Fact Check: There Is NO '$600 Tax Rule' For Personal Payments On Cash App, PayPal, And Other Peer-To-Peer Payment Organizations
Fact Check
Do users making personal payments on peer-to-peer payment systems like Cash App and PayPal have to follow a "tax rule" for transactions that exceed $600? No, that's not true: No such "tax rule" exists, only a reporting adjustment for business transactions. Although the American Rescue Plan Act of 2021 changed the reporting requirements for transactions that take place through peer-to-peer…