other forms of paynent like venmo

[DallasRain]

I have taken these forms and have YET to run into bad issues....

Opinions and experiences of paying through paypal/venmo or cash app??
What yall think/experiences?

[Boredinop]

New laws now require Venmo, Cash App, PayPal, etc to report to the IRS once someone hits a $600 total received to their account. You will now receive a 1099 and be taxed. Huge changes from the former 200 transactions/$20,000 yearly totals allowed.

[adamwest123]

Originally Posted by Boredinop

New laws now require Venmo, Cash App, PayPal, etc to report to the IRS once someone hits a $600 total received to their account. You will now receive a 1099 and be taxed. Huge changes from the former 200 transactions/$20,000 yearly totals allowed.

Only if it's income, and even then only on the profits. Like for example if you buy a brand new couch and then sell it 2 years later for half the price and they pay through Venmo - you didn't see a profit so you owe no taxes on that. If you buy a used couch for $100, fix it up, and resell it for $200 you only owe taxes on the $100 profit you showed. If someone sends sends you their half of gas, dinner, rent, etc you don't have to pay taxes on that. If it's a gift you don't have to pay taxes.

So if you're running a high volume venmo account that is honestly a business account to receive income then yes you will need to take careful records and pay taxes on it. If you're using it as a way to transfer money, you don't have to as long as you can speak to it. So, I suspect a lot of people are going to be "splitting bills" and "selling used furniture" in the notes.

[Boredinop]

I would guess any ladies in this business will be running "high volume" that will certainly draw interest. At least the new debt ceiling agreement cut in half the hiring of 87,000 new IRS staff......also if you claim to be splitting a restaurant tab for instance, you better have receipts.

[CatMan4u]

What's wrong with CASH
I don't have any probably never will get any of those accounts. I simply don't trust our government on any thing

[Boredinop]

^^^+1000 They have to somehow make up for all the billionaires and large corporations not paying their fair share of taxes

[CatMan4u]

Originally Posted by Boredinop

^^^+1000 They have to somehow make up for all the billionaires and large corporations not paying their fair share of taxes

For a working class man I have learned a few legal ways to avoid some taxes

[dumars]

For Ms Dallas the implication is not too serious with varying sources of cash income!!

However, for guys the implications can be more severe! To quote R. Lee Ermey

”I GOT YOUR NAME! I GOT YOUR NUMBER!”

Change “I” they!

I gave real good advice in a previous post! Cash is king! Do not deviate!!!

[Knight69Fun]

Originally Posted by CatMan4u

What's wrong with CASH
I don't have any probably never will get any of those accounts. I simply don't trust our government on any thing

It's not the government I don't trust with Paypal, Venmo, etc., it's the company's policies on being able to grab money from your accounts with little or no recourse on your part.

[Philhelm]

Originally Posted by CatMan4u

What's wrong with CASH
I don't have any probably never will get any of those accounts. I simply don't trust our government on any thing

Some people have joint bank accounts wherein a large cash withdrawal would raise a red flag, thereby requiring money laundering schemes.

[DallasRain]

I will immefiately transfer any $ I get on those sites into my bank

[Philhelm]

Originally Posted by DallasRain

I will immefiately transfer any $ I get on those sites into my bank

In my case, the only way I could get cash would be long-term embezzlement from my own checking account (say $10 cash back when buying something at the grocery store).

I'd be interested in alternatives involving credit cards that are not scrutinized. Maybe even something like putting money on an Amazon account (or getting a gift card, etc.).

[dumars]

Originally Posted by Knight69Fun

It's not the government I don't trust with Paypal, Venmo, etc., it's the company's policies on being able to grab money from your accounts with little or no recourse on your part.

Yup! Had a PP acct for a good while. They adapted that policy, I closed the acct quick! Fuck that!!

[DallasRain]

sometimes when I sell a video,the guy will send me an Amazon gift card

the key is discretion..so just research your options

[Knight69Fun]

Originally Posted by dumars

Yup! Had a PP acct for a good while. They adapted that policy, I closed the acct quick! Fuck that!!

I don't have a bank account tied to PP, just a credit card that I have top status with. They've always taken my side on anything I've had to challenge.