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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]From an enforcement perspective there will probably be some de minimus threshold before amounts on these 1099s even attract attention. The cash flow isn’t taxable, the character of the cash flow potentially is. But they aren’t going notice $1,000 reimbursement for a group vacation. That isn’t how the IRS works. [/quote] Their systems pick up any discrepancy in reported income and what's on the return. They most certainly will notice it and you will get a letter. I've gotten these for issues of less than $100. I think most people who just have W-2 income don't realize how this works because their returns are very simple and mistakes are not common.[/quote] This isn’t true. Their “system” isn’t that sophisticated. [/quote]
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