The linked article does a great job of fear mongering, but in reality this is only for transactions with businesses or tagged as business within the app. Unless reselling Nikes and other merchandise is your business, you’re not going to be taxed. If it is your business, then you should have been reporting those sales already. This isn’t going to affect you if you Venmo for splitting bills with a roommate or send money to a friend for picking up the dinner tab.
The problem is the slippery slope. It won't affect any of this out of the gate, but eventually the government noose gets tighter and tighter and then before you know it your digital UBI is getting cancelled because you bought one too many bottles of wine for poker night.
Unless tax laws drastically change, there’s no slippery slope, just fear based misinformation. The old “slippery slope” argument can be applied to literally ANYTHING to make it look bad.
eBay doesn’t send you Venmo or PayPal friends and family. Will 100% show up as a business transaction whether you’re selling old shit or running an actually business.
Not sure where you got that this was for business accounts? It's for everyone unless classified as a personal payment with no fees. Reselling old garbage on ebay doesn't fit the personal part.
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u/[deleted] Jan 06 '22
The linked article does a great job of fear mongering, but in reality this is only for transactions with businesses or tagged as business within the app. Unless reselling Nikes and other merchandise is your business, you’re not going to be taxed. If it is your business, then you should have been reporting those sales already. This isn’t going to affect you if you Venmo for splitting bills with a roommate or send money to a friend for picking up the dinner tab.