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| Name | Do You Have to Pay Taxes on Venmo and Zelle Payments |
| Video Uploader | Video From S.H. Block Tax Services, Inc. |
| Upload Date | This Video Uploaded At 31-03-2023 19:36:34 |
| Video Discription | Payment apps have made it easier than ever to split the bill when you go out with friends, but new rules in the tax code might add some extra complication to apps like Venmo and Zelle. You can still split the bill with friends without any tax implications, but if you receive $600 or more tagged as “goods and services,” or if you have a business account with a payment processing app, you will receive a Form 1099-K for reporting this income to the Internal Revenue Service on your 2022 income tax return. If you use multiple payment platforms to receive payments, you may not receive a 1099-K tax form, but that doesn’t mean you don’t have to report this income on your taxes. Keep reading to see what rules apply to you, and how this change will affect your payments and taxes. If there is any confusion, you should talk to a tax professional about your specific situation. Read more on our corresponding blog! https://www.mdtaxattorney.com/resources/do-you-have-to-pay-taxes-on-venmo-and-zelle-payments/ [BinsCD_k6aI] |
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