M-F: 8:30AM-7PM | Sa: 9AM-2PM

Reporting Venmo, PayPal, and Cash App to the IRS

Apps like Cash App, Venmo, PayPal, etc. DO have to report to the IRS for business items over $600. BUT – it’s for 2022, not 2021 taxes. This is only for businesses (when payments are entered as a good/service) and are reported on a 1099 to the IRS. For 2021 and past years, you had to have over 200 transactions and $20,000 before anything was reported.

Reach out to The Tax Shelter for help reporting these in 2023!


More Posts

Donations for Tax Deductions

Tips for Donations: Expect a 25 to 30% benefit for the value of what you are donating Goodwill has a “donation value estimator” where you

How To File Gift Taxes.

If you are gifting or receiving a gift, it is rarely ever taxable. Right now, there is a lifetime exclusion of $11 million per person