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Does Venmo Report to the IRS?

18 558 views | 19 Jul. 2018

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Bibek Dahal

200 transactions and 20000 a year or month??

GAPOWERade

So am I understanding this correctly? Cashapp, Venmo, etc. report to the government @ $20,000 or 200 transactions within a calendar year whereas banks report cash deposits of $10,000 cash...OR does everyone really report at $10k cash??

Home Biz Tax Lady

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Alexis

so if i have only 50 transactions a year will i still have to resort to irs or get a 1099 form?

WEARETHATiS

What if 100 friends send me each $100 for my bday ? What would be the best way to handle this. I have cash app

Hannah Bell

All thanks to mr_kerry3645 on instagram got me $5000 to my cashapp acount. He has been a great helper to me and my family.

The Poetically Vegan

Great Information!

Karen Foxterrier

Question ..I have homemade skin products but I sometimes sell to friends at wholesale and they pay me through Venmo. Do I have to claim as income even though I'm not really making much profit? It's only like eight or nine transactions a year

Michael Chaplin

Hi.. Im still kind of confused about some things.. what about the money you pay back out to others via payal or Venmo? Do you still pay taxes on all just cause you "received" over $600 (in Massachusetts?)

Hannah Bell

All thanks to mr_kerry3645 on instagram got me $5000 to my cashapp acount. He has been a great helper to me and my family.

Bethany Lopez

Very helpful, thank you!

Dolce Dollie

Great video!!!This is off topic but question for you is a paypal debit card safe in your opinion?

Octavio Martinez

Thanks, I really apreciare it.

mahwah azet

...darn! Thanks good info!

Sarah Priebe

Nice video!! Question- over the past 2 years I have collected a total of $2400 in the past 2 years off of Venmo due to friends paying me back/birthday money but mostly from some creepy dude sending me money constantly I never asked for, he became obsessed with me and the payments started concerning me so I blocked him on Venmo and all other social media. I have about 80 transactions on venmo, will this be reported to the irs/ do I have to pay taxes on this and should I be worried in anyway?

Nate G

What are the laws in Arkansas ?

erik Regalado

Is the limit in venmo a monthly thing or yearly?

Dariel Dajun

@5:33- what’s the Piper ?
The lRS?

Americanman Stan

I wanna know how the guys from NJ Shore got busted. So much for bank confidentiality.

Octavio Martinez

20 k a year or as soon as you hit 20 k or 200 transaction n thanks for the info.

Erica Smith

I couldn't have done this without you skyhack5768 on Instagram who helped me in recovering back my $6k under one day what a genius ??? ? and a proof*

Lorri Rivera

Do the 200 transactions mean ONLY money you receive or transactions sent as well?

Aly Mcdonald

Thank you for sharing this info! Is it $20,000 total (received & sent) or just received?

Alec

Can you help me file my taxes this year

Renee Clancy

Thanks so much!

Big Dolph

What about for like my mom she older, now receiving SSI in Texas but they say she's not allowed to keep more that 2000$ in her bank account and her expenses aren't that much, so can I keep it on a cash app type of app or what would you suggest? I'm in Texas btw

DragX Gaming

if I have a non business account with over 200 transactions and less than 20k received, but over 20k total transactions. will it get reported?

Mias Playtime

I got payments on zelle, cash app and zelle and made more then 20k from all 3 should i do 1099 for each app?

The Poetically Vegan

Great Information!

John Jr

Thanks for posting this, its very educational. It sucks because say you and a roommate, want to rent together, and he/she or I wants to make it easier and just use Venmo. I shouldn't be having to worry about tax if we consistently use Venmo for paying rent, or if for sharing everything in the house hold.

Katherine Jones

@homebiztaxlady I enjoy watching this video. I do have a question. When I transfer my venmo balance to my bank, is it a cash deposit or a electronic deposit?

Stevie McSchneive

Thanks for the video!!

Joe Terry

With the help from expeditetools com i received $28,000 via hacked transfers.

Brandon Holmes

I live in Oregon and my employer is paying me through Venmo this year. If I make roughly $33,000 this year, what do I do for next year’s taxes?

Hannah Bell

All thanks to mr_kerry3645 on instagram got me $5000 to my cashapp acount. He has been a great helper to me and my family.

Paypal irs

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Form 1099-K Report it or Not?

3 177 views | 20 Feb. 2020

https://www.etax.com/blog/

The criteria for Form 1099-MISC is based on the type of payment while Form 1099-K focuses on the payment method. As a result, it is possible to receive both forms reporting the same payments.

You may receive a Form 1099-MISC if you were paid more than $600. On the other hand, Form 1099-K is issued to business owners who deal with transactions through credit card and third-party payment networks, such as PayPal. You’ll only get the Form 1099-K if you received more than $20,000 in gross payments and had more than 200 transactions.

If you receive a Form 1099-K, take the time to make sure the amount reported the Form is not already reported on the 1099-MISC Form. You don’t want to accidentally double up on the same income reported on both Forms.

Paypal irs

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Deposit your stimulus check using PayPal. Step by Step to deposit Stimulus check to Paypal account

7 430 views | 19 Apr. 2020

Use PayPal to deposit

Use PayPal to deposit Stimulus Check from the IRS. IRS Stimulus Check can be deposited to Cash App or PayPal. How Non files can recieve their $1200 Stimulus check.

Stimulus Check helpful Links:

Free File Fillable Forms:

https://www.freefilefillableforms.com/#/fd

IRS Economic Impact Payment https://www.irs.gov/coronavirus/economic-impact-payments

Non-Filers https://www.irs.gov/coronavirus/economic-impact-payments

PayPal

Stimulus check update! Get my payment: How to track your stimulus check payment!

How to fill out the New IRS payment tracker.

https://www.irs.gov/coronavirus/get-my-payment

IRS Economic Impact Payment Tracker

https://www.irs.gov/coronavirus/economic-impact-payments

Economic Impact Payment Information Center

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Tracker is now at the IRS.gov website.

CARES Act at Congress.gov Coronavirus Stimulus package -

Stimulus check using PayPal video log:

0:45 IRS Stimulus check for Non-filers option

0:59 Non-Filers tax return requirements

1:18 IRS.gov Non-Filers payment information needed

1:44 Free file Filable Forms

2:08 PayPal link and Government stimulus payment

2:55 Non Filers questionaire

3:16 PayPal Help Center for Direct Deposit for Impact Payment

3:50 Cash App and Stimulus check payment

4:16 Cash App and Non tax filers

4:37 Stimulus direct deposit for Cash APP

Economic Disaster LINKS.

Stimulus check update! Get my payment: How to track your stimulus check payment!

PPP Paycheck Protection Program

https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf

EIDL Economic Injury Disaster Loan

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

IRS Economic Impact Payment Tracker

https://www.irs.gov/coronavirus/economic-impact-payments

Economic Impact Payment Information Center

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Tracker is now at the IRS.gov website.

CARES Act at Congress.gov Coronavirus Stimulus package.

Other Economic Injury Disaster Videos

Playlist: Stimulus Disaster Videos

--Stimulus Check Tracker. Where is my Stimulus Check? How to find status of your Stimulus check

--PPP vs EIDL. Differences between SBA loans PPP and EIDL - Disaster Loan and Paycheck Protection

--PPP Paycheck Protection Program Step by Step PPP Application How to apply for the SBA PPP loan.

--How to fill out the SBA Disaster Loan Application Step by Step SBA $10000 Disaster Loan Application.

--SBA Loan Covid-19 Disaster Loan Application. How to fill out the SBA Disaster Loan Application

Retirement Plans and the CARES Act. New Rules on IRA, 401k, RMA, up to $100,000 distribution

We will post more Economic Disaster videos concerning SBA loans and other Small Business assistance as the Government and SBA releases them.

More IRS check tracker information will be coming out soon. Also, we will be listing the Banks in the SBA loan program and the requirements for getting a SBA loan at each bank if they differ from the SBA guidance and Loan Resources.

_________________________________________________

Katie St. Ores CFP®, ChFC®, EA, LTC

• 97 Hours of Continuing Education each year to maintain Professional designations

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• ChFC® - Chartered Financial Consultant

• EA - Enrolled Agent - Empowered by the U.S. Dept of the Treasury

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• Registered Investment Adviser- Oregon Div. of Financial Regulation

• Tax Accountant - Markusen & Schwing CPA's

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• Financial Advisor, Tax Consultant - St. Ores Wealth Management

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Katie St. Ores CFP®, ChFC®, EA, LTC

St. Ores Wealth Management llc

www.SaintOres.com

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Royal Purple

will check post on the date IRS transfer funds are you have to wait 3-5 days??? I do have the cash card connected to account..

Sage M

Ok so I do have a bank account & I missed the deadline for last years taxes, can I still have them send the stimulus check to my PayPal or cash app & if so how do I go about doing that because I am a tax payer but I don’t need a card from PayPal or cash app I already have a bank account, please help, I want to get it faster & not wait for a paper check

Yohnathan Enrique Gudino

Hi! By the time a saw the video I had already received my Stimulus paper Check. Is there a way I can cash it in with PayPal even though I already have the paper check??

chrystal iwanski

dose any one know how to do this for paypal BUSINESS

DLS Shares Inc

I get no audio. Wierd.

Jon snow

Can i cash my student loan refund check ?

The Blite

Ok, I've had a PayPal account for years. I'm a non filer and I was supposed to have received my stim on 4/30. It's 5/5 and I still haven't had any deposit. I've contacted PayPal and they said they don't see anything on their side saying I should've gotten the deposit. Has anyone else had this problem?

Buzz Worthy

I accidentally clicked on the paypal direct deposit option but i do not want my social security or stimulus on my paypal account. I got an email saying my paypal direct deposit is ready to go, so are my checks going to be deposited and if so, how do i stop this?

athews1976

If my PayPal account isn't verified, can I still use PayPal check load to cash my paper stimulus check? I already know that a 'PayPal Cash Plus' account is required, but I can't find any info about if it's also required for my PayPal account to be verified.

Rob Breegs

Nice videos! And you're very beautiful I must say.

Betty Clapper

ok i applied for paypal acount a week ago and sent irs my information on it is there a chance I'll get it on my card tommrow or whenever so i don't have to wait for papper check?

JenniferBaby K

I did this I got the payment status for it on the IRS get my payment for this so it does work just won’t know when it will be direct deposited

Steven Mcpeak

i am suppos too get mine today on the 20th but theres nothing yet its 6:15pm do u know how long it take too get on there ?