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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]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] Because they know what business accounts look like and if your venmo account looks like a business account and you aren't reporting the payments as income, it will be a red flag just like anything else the IRS considers suspicious. [/quote]
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