Reported 1 day ago
If you earn money through payment apps like Venmo, Cash App, or PayPal, you might receive a Form 1099-K starting from 2024 if your total payments exceed $5,000. This threshold will drop significantly in the upcoming years—$2,500 in 2025 and $600 in 2026—regardless of the number of transactions. While it's essential to report your taxable income, personal transactions among friends shouldn't be included in your 1099-K. If you encounter any discrepancies, it's crucial to address them promptly by contacting the issuer.
Source: YAHOO