Venmo sale > $600

72srm — Tue, 10 Mar 2026 05:43:58 GMT

If sold something, such as an old, used ATV, with payment of > $600 on Venmo, does this have to be reported as income? Does Venmo provide tax documents?

Re: Venmo sale > $600

John-H2021 — Wed, 31 Aug 2022 19:27:09 GMT

Yes this income needs to be reported and taxes paid on it. You should receive a 1099-K from Venmo for the amount you received.

There are 2 ways to report the income.

If it is a hobby then the income is reported on schedule 1 for the full amount of the 1099 no expenses allowed to be taken
If it is a business then it would be reported on a schedule C (self-employed income). You would report the 1099 as income and then deduct the expenses you have against making that income.

Here are a few helpful links

https://turbotax.intuit.com/tax-tips/small-business-taxes/when-the-irs-classifies-your-business-as-a...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/4-tax-tips-for-money-making-hobbies/L89qz...

https://turbotax.intuit.com/tax-tips/self-employment-taxes/beginners-tax-guide-for-the-self-employed...

topic Venmo sale > $600 in Self employed

Venmo sale > $600

Re: Venmo sale > $600