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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:52 pm to hikingfan
Posted on 6/8/22 at 5:52 pm to hikingfan
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
eta: and I see it happened on another payment to me that was $150...well below the $600 discussed here
eta: and I see it happened on another payment to me that was $150...well below the $600 discussed here
This post was edited on 6/8/22 at 5:57 pm
3
Posted on 6/8/22 at 5:56 pm to Logician
quote:
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
Did the tenant mark it as goods and services or Venmo's equivalent? This is how Venmo and Paypal make their money. They give away transfers of money for friends and family transactions and charge on commercial transactions.
Posted on 6/8/22 at 5:57 pm to Logician
quote:
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
Have you not been paying your taxes?
Are you the Feds doing backup withholding on you?
I don't deal with venmo on a business level so I am just guessing here.
Posted on 6/9/22 at 3:13 pm to Logician
quote:
one of my tenants paid this month's rent through Venmo, and 2% was taken right off the top. It didn't do this last month, or for any payment they've made since we started using Venmo a few years ago. WTF is going on?
eta: and I see it happened on another payment to me that was $150...well below the $600 discussed here
UPDATE-->on the new version of the app, there is a "turn on for purchases" slide button right above the final green pay button that will charge the seller a 1.9% + 0.10 fee as a protection against fraud. This needs to be turned off.
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