Just wondering if anyone is going to be altering they way they use Venmo PayPal etc to facilitate pinball transactions since beginning this year any transactions over $600 will be reported to the IRS. Is cash the only method of payment that won’t be subject to government prying eyes?
Quoted from Jkush18:Just wondering if anyone is going to be altering they way they use Venmo PayPal etc to facilitate pinball transactions since beginning this year any transactions over $600 will be reported to the IRS. Is cash the only method of payment that won’t be subject to government prying eyes?
I don't know but I can't help thinking the IRS isn't going to expect any purchase of 600+ to be reported on your tax return.
Perhaps Paypal and banks will need to report this data but I think maybe they will use it for other purposes as to track fraud on patterned large purchases. Who knows what they'll do with this...
It's any transaction reported as Goods or Services. If you use Friends/Family it is not going to be reported unless the sum of the transactions for the year exceeds the gift limit for that one particular person.
Just go to all cash transactions.
Quoted from Xenon75:It's any transaction reported as Goods or Services. If you use Friends/Family it is not going to be reported unless the sum of the transactions for the year exceeds the gift limit for that one particular person.
Just go to all cash transactions.
just curious - what is that limit for one year (via friends and family option)? Didn't even know there was one so evidently I haven't hit it yet!
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