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Money and Finances
Reply to "So people will be taxed on venmo and zelle transactions?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Right, very little of the money I'm receiving via Venmo is income -- usually it's someone paying me back for an expense I covered all of and then we split after the fact. That isn't taxable. How am I supposed to report it to the IRS?[/quote] That isn't reportable. It's for people that do things like tutoring or dog-walking that are getting paid by Venmo. I'm not sure how Venmo and the IRS determine what the money is being transferred for though. How do they know if it's just reimbursing a friend versus paying for a service? [/quote] They don't. Venmo is not collecting taxes for this. They will be reporting to the IRS. The burden is on you to report taxable income if there is such. Its the same if someone wrote you a check for 2k. The bank doesnt know if its income from you selling a sofa or a friend reimbursing you for a beach rental share. [/quote]
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