Venmo isn't to be used for selling / buying anything. It's owned by PayPal but if you read the TOS - Venmo is only meant to be used as a platform to send money to your friends (thus why it links through social media) like for example: paying back a friend for buying dinner, or drinks at a bar, etc. They actually have banned people who used it it for selling / buying goods as it's not meant for that (that's what PayPal is for).
So there would be no reason to pay taxes or involve the IRS if people are using Venmo for its intended use - since it's a platform to "send money to pay back friends" and not a platform for selling / buying.
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Lunari ago
Venmo isn't to be used for selling / buying anything. It's owned by PayPal but if you read the TOS - Venmo is only meant to be used as a platform to send money to your friends (thus why it links through social media) like for example: paying back a friend for buying dinner, or drinks at a bar, etc. They actually have banned people who used it it for selling / buying goods as it's not meant for that (that's what PayPal is for).
So there would be no reason to pay taxes or involve the IRS if people are using Venmo for its intended use - since it's a platform to "send money to pay back friends" and not a platform for selling / buying.
RecycledUser ago
Wow. Good point. And we know, if there's a way to exploit a system, they've found it.