Services like Venmo will start reporting your transactions to the IRS!
The IRS came out with a new policy that will make services like Venmo, PayPal and Cash App report customer information.
If you receive $600 or more for "Goods & Services", you will receive a form from these services that you will need to include in your tax return.
If your friend is just paying you back for food, this doesn't affect you.
BUT this new policy has been delayed to 2024. So nothing changes for the 2022 tax year.
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