Unpacking the Venmo Tax: What You Need to Know for 2025 Join Chris Picciurro, CPA, and John Tripolsky as they explain the so-called "Venmo Tax" and how third-party payment platforms will impact your tax reporting. Learn about the changing thresholds for 1099-K forms and what everyday Venmo users need to know.KEY TAKEAWAYS: 2025 Threshold: Only $2,500 in transactions triggers a 1099-K form 2026 Threshold: Set to drop further to just $600 Taxable vs. Non-Taxable: Not all Venmo transactions are taxable income Common Triggers: Splitting bills, group purchases, and gifts can all generate forms Handling Incorrect 1099-Ks: How to properly report forms received in errorEPISODE BREAKDOWN:Understanding Third-Party Settlement Organizations (TPSOs)The Changing 1099-K Thresholds (2023-2026)Which Transactions Are Actually TaxableEveryday Examples That Can Trigger FormsHow to Handle Incorrect 1099-K FormsSPONSORED BY: Legacy Lock Visit teachingtaxflow.com/legacy for easy estate planning from home
(00:00) - Understanding IRS Rules for Venmo and Similar Platforms

(04:33) - Understanding the Implications of the Venmo Tax

(09:58) - The Rise of Digital Payments and Their Everyday Impact

(13:41) - Understanding 1099-K Threshold Changes and Their Implications

(15:27) - Understanding 1099K Reporting for Personal and Business Transactions

(21:07) - The Impact of Cashless Transactions on Tax Filing Complexity

(21:08) - Handling 1099K Errors in Personal Transactions

(22:46) - The Complexities of Tax Reporting and Financial Advice

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