- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 4:07 pm to LouisianaLady
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.
3
Posted on 6/8/22 at 4:08 pm to Mingo Was His NameO
quote:
but the IRS has as much as said they don't have the ability and won't be enforcing this.
Sort of like your HSA accounts.
Posted on 6/8/22 at 4:38 pm to Mingo Was His NameO
quote:
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.
I have a brand new laptop I desperately want to sell right now. I need the money. However, I don't want to sell on eBay, because I don't want to get into any issues with reporting or documentation. Are you saying I can just do it and not worry about it?
Posted on 6/8/22 at 5:31 pm to Mingo Was His NameO
quote:
Ebay is obviously selling goods so you'll need to show your expenses should you be audited.
Good that were already taxed when I bought them.
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News