NEW IRS TAX FOR VENMO AND PAYPAL USERS! #shorts

less than 1m read

·Nov 7, 2024

So there's a lot of confusion about a new IRS tax code that requires you to report your Venmo and PayPal transactions to the IRS if you receive more than $600 a year beginning on January 1st.

But here's what most people are not telling you: even though this is a real requirement, this only applies to payments received for goods and services transactions.

Anytime now that you send a Venmo, it asks whether or not it's a purchase. If you check yes, that applies to the other person's $600 threshold, and as long as you select no, then it's considered a personal transaction that's exempt from the reporting requirement.

So, no, if you and your friends split dinner, and you receive $30 back for that lobster mac and cheese, you're not gonna have to worry about paying tax on that—unless, of course, your friend's a butthole who checks that box.

But if you run a business and you receive more than $600 a year, you'll need to pay your taxes because the IRS is always watching.

And if you want more money-saving tips just like this, make sure to subscribe, because you're gonna want to see what happens next.

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