Venmo 1099

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more. You can visit the forum page to see the list of forum nodes (categories/rooms) for topics.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

Rusty Shackelford

Fly on the Wall
Reaction score
Hey all....this is not to be a holier than thou "I am above Venmo" thread.

The IRS rules for 1099s are now in effect. Anything tagged goods and services in aggregate over $600 is now sent to the IRS as of Jan 1 2023.

Friends and family transfers are not subject to the reporting....however, many friends and family don't know to make this tag change. I am not sure if goods and services are the default setting or not, but you need to make sure you and the folks you use venmo with make the correct tag as "friends and family". Last year the reporting limit was $20,000 so it was unlikely that a normal venmo user was ever gonna exceed that so a mis-tagged transfer would not have been an issue....but now at $600 several mis tagged items to pay back someone for dinner or and uber share can put you over and venmo reports that to Uncle Joe and withhold 24%.

I just went through this situation this weekend when a friend transferred an amount over $600 to my wife was tagged as payment for goods and venmo put hold on funds until we released tax ID stuff so they could do witholdings....afterv multiple emails we were able to get funds released and returned to sender to correct the all worked out but was a real PITA.

Just a word to the wise..
Better choice. Close your Venmo/Paypal accounts.

I'm also pretty sure that the IRS delayed this change but obviously the commies still going to try and implement it "to be ready".
Yes it was delayed 1 year. This is the new year...2023 sales and service transactions totalling $600 will go to Joe and be reported in January 2024 for tax year 2023.
The $600 requirement is part of the conditioning process to get the sheeple used to a full blown CBDC. It's for the greater good of course.
Top Bottom