Have a buddy who hosts weekly virtual card games during Covid. Some small games, some larger games. He’s been taking payments through Venmo and all of a sudden is freaking out reading online Venmo could send a 1099 for over 200 transactions AND $20,000+.
He’s never moved the money into his actual bank account, simply hosted the money in his “Venmo” account and paid out the winners. Also, does not have a business account, just a personal account.
Could a 1099 actually be sent if the money never transferred into his bank account? Any BBI accountants here?
Thanks for the info...
You will not get a 1099 for personal use.
Kind of a pain to have to go through the process, though.
You will not get a 1099 for personal use.
Thanks for the reply. He was worried because he’s absolutely over the 200/20k. But makes sense seeing how he’s personal instead of business.
this is Venmo 's strategy to slowly cut out the banks .. and make Venmo into virtual wallet
buy PayPal stock haha (they own Venmo)
They’re subject to the same IRS rules that Venmo is.