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Reply to "So people will be taxed on venmo and zelle transactions?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]No. It means the transactions will be reported, which means that if you are making money and that money is coming to you through Venmo you can no longer hide your income. For example, my tenant pays the rent through Venmo. I’ve always reported the rental income, so Venmo reporting the same thing makes no difference to me. If you’re not hiding your income, you’re fine. Are you a tax cheater?[/quote] No, of course not. Blaming already, huh? I was thinking about how many young people transfer money with their friends this way, they owe their friends for something, friends pay for something, ie an expensive trip and they get reimbursed, etc etc, all via venmo. [/quote] In those cases, the kids are settling up, paying back, etc. Nobody is making income off of your examples, so tax implications do not apply[/quote]
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