{"id":272063,"date":"2026-02-07T08:32:08","date_gmt":"2026-02-07T08:32:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/272063\/"},"modified":"2026-02-07T08:32:08","modified_gmt":"2026-02-07T08:32:08","slug":"irs-warning-for-anyone-who-used-paypal-venmo-or-cashapp-in-2025","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/272063\/","title":{"rendered":"IRS warning for anyone who used PayPal, Venmo or CashApp in 2025"},"content":{"rendered":"

IRS warning for anyone who used PayPal, Venmo or CashApp in 2025<\/p>\n

If you\u2019re one of the millions of people who use popular payment apps like PayPal, Venmo or Cash App, the IRS has a warning for you: You need to report those transactions when filing your taxes.<\/p>\n

READ MORE: $1,776 payment to 1.5 million Americans will be tax free, IRS confirms<\/a><\/p>\n

What\u2019s a Form 1099-K?<\/p>\n

Payment apps or online marketplaces are required to complete a Form 1099-K and send it to you and the IRS each year. If you have a business where customers pay you directly by credit, debit or gift card, you will get a Form 1099-K from your card processor, no matter how many transactions you\u2019ve had.<\/p>\n

A payment app or online marketplace is required to send the 1099-K if the payments you received for goods or services totaled more than $20,000 in over 200 transactions. Some people who don\u2019t meet that threshold could still receive the 1099, however, the IRS said.<\/p>\n

,<\/p>\n

Payments cover things like online community or craft marketplaces, auction sites, car sharing platforms, ticket exchange or resale sites, crowdfunding platforms or freelance marketplaces. And, if you accept payments on different platforms, you will likely receive separate 1099s.<\/p>\n

No matter how you received the payments, the IRS has a warning for you: You must report the income.<\/a><\/p>\n

\u201cWhether or not you receive a Form 1099-K, you must still report any 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 the IRS Said.<\/p>\n

An exception would be personal payments from family and friends, and even that comes with a caution.<\/p>\n

Money you received from friends or family as a gift or repayment of a personal expense doesn\u2019t have to be reported on a 1099 and isn\u2019t considered taxable income. The IRS points to examples such as sharing the cost of a car ride or meal, getting a birthday present or holiday gift or getting repaid by a roommate for rent or a household bill. <\/p>\n

The best way to protect yourself, the IRS said, is to note these types of transactions as non-business in the payment app.<\/p>\n

You can see more on how to handle a 1099-K here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"IRS warning for anyone who used PayPal, Venmo or CashApp in 2025 If you\u2019re one of the millions…\n","protected":false},"author":2,"featured_media":272064,"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-272063","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\/272063","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=272063"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/272063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/272064"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=272063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=272063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=272063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}