Reply to So people will be taxed on venmo and zelle transactions?

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Reply to "So people will be taxed on venmo and zelle transactions?"

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[quote=Anonymous][quote=Anonymous]I see the data collection as just another data point they can go after tax cheats on IF you otherwise get tagged for an audit. They won’t do an audit on your $3K yearly side hustle. But if you’re moving $30K per month thru Venmo and no corresponding income tax reporting, you’ll get nailed. They will go after the whales on Venmo and Zelle, which likely are people engaged in otherwise pretty shady lines of business (drug dealing).

Further, true tax cheats tend to cheat on taxes in many different ways. When they get audited, the [b]Venmo and Zelle data points[/b] are just more pieces of evidence for the IRS to use to build a broader and more impactful case.

In short, they are going to require you to attest that your Venmo and Zelle activity has corresponding expense offsets. For vast majority of people, that is true - the app is used for splitting expenses with various parties. If you lie about that, this gives the IRS another avenue for nailing tax cheats.

In the last two years, I’ve sent and received probably $35K thru these apps. Most of that has been for settling up shared vacation house expenses with friends. I’m not worried at all.[/quote]

I thought Zelle wasn't impacted by this new legislation? Isn't Zelle basically the same thing as an ACH transfer or check?[/quote]

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