{"id":285979,"date":"2026-02-07T17:08:11","date_gmt":"2026-02-07T17:08:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/285979\/"},"modified":"2026-02-07T17:08:11","modified_gmt":"2026-02-07T17:08:11","slug":"irs-issues-warning-for-paypal-venmo-cash-app-users-for-tax-season","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/285979\/","title":{"rendered":"IRS issues warning for PayPal, Venmo, Cash App users for tax season"},"content":{"rendered":"

Americans who use popular payment apps like PayPal, Venmo or Cash App in 2025 are being told a rule that could affect how they file their taxes this season. <\/p>\n

The rule concerns a special tax form known as a Form 1099-K, which shows payments people received for sales or services including through payment apps and online marketplaces, according to the Internal Revenue Service<\/a> (IRS). <\/p>\n

However, Americans will only need to fill these documents out if they received payments for goods or services totaling over $20,000 in more than 200 transactions. <\/p>\n

These payments can be made through any of the following methods:<\/p>\n

Payment appOnline community marketplaceCraft or maker marketplaceAuction siteCar sharing or ride-hailing platformTicket exchange or resale siteCrowdfunding platformFreelance marketplace<\/p>\n

Those accepting payments on different platforms can expect more than one Form 1099-K, the IRS said. <\/p>\n

The service also noted that Americans can receive the form even when total payments or transactions are less than the reporting threshold. <\/p>\n

Additionally, people receiving payments for selling goods or services are required to report all income on their tax return, regardless of the amount of reported payments. <\/p>\n

But it should be noted that money received from friends and family as a gift or repayment for a personal expense should not be reported on a Form 1099-K, because it is not considered a taxable income. <\/p>\n

This includes sharing the cost of a car ride or meal, receiving birthday money, getting repaid by a roommate for rent or a household bill. <\/p>\n

\u201cBe sure to note these types of payments as non-business in the payment apps when possible,\u201d the IRS said. <\/p>\n","protected":false},"excerpt":{"rendered":"Americans who use popular payment apps like PayPal, Venmo or Cash App in 2025 are being told a…\n","protected":false},"author":2,"featured_media":285980,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[61,60,202,80],"class_list":{"0":"post-285979","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mobile","8":"tag-ie","9":"tag-ireland","10":"tag-mobile","11":"tag-technology"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/285979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=285979"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/285979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/285980"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=285979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=285979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=285979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}