That’s not actually how it works for personal payments, right? for example, a group of roommates using Venmo to split rent wouldn’t prompt Venmo to generate a tax form or report to the IRS.
It will, as long as it exceeds the threshold for the year. It will trigger an automatic 1099k. It’s up to you when filing your tax return to “label” it as rent payment.
That’s not actually how it works for personal payments, right? for example, a group of roommates using Venmo to split rent wouldn’t prompt Venmo to generate a tax form or report to the IRS.
It will, as long as it exceeds the threshold for the year. It will trigger an automatic 1099k. It’s up to you when filing your tax return to “label” it as rent payment.