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Venmo, PayPal and Cash App will report transactions more than $600 to the IRS
- hsnewman 5y agoGreat, only criminals will be against this.
- dataflow 5y agoImportant exclusion: > The new rule is only for goods and services transactions, not personal, such as paying a roommate for rent or reimbursing a friend. Also, false (I think?) exclusion: > It also excludes anyone selling a personal item at a loss, such as a couch bought for $700 and sold for $650. PayPal will have no idea if you're selling at a loss or not, it'll be reported either way if you classify it as a sale, meaning you'd have to deal with the 1099-K either way.
- boring_twenties 5y agoMonero is the only sensible way to send funds electronically.
- olliej 5y agoIf you’re saying transfer via monero to avoid PayPal, etc from tracking the transaction that’s fine. If you’re performing transfers in any way with the intent of hiding income from the IRS (or appropriate tax agency) the. that would be illegal.
- boring_twenties 5y agoI report every cent of my income to the IRS. I am not interested whatsoever in having to prove to them that such and such transaction isn't income.
- someguydave 5y agoremember guys bitcoin solves no real world problems
- CogitoCogito 5y agoDoes this apply to checks or bank transfers as well?