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IRS: $600 transaction no need...

People who use payment applications like Venmo,...

IRS: $600 transaction no need to be reported

People who use payment applications like Venmo, PayPal, and Cash App may need to record some transactions totaling more than $600 to the Internal Revenue Service (IRS). Not all payments app transactions exceeding $600 require IRS reporting. Income must be reported, but if you receive a 1099-K form, you might need to show that a transaction was not profitable. Who Needs To Report $600 Income? The agency only requires users of third-party applications like Cash App, Venmo, or PayPal to report transactions exceeding $600 if they are deemed to be income that...

IRS: $600 transaction...

People who use payment applications like Venmo, PayPal, and Cash App may need to record some transactions totaling more than $600 to the Internal...
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