New Venmo $600 Rule 1099K Reporting Explained

Have you been wondering what the new 1099K reporting rules mean for your Venmo account? Join Larry and Debbie as they explain what it means for you!
#1099krequirements2021 #venmo #1099k2022 #selfemployment #venmotax2022
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AGC Solutions does not provide tax, legal or accounting advice. This content has been prepared for informational purposes only and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Also, tax law is ever-changing and every effort should be made to seek out the most current information. Make sure to check date of published content to ensure most current information.

[@airhead9234]

I appreciate how you folks explain things concisely and in plain English. Thanks for these videos-they’re very helpful.

[@BimmerWon]

If I send my mom $600 a month to cover my living expenses from my personal Venmo account to her personal Venmo account, then will that be taxed?

[@brroookkeee]

Not if you make sure to list it as “friends and family”

[@bandman83]

In other words, too much government.

[@mitchellquartero]

Then it makes sense but it’s a very interesting law

[@romasia1835]

Venmo and PayPal has an option to tag personal payments for "goods and services". In some cases, some people may tag a payment incorrectly, like if it was supposed to a gift but toggles the switch for purchases.. What happens if a transaction was tagged incorrectly and gets reported in the 1099-K?

[@lorines9023]

I do my taxes myself and I'm not a business nor do I make profit. Is there a form I attach to explain costs etc. ( i had 3 sales totallung less than $300.00 on ebay 2021 at loss but they counted 12 refund/canceled sales, Reporting $1,400.00) What a headache!

[@jimmyjarreau8587]

How can I get disability benefits,without all the games they like to put you through. I’m 58 years old worked my ass off all my life helping feed America and now I can’t work to feed myself

[@truckinallday69]

I wonder if I'll get a red flag on my venmo because my brother just paid me back $3,500