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Started By
Message
My Bank Called Inquiring RE Venmo Transactions
Posted on 9/30/24 at 12:20 pm
Posted on 9/30/24 at 12:20 pm
I collected money, around $9000, through Venmo for tailgate tent expenses. A lady from my bank called and said they need to know the source of this money. I asked why and she responded that the bank is required to ask the source of transactions over $5000. I told her her that I thought they could inquire about one single deposit over $5000 but not multiple transactions (debits and credits). I said I would call my banker and have him call her. I’m waiting on a call back from said banker.
Any of you ever experience this?
Any of you ever experience this?
31
Posted on 9/30/24 at 12:21 pm to WinnaSez
I'm not an OT baller. So, no.
Posted on 9/30/24 at 12:22 pm to WinnaSez
are they withholding the money?
Posted on 9/30/24 at 12:23 pm to WinnaSez
Stop laundering money through venmo
Posted on 9/30/24 at 12:23 pm to WinnaSez
Cash is king, baw. Learn that.
Posted on 9/30/24 at 12:24 pm to WinnaSez
Tell them it’s OnlyFans earnings.
Posted on 9/30/24 at 12:25 pm to WinnaSez
They have to report $10k I think, this doesn’t make sense.
Posted on 9/30/24 at 12:25 pm to WinnaSez
quote:
tailgate tent expenses.
Is this what the younger crowd is calling drugs nowadays?
Posted on 9/30/24 at 12:25 pm to WinnaSez
IRS cracking down on Venmo.
Posted on 9/30/24 at 12:26 pm to WinnaSez
the government is being ghey somewhere in this situation
Posted on 9/30/24 at 12:26 pm to WinnaSez
They’re worried about $9000? Hell, my wife spends at least that much every year on shampoo and conditioner.
Posted on 9/30/24 at 12:28 pm to WinnaSez
quote:
A lady from my bank called
quote:
I said I would call my banker and have him call her.
Your banker doesn't work at your bank?
Posted on 9/30/24 at 12:28 pm to WinnaSez
quote:
I said I would call my banker
This is a thing? Or is this like when poors threaten to call their lawyer?
Posted on 9/30/24 at 12:28 pm to 62Tigerfan
New tax rules for 2024 with Venmo and Paypal etc. See below:
For tax year 2024, the IRS will transition to a threshold of $5,000 with the $600 limit going into effect the following year, meaning that business transactions that surpass $600 will trigger the 1099-K form, which Venmo, Paypal, Cash App and others will create.
Unfortunately, paying taxes on payment app business income isn’t tied solely to the 1099-K form.
For tax year 2024, the IRS will transition to a threshold of $5,000 with the $600 limit going into effect the following year, meaning that business transactions that surpass $600 will trigger the 1099-K form, which Venmo, Paypal, Cash App and others will create.
Unfortunately, paying taxes on payment app business income isn’t tied solely to the 1099-K form.
Posted on 9/30/24 at 12:29 pm to WinnaSez
$600 through Venmo can require a 1099 form, unless the IRS has delayed that requirement.
Posted on 9/30/24 at 12:30 pm to WinnaSez
Who cares? Just tell her it’s drug money.
Posted on 9/30/24 at 12:30 pm to WinnaSez
They think you are funneling money to China.
Posted on 9/30/24 at 12:32 pm to TBoy
Tell her you're an immigrant and those are donations
Posted on 9/30/24 at 12:35 pm to WinnaSez
I would just tell the bank it’s none of there business
Posted on 9/30/24 at 12:36 pm to 62Tigerfan
quote:
They’re worried about $9000? Hell, my wife spends at least that much every year on shampoo and conditioner.
Your wife probably has a secret family. Did she go through a period of moodiness, weight gain that improved with a week vacation that you did not attend, and does she frequently spend a night or weekend or even an afternoon out of the house?
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