Venmo Transaction Reporting

[JLS36]

As a small business I receive many payments through Venmo. I also receive rent from roommates, dinner from friends, etc theough Venmo. How does it get reported? Since less than half my Venmo is business, will it trigger an audit? 

And should I be charging tax through Venmo?

[LoriLeighEA]

Welcome to the Event, JLS36!

It is a good idea to have separate accounts for your personal transactions and business ones.

Here is an excellent resource that explains how Venmo works:

https://thttps://turbotax.intuit.com/tax-tips/self-employment-taxes/paypal-and-venmo-taxes-what-you-... 

You are required to report all income to IRS and pay taxes on it. It is important to keep track of your expenses - they can offset your total income earned. 

State taxes are different - you can check with your state to see what is taxable there.

Here is another great resource from Venmo:

https://help.venmo.com/hc/en-us/articles/4407389460499-Venmo-Tax-FAQ

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