Do you have to report your Venmo income to the IRS?

Do you have to report your Venmo income to the IRS?

This is because this income is considered taxable and must be reported to the IRS. Venmo will NOT send you a 1099-K form as its parent company PayPal may if you have cash receipts totaling over $20,000. Paying freelance or independent contractors through Venmo is okay as long as you issue form 1099-MISC at the end of the year.

How are Venmo payments to and from PayPal taxed?

This is because this income is considered taxable and must be reported to the IRS. Venmo will NOT send you a 1099-K form as its parent company PayPal might if you have exchanged transaction activity receipts totaling over $20,000. Without good recordkeeping, your payments made to contractors by Venmo may be disallowed in the event of an IRS audit.

Is it safe to use Venmo for business?

From our business to yours, these offers on the Venmo site are not a green light to start using Venmo for your business. We recommend that you do not use Venmo for business transactions and you should not use it to directly accept payments.

How are Venmo payments to and from contractors treated?

Without good recordkeeping, your payments made to contractors by Venmo may be disallowed in the event of an IRS audit. We understand Venmo is easy, convenient, and a fast way to get paid for your goods and services.