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I'm more concerned with being double-taxed for splitting bills, then seeing small businesses receive 1099s for payments received through one of these systems.
by emptybottle 5y ago
I'm more concerned with being double-taxed for splitting bills, then seeing small businesses receive 1099s for payments received through one of these systems.
What bothers me is cases where people are taxed when being paid back for things like dinner out, or splitting a vacation rental. That income was already taxed. Using e.g. venmo to split the bill should not result in that money being double taxed as it changes hands.
- gruez 5y agosee: https://news.ycombinator.com/item?id=29981813 https://news.ycombinator.com/item?id=29981813 Unless you're splitting your bill using commercial transactions, you're fine.
- emptybottle 5y agoThe title in both article and HN should reflect that.
- LorenPechtel 5y agoBut how does the IRS know what's what? What happens when you have both business and personal transactions with someone?