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kori44
Level 1

Apps like Venmo and PayPal Does this affect my taxes?

In Venmo and Paypal , are the "goods and services" transactions the ones that will be tracked for the 1099K that we should receive from the app vendor or is it ALL transactions for the CY 2022? 

 

Example: friends and I took trip to beach, I drove, they sent my money to split gas and house rental b/c I paid up front. They sent w/o the goods and services tag... will these types of transactions be included in the amount calculated for a 1099K?

1 Reply
Donna F 77
Employee Tax Expert

Apps like Venmo and PayPal Does this affect my taxes?

If you are not set up as a business on Venmo or Paypal and your friends do not tag the payments being for Goods and Services, you should not receive a Form 1099-K.  These reimbursements from your friends are not taxable on your tax return.

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