Will the New IRS Rule for Venmo, PayPal and CashApp Payments Impact Your Tax Return?

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Will the New IRS Rule for Venmo, PayPal and CashApp Payments Impact Your Tax Return?

//business-finance.news-articles.net/content/202 .. and-cashapp-payments-impact-your-tax-return.html

Published in Business and Finance on Wednesday, January 29th 2025 at 14:20 GMT by CNET
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Originally set to kick off at the beginning of 2022, the IRS planned to implement a new reporting rule that would require third-party payment apps, like PayPal, Venmo or Cash App to report income of over $600 or more per year to the tax agency. The IRS delayed this new reporting requirement in 2022 and again in 2023.

2025-02-04 196 x 110 / 4000 Bytes

The IRS has introduced a new rule affecting users of payment apps like Venmo, PayPal, and Cash App, which could impact how individuals report their income for tax purposes. Previously, these platforms were required to issue a Form 1099-K only if a user had over 200 transactions and more than $20,000 in payments. However, the threshold has been lowered to $600 for the tax year 2023, meaning that anyone receiving more than $600 through these apps for goods or services must now receive this form. This change aims to increase tax compliance by capturing more income that might have previously gone unreported. However, personal transactions like sharing rent or splitting dinner bills are not taxable, but distinguishing between personal and business transactions might become more complex for users. This could lead to confusion, especially for those who use these apps for both personal and business transactions, potentially requiring them to keep meticulous records to differentiate between taxable and non-taxable income.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/taxes/will-the-new-irs-rule-for-venmo-paypal-and-cashapp-payments-impact-your-tax-return/ ]