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re: The IRS is coming for your Venmo income
Posted on 6/8/22 at 5:56 pm to Logician
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.
1
Posted on 6/8/22 at 6:04 pm to Obtuse1
thanks, i'll look into that
jclem, no, i always transfer the rents from venmo into my bank account, then add up all those transactions at tax time and report them like a good boy. they could easily see them transferred into my bank account, so i wouldn't even attempt to try to hide that.
jclem, no, i always transfer the rents from venmo into my bank account, then add up all those transactions at tax time and report them like a good boy. they could easily see them transferred into my bank account, so i wouldn't even attempt to try to hide that.
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