{"id":271203,"date":"2026-02-06T20:32:07","date_gmt":"2026-02-06T20:32:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/271203\/"},"modified":"2026-02-06T20:32:07","modified_gmt":"2026-02-06T20:32:07","slug":"payment-app-taxes-2026-do-you-need-to-report-income-made-via-paypal-cash-app-venmo","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/271203\/","title":{"rendered":"Payment app taxes 2026: Do you need to report income made via PayPal, Cash App, Venmo?"},"content":{"rendered":"

If you\u2019re one of the millions of people who use a digital payment service and you received or made payments through it for part-time work or goods and services, you\u2019ll need a new tax form.<\/a><\/p>\n

People whose payments exceed $20,000 and have more than 200 transactions for the year will receive a 1099-K form in the mail from payment card companies, according to the IRS.<\/a><\/p>\n

\u201cA payment app or online marketplace is required to send you a Form 1099-K<\/a> if the payments you received for goods or services total over $20,000 in more than 200 transactions,\u201d the agency noted on its website. \u201cHowever, they may send you a Form 1099-K with lower amounts and\/or transactions.\u201d<\/p>\n

The IRS noted that despite the money and transaction limit for the 1099-K to be sent out taxpayers \u201cmust report all income on your tax return. This includes payments for any goods you sell (including personal items such as clothing or furniture sold at a gain) or services you provide.\u201d<\/p>\n

However, if you use digital payment apps to transfer money to friends or family as a gift or to repay a personal expense, you don\u2019t need to report it because it isn\u2019t taxable income.<\/p>\n

You can read more about the 1099-K and see frequently asked questions on the IRS website.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"If you\u2019re one of the millions of people who use a digital payment service and you received or…\n","protected":false},"author":2,"featured_media":271204,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[1348,8696,342,111,139,69,16792,153476,4535,145,26710],"class_list":{"0":"post-271203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mobile","8":"tag-cellphone","9":"tag-device","10":"tag-mobile","11":"tag-new-zealand","12":"tag-newzealand","13":"tag-nz","14":"tag-phone","15":"tag-share-payments","16":"tag-smartphone","17":"tag-technology","18":"tag-venmo"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/271203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=271203"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/271203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/271204"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=271203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=271203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=271203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}