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So, there's a lot of confusion about a new irs tax code that requires you to report your venmo and paypal transactions to the irs. If you receive more than 600 a year beginning on january 1st, but here's what most people are not telling you, even though this is a real requirement. This only applies to payments received for goods and services transactions anytime. Now that you send a venmo, it asks whether or not it's a purchase if you check.
Yes, that applies to the other person's 600 threshold and as long as you select no, then it's considered a personal transaction. That's exempt from the reporting requirement. So no, if you and your friends split dinner and you receive 30 dollars back for that lobster, mac and cheese you're not gon na - have to worry about paying tax on that unless, of course, your friend's a butthole who checks that box. But if you run a business and you receive more than 600 a year, you'll need to pay your taxes, because the irs is always watching and if you want more money.
Saving tips just like this make sure to subscribe, because you're gon na want to see what happens next.
Ah the loop holes I love it!