home that you like, you can jump on it. Next, try to lock in a low mortgage rate now. Some mortgage rate brokers will let you lock in a rate for about 60 days, so that way you’re getting today’s price, versus the mortgage rates that are going to be rising throughout the year.