Venmo

[Randall]

On 6/3/2021 at 3:22 PM, ILLMAS said:

Youtube the following video made by a CPA:  The Problem With Venmo And Your Taxes

I couldn't last thru this 'acting' thing.  But I get the point.  I was wondering what kind of record reporting you could get from Venmo.

[ILLMAS]

1 hour ago, Randall said:

I couldn't last thru this 'acting' thing.  But I get the point.  I was wondering what kind of record reporting you could get from Venmo.

And yet people think the actor Rebel Wilson is funny   As far as I know Venmo and other cash apps are untraceable and like bitcoins, give it some time and the IRS would get to it. 

[Randall]

44 minutes ago, ILLMAS said:

And yet people think the actor Rebel Wilson is funny   As far as I know Venmo and other cash apps are untraceable and like bitcoins, give it some time and the IRS would get to it. 

I was more interested in what the person using Venmo could get in reports.  A summary of transactions, any classification of type?  In other words, at the end of the year (month), who sent me money (name, amount, date, etc?), who did I send money to?

[Yardley CPA]

38 minutes ago, Randall said:

I was more interested in what the person using Venmo could get in reports.  A summary of transactions, any classification of type?  In other words, at the end of the year (month), who sent me money (name, amount, date, etc?), who did I send money to?

There is an option to view Venmo Statements which contains all of your payment history, both payments made and payments received.  It includes the, date,  name of the individual making the payment along with whatever reason entered for the payment ie, "2020 Tax Return Payment".   The statement option offers you the ability to download to a .csv file and contains years worth of information.