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Cutlos
Level 1

Receiving payment via Venmo or Paypal

How do I file taxes for money accepted via PayPal and Venmo for a job completed?

1 Reply
KochuK
Employee Tax Expert

Receiving payment via Venmo or Paypal

Hi Cutlos, Thanks for the question.

 

Regardless if you receive a 1099-K (issued for $600 and above) from PayPal and Venmo for the job completed, you should report the amount received as a self employment income on Schedule C and claim all the related business expenses to earn that income.

 

Hope this helps.

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