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That threshold has not always been there. Used to be 20k, but they had to lower it to catch the billionaires.

Does this cover most payments over $600? They're now mostly all recorded? I don't understand the exceptions.

So it applies to digital payment methods like Paypal, to payment networks like Western Union, but also to any credit card transaction over $600?

edit: I think I was thinking of the payments in the wrong direction. The 1099-K applies primarily to the receiving party?