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is accepting Venmo safe from customers ( self )

submitted by shoshosho Warning: 0%

for example if most people pay me through Venmo, then I transfer it to my bank account and eventually pay through Zelle. isn't this technically unreported income which the IRS will question once it's over 10k



Upvoted: shoshosho
Downvoted:
all 4 comments


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JayDubz —

instead of transferring through a bank, you can just use money from your venmo account with a venmo card.


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shoshosho [S] —

The problem is that the vendor I use doesn't accept payment through card, so that wouldn't be possible


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JayDubz —

ahh, I see. Well, up to you honestly, unless you think you're gonna make a living off reselling ID's I think you're more than likely fine. Opening up with Venmo is gonna make it seem a lot easier to pay for an ID though. But cash is always king ¯_(ツ)_/¯


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HomeDepotEnthusiast —

If you're looking for the most direct answer to your question, yes it is.
The question is amounts, as you hit on, if it is under 10k you are very unlikely to get audited or raise and eyebrows at all, as most Americans are going to amass some amount of petty cash either in actual cash or electronically.
If you think you are going to be doing business that exceeds 5K, I would urge you to ditch Venmo for other reasons: if you are doing business that regularly exceeds 5k, you need better OPSEC than Venmo, which is basically no opsec.