Venmo, PayPal and Cash App to report payments of $600 or more to IRS this year.

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. 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.

Info Here

Electronic transactions were always going to make it easier for bureaucrats to track what you do and tax it. And they'll happily chase the small fry for $20 rather than lift a finger against a billionaire.

I know ...
They will spend $50/hr to have an auditor collect $40 from someone, but not hit up a richie who owes millions ....

They decided not to do this for the 2023 tax season ....