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> Concerned that I'll eventually be paying taxes on my rent and beer splitting. You already paying those taxes through whoever bought the beer etc, so you woul
by rkk3 5y ago
> Concerned that I'll eventually be paying taxes on my rent and beer splitting.
You already paying those taxes through whoever bought the beer etc, so you wouldn't owe anything. But what I think could be a headache is now increased record keeping around those transfer payments -- ie; your S/O received net $x in payments from you and may now need to report and justify them.
- KingMachiavelli 5y agoNo, as long as you don't mark the transaction as payment for a good/service i.e a commercial sale then it doesn't get reported or counted towards the $600 limit. This is exactly the same distinction Paypal has made for over a decade; if you want purchase protection on a transaction then they collect a percentage and (now) they will also count it towards the seller's $600 reporting limit. If you are just paying a friend back you don't want to pay the transaction fee anyway and you don't need purchase protection either.