Receiving payments over $600 on Venmo?

Nothing wrong making an extra buck. Making Extra Cash Selling Items Online or Providing a Service? Well, if you receive payments over $600 with a payment app like PayPal or Venmo or via an online marketplace like Etsy or Ebay, then you may be required to pay tax on that income. You will receive a Form 1099-K from the payment apps and online marketplaces which are required to provide the form if the gross payments to you for goods and services are over $600.

Note: Receiving a gift or reimbursement of personal expenses from friends and family via a payment app should not be reported on Form 1099-K, as they are not payments for goods or services.

Learn more about this tax requirement with the resources below from the IRS.

https://www.irs.gov/businesses/understanding-your-form-1099-k https://youtu.be/C1ueDRXJ7vY