To be clear, business owners are already required to report that income to the IRS.
"This doesn't include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips," PayPal previously said. Also excluded is anyone who receives money from selling a personal item at a loss for example, if you purchased a couch for $300 and sold it for $250, the amount is not taxable. The new rule only applies to payments received for goods and services transactions, meaning that using Venmo or PayPal to send a loved one a gift, pay your roommate rent, or reimburse a friend for dinner will be excluded.
DEMOCRATS SLAM 'DANGEROUS' FED RATE HIKES, WARNING OF WIDESPREAD JOB LOSSES
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