I received more than $600 through apps like Venmo, PayPal and CashApp by selling hobby crafts or re-selling goods. Does this affect my taxes?

[alanhowe]

• I received more than $600 through apps like Venmo, PayPal and Cash App by selling hobby crafts or re-selling goods. Does this affect my taxes?

[HasaniJ]

If you received $600 or more individually for Venmo or Cashapp in 2022 you will be receiving a tax document (1099) for your next filing which will also be reported to the IRS.  This will be reported as self employed income which gives you the opportunity to reduce your tax liability by adding expenses to reduce the amount of income you will be taxed on from these sources.  For example, if you received $1000 from Venmo for items sold, you can now claim expenses such as Venmo fees and additional money you spent trying to sell these items.