Venmo Questions

[Fargus]

I am not familiar with Venmo and had a couple quick questions about order cancelation. With Venmo, will a payment automatically cancel if it remains in a pending status too long? Any idea on how long that may be iif it does exist? Lastly, is it possible for a buyer to manually cancel a payment once it has been submitted?

[Sparkles]

Not sure, you can Venmo and we can test it [emoji12]


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[Jon B]

There is a way to retrieve it. I had a guest of ours send Venmo to our business email. We couldn't retrieve it. They were able to cancel payment but not sure what process she took to accomplish that.

[91cavgt]

Keep in mind that if you receive more than $600 in your Venmo, cash app, PayPal, or any of those things like that then you will have to pay taxes on that this next year.

[thebowhunters]

Keep in mind that if you receive more than $600 in your Venmo, cash app, PayPal, or any of those things like that then you will have to pay taxes on that this next year.

I need to look into that because my guys pay me their lease money then I turn around and pay the landowner.

[M16]

Keep in mind that if you receive more than $600 in your Venmo, cash app, PayPal, or any of those things like that then you will have to pay taxes on that this next year.

Actually you will get a 1099. You pay taxes on any profit you make. Since most of the stuff I sell will be less than I payed for it new. I will be taking a loss and getting a deduction.

[Bard]

I need to look into that because my guys pay me their lease money then I turn around and pay the landowner.

All those apps will now send you a digital 1099 which is a big problem because often people send each other $ that is not a taxable situation.

[100%TtId]

All those apps will now send you a digital 1099 which is a big problem because often people send each other $ that is not a taxable situation.

I’m sure the 89,000 new IRS agents that FJB hired will get it all straightened out.

[kae006]

Keep in mind that if you receive more than $600 in your Venmo, cash app, PayPal, or any of those things like that then you will have to pay taxes on that this next year.

Not for gift or “friends and family” payments. You’ve always been required to pay taxes on the things you sell, the government is just making those platforms issue 1099’s now.