3 ms·
Once people start receiving the scary and confusing 1099s next year from using Venmo et al. from Bidens new policy, crypto may seem preferable to some people. P
by injeolmi_love 3y ago
Once people start receiving the scary and confusing 1099s next year from using Venmo et al. from Bidens new policy, crypto may seem preferable to some people. Pro taxists often underestimate the fear common people have of tax authorities.
- astrange 3y agoThere's no difference in taxation between the two and not much difference in how easily the government can see how you used them.
- injeolmi_love 3y agoMost of these 1099s are going out to people who owe little or no tax on the transactions, such as people who split restaurant bills worth more than $600 over the course of a year.
- astrange 3y agoNo, it doesn't apply to family and friends payments. https://help.venmo.com/hc/en-us/articles/4407389460499-2023-Tax-FAQ#:~:text=Anyone%20who%20met%20the%20%2420%2C000,qualifying%20users%2C%20it's%20worth%20noting https://help.venmo.com/hc/en-us/articles/4407389460499-2023-... In crypto of course you have to do all that bookkeeping yourself.