8 thoughts on “Paws Off My Venmo

  1. One of the many challenges with implementing new laws is that Congress is often too busy trying to make sound bytes to tell us bureaucrats what they really want. Its why we develop exhaustive, even onerous, administrative records when rolling out new regs. Much like the earmarks that aren’t earmarks but still exist I wish they would just use some plain language.Report

    1. Agreed! I remember sitting in my office reading the Affordable Housing Act of 2008 and wondering WTF why does that have to do with Paypal funding? And boy I better call our software company to get ready for this new form.Report

      1. Well, in a few months we’ll see how the payment companies interpret the IRS guidance that it’s only supposed to be for goods and services. I’m sure Zelle will be “We don’t do business stuff, it’s friends and family only”…but Venmo, CashApp and Paypal might be able to split it.Report

  2. I hope that this will result in less online scalping of such things as PS5s or video cards or whathaveyou.

    I’m also curious as to the extent to which this will have an impact on those, erm, websites dedicated to, erm, selling, erm, “content”.Report

  3. I have Venmo where friends pay me back for things (and vice versa). So am I getting
    A) a 1099-K from Venmo for all the payments I received from everyone
    B) a 1099-K for each person who sent me over $600 total
    C) a 1099-K for each person who sent me over $600 in one payment
    D) something else?

    Also since none of it is income I just don’t do anything with it?Report

    1. Venmo has come out and said that payments on Venmo will only be reported if the “goods and services” reason was selected, so hopefully that wasn’t the case for your payments.Report

Comments are closed.