Texas will have a $40-50M roster this year

[Cornicator]

Depends where he is but Venmo sends a 1099 if the total is more than $5,000. Doesn't matter how many transactions.

So if I venmo my wife roughly $20,000 over the course of the year because she loses her debit card every week, Venmo is sending out a 1099?

 

[Quint]

I’m not sure they can fund cheating on top of NIL though. The guys who were giving these kids cars and 40-50k or so are now just doing it through the collective

I’ve been saying that since it started.

Same deal, different bag man.

 

[Jim14510]

So if I venmo my wife roughly $20,000 over the course of the year because she loses her debit card every week, Venmo is sending out a 1099?

I think it only sends if you have a business account set up.

 

[RedTillDead]

So if I venmo my wife roughly $20,000 over the course of the year because she loses her debit card every week, Venmo is sending out a 1099?

Transactions between spouses is never taxed, the $5,000 threshold is only for business transactions.

 

[Jim14510]

Transactions between spouses is never taxed, the $5,000 threshold is only for business transactions.

How does it know if it's not a business account though? I thought there was a spot where you marked business or personal when you sent but can't find it.

 

[RedTillDead]

How does it know if it's not a business account though? I thought there was a spot where you marked business or personal when you sent but can't find it.

With Venmo the transaction is already marked as between friends (if a personal account), when you choose your payee and go to complete payment there is a box at the bottom that says “turn on for purchase protection”. If you did select this it would turn this into a business transaction for the recipient.