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0 pointsHarryHirsch4y ago0 comments

Yes, when your friend says it's a loan and you treat it appropiately on your tax return it's not taxed. Else it will be. And if you can delay capital gains tax, great for you! How do I delay income tax?

0 comments

modeless4y ago

Wrong. If it's not a loan then it's a gift and that's not taxed either for $1,200 as I mentioned. No need to even report it if it's under $16,000 per year.

HarryHirschOP4y ago

Venmo will happily send you a 1099 form if it's above the 600 dollar threshold. We have Joe Biden to thank for that. It used to be higher.

vmception4y ago

A form doesn’t mean a tax is due

It means a transaction was reported and that you better have a good story about why the tax isn’t due and why you didn’t report it on your own forms

The people that are worried about the venmo 1099 are the people that have not been doing a lot more under the table

(Not to invalidate the rest of the population that is just irrationally afraid of tax collectors)

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oh_sigh4y ago

The 1099 is for sales of goods and services. Your friend loaning you $1200 is not a sale of a good or service.

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