![]() Learn more about how this affects Venmo users who receive payments for goods and services. The IRS has updated tax reporting thresholds for the 20 tax years. If you have questions about taxes and reporting, you should consult a tax professional about your reporting of these transactions.įor more information about acceptable use of your Venmo account, please review the Venmo User Agreement. Our parent company, PayPal, processes all tax servicing and documentation for those who receive payments for the sale of goods or services and those who buy and sell cryptocurrency on Venmo. Some states have lower reporting thresholds. For the tax year 2022, the IRS will continue to use the reporting threshold of total payments exceeding $20,000 for goods and services and more than 200 transactions. ![]() Note: The IRS has delayed the implementation of the $600 reporting threshold for payment transactions for goods and services by one year. Learn more about what that means for you here. The Internal Revenue Service (IRS) requires all payment processors in the United States, including Venmo, to provide information about customers who receive payments for the sale of goods or services. ![]()
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