Why using Venmo or Paypal could create tax headaches in the coming weeks. A new change for 2022 means money-exchanging apps need to report more activity to the IRS.
ATLANTA, GA — How often do you pay your friends on apps like Venmo or Paypal? Do you receive some income through those money-sending websites, perhaps for some part-time work?That's because a major tax change involving those apps is in effect for 2022, which means when tax season begins in a few weeks, you could be in for some changes and headaches.However, many in Washington remain frustrated with Americans who aren't fully reporting their income.
He says this upcoming tax season will be the first time a 1099-K form detailing with these transactions will be sent to so many Americans.The IRS is only interested in income and cannot tax you for transactions that were a gift. The IRS can't tax you for a friend sending you money for a pizza you bought them."How will these payment sites differentiate that from actual income sent on Venmo or Paypal," our political correspondent Joe St. George asked Poulos.
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