Venmo, Zelle and PayPal must now report $600+ transactions to IRS(nbcnews.com)
nbcnews.com
Venmo, Zelle and PayPal must now report $600+ transactions to IRS
https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260
3 comments
I had understood the mentioned firms are going to do this reporting voluntarily. Glad I dropped PayPal a year ago (locked my funds, terrible communication, awful customer care).
It looks like reporting is only required for commercial transactions. Reporting for personal transactions hasn't changed.
That's annual total I'm pretty sure.