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

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[quote=Anonymous][quote=Anonymous]It's only for payments tagged as "goods and services", so if you paid your dog walker as "friends and family" they will not get a 1099. [/quote]

Yes, but Paypal is now flagging accounts that regularly do large dollar amount transfers, especially if between the same users.  They will look for patterns and may remove the "friends and family" option.  Our cub scout troop used to get dues paid by Paypal and had the option to use "friends and family" but recently, they were instructed that the troop account would no longer have that option for payments to it.  So, now, all transactions have service charges attached when paying by Paypal.  This has happened to a couple of other groups that my family is active with, so Paypal is definitely auditing such accounts and removing that option from some.

Not sure about Venmo.  I get paid for work via Venmo (work that I have always paid taxes on), but I haven't seen any changes to the payment plans yet, there.[/quote]

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