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72srm
New Member

Venmo sale > $600

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?

1 Reply
John-H2021
Employee Tax Expert

Venmo sale > $600

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.

  1. 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
  2. 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...

 

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