JPE on Nostr: But what happens when your friend pays you $10 for Pizza? Do they come after you? I ...
But what happens when your friend pays you $10 for Pizza? Do they come after you? I would not worry about anything over $600. That is the limit they have on Venmo in which transactions have to be reported. The IRS is going to have an awfully hard time coming after people for micropayments made in 2023 in 2030. They don’t know what you don’t tell them. If they ask about it, you can always just say you lost the wallet. Oops, boating accident. Lost my passwords, etc. There is no taxable event until you exchange for cash with a KYC operator. The good KYC operators keep track of everything for you and send you a tax form at the end of the year. So you don’t even have to track it, if you choose the proper soft wallets they will track everything for you. But if you are tipped sats and then you tip someone else those sats, you are not taxed on that. It’s such a tiny amount who cares. Trust me, you’re not going to go to jail for micropayments, and you will never owe them a huge some if you can’t access them 🤷🏻♂️😉
Published at
2023-04-17 15:28:17Event JSON
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"content": "But what happens when your friend pays you $10 for Pizza? Do they come after you? I would not worry about anything over $600. That is the limit they have on Venmo in which transactions have to be reported. The IRS is going to have an awfully hard time coming after people for micropayments made in 2023 in 2030. They don’t know what you don’t tell them. If they ask about it, you can always just say you lost the wallet. Oops, boating accident. Lost my passwords, etc. There is no taxable event until you exchange for cash with a KYC operator. The good KYC operators keep track of everything for you and send you a tax form at the end of the year. So you don’t even have to track it, if you choose the proper soft wallets they will track everything for you. But if you are tipped sats and then you tip someone else those sats, you are not taxed on that. It’s such a tiny amount who cares. Trust me, you’re not going to go to jail for micropayments, and you will never owe them a huge some if you can’t access them 🤷🏻♂️😉",
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