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Venmo is a convenient platform for sending, receiving, and requesting money. But if you use Venmo for certain types of transactions, you could be on the hook for taxes.
The good news is that personal transactions on the payment platform typically don’t generate tax liability. It’s when you use Venmo for business purposes that you need to prepare for a tax bill.
If you’re confused about how taxes work on Venmo, keep reading. You’ll learn which Venmo transactions the Internal Revenue Service considers taxable and what you need to know while preparing your tax return. We’ll also explain some upcoming tax changes for Venmo and other payment apps you should prepare for in 2024.
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