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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think it became effective Jan 2022. So you can expect a 1099 from Venmo, PayPal, etc. in the next couple of months if you made over $600 on them this year.[/quote]

I didn't, no small business here, but [b]other people who have little side hustles will suffer. [/b] Although I see the point.[/quote]

Doing by the book is not suffering. You pay tax because you are supposed to pay tax. [/quote]
But the principal of the thing is that billionaires pay almost none of their fair share, yet people who are just trying to pay the rent are going to have a harder time doing so. You see how this sucks, right? People making 6 figures aren't getting paid through venmo and cheating uncle sam. It's people barely making ends meet.[/quote]

This is not necessarily true.  We pay for our lawn service (we have 7 acres) through Venmo to the tune of about $1000 a month in the summer months.  They run a pretty sophisticated operation and take care of many properties.  I have no doubt they are bringing in income in the six figures.  The new requirements, I suspect, is to track businesses like theirs.

Somebody making a little cash on a side hustle and getting paid through Venmo is extremely unlikely to be audited.  So they can probably take the risk if they want to cheat.  Personally, I think it’s really stupid to cheat on your taxes because it’s not worth the trouble and the consequences can be dire if you’re caught.  But that’s just me. [/quote]

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