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re: Tax, legal baws, help on use of Venmo, paypal etc
Posted on 8/17/22 at 3:27 pm to Geauxkart
Posted on 8/17/22 at 3:27 pm to Geauxkart
quote:I don't believe this is accurate
Once you hit $600 of income on any one app, it will be reported via 1099K and taxed accordingly. F&F only avoids the transfer fees, but will still be accrued to income I believe.
0
Posted on 8/17/22 at 3:29 pm to Triple Bogey
quote:Problem is, with the IRS, the burden of proof will be on you
Prove that it wasn't.
Posted on 8/17/22 at 4:26 pm to Mingo Was His NameO
quote:
Avoiding and evading aren't the same thibg
Bingo.
Posted on 8/18/22 at 7:57 am to Tiger Prawn
quote:
No its not
It all depends on how hardcore they try to audit people who use the friends/family option.
My wife and I split up bill every month. Usually there is an email with the information but every now and again it's random like paying for half of the dog's surgery. I think she lost that receipt and it was over $600 so it would be a pain to prove that.
Then add in things like paying friends back for stuff on my bachelor party, or dinner, or fantasy football, etc. Receiving a single 1099 (or having an audit and having to go back 2-3 years after the verify these weren't income-payments) is going to be a mess. Absolute insanity. And I'm organized.
Posted on 8/18/22 at 7:59 am to TigerTatorTots
quote:
Problem is, with the IRS, the burden of proof will be on you
And that's the problem. Anyone who thinks that this is going to be simple are fooling themselves. This is just the beginning and new rules/regs will be developed to expand the power of government over us. That's what government does.
Posted on 8/18/22 at 8:09 am to SlowFlowPro
quote:
My wife and I split up bill every month. Usually there is an email with the information but every now and again it's random like paying for half of the dog's surgery. I think she lost that receipt and it was over $600 so it would be a pain to prove that.
Then add in things like paying friends back for stuff on my bachelor party, or dinner, or fantasy football, etc. Receiving a single 1099 (or having an audit and having to go back 2-3 years after the verify these weren't income-payments) is going to be a mess. Absolute insanity. And I'm organized.
Dude, it's your wife and periodic nonstandard payments to your friends. This isn't fricking rocket science. The IRS is going to know your profession, if you don't have structured payments or work in a cash business they aren't going to give a shite.
I work with auditors all the time. Despite what the plant workers of the OT who don't knoe the difference between a credit and deduction will tell you, most auditors are generally agreeable and easy to work with. They aren't going to be busting down W2 peoples doors over a Venmo 1099
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