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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 4:03 pm to hikingfan
Posted on 6/8/22 at 4:03 pm to hikingfan
Out of curiosity - How do they know something is a business transaction vs. your friend paying you back for their half of a hotel you booked for y'all or something? Don't a ton of people use Venmo for splitting bills with friends?
4
Posted on 6/8/22 at 4:05 pm to LouisianaLady
There is a 20k limit.
If you busting the limit becomes a serious issue, and you are too ignorant to figure out the other 50 apps available, then you deserve to pay the tax.
If you busting the limit becomes a serious issue, and you are too ignorant to figure out the other 50 apps available, then you deserve to pay the tax.
Posted on 6/8/22 at 4:06 pm to LouisianaLady
quote:
Out of curiosity - How do they know something is a business transaction vs. your friend paying you back for their half of a hotel you booked for y'all or something? Don't a ton of people use Venmo for splitting bills with friends?
There is a way of sending money to "friends and family" versus to pay things. PayPal has this option as well as Venmo. Sending to friends and family won't have any type of selling protection.
Posted on 6/8/22 at 4:07 pm to LouisianaLady
quote:
Out of curiosity - How do they know something is a business transaction vs. your friend paying you back for their half of a hotel you booked for y'all or something? Don't a ton of people use Venmo for splitting bills with friends?
Venmo is only counting transactions marked as goods or services.
PayPal, I'm not sure.
Ebay is obviously selling goods so you'll need to show your expenses should you be audited.
There's no new tax here, it's just leering the documentation thresholds to try to increase compliance, but the IRS has as much as said they don't have the ability and won't be enforcing this.
Posted on 6/8/22 at 5:34 pm to LouisianaLady
quote:
Out of curiosity - How do they know something is a business transaction vs. your friend paying you back for their half of a hotel you booked for y'all or something? Don't a ton of people use Venmo for splitting bills with friends?
Venmo allows users to set up specific accounts for business use.
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