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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] You aren't?[/quote] I guess we'll see if Venmo really does only send a 1099 for "goods and services" payments -- otherwise, this other kind of transaction will generate records sent to the IRS, which will mean that if you don't report them, they'll think you're failing to disclose income. (Which happened to me once for uncovered short sales of stock, and I got a letter from the IRS that I had to reply to to avoid a large additional tax bill.)[/quote]
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