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posted Feb 7, 2024 11:55:50 AM

Can I accept donations using a personal Venmo or Cashapp account?

 I go live on TikTok and Twitch, I’d like to accept donations from my fans. Nearly everyone I follow on TikTok has their Venmo and Cashapp in their bio to accept donations.. however, they’re using a personal account. I saw a new law saying that goods and services over $600 using Venmo, Cashapp, PayPal, etc will cause you to receive a tax form. These streamers make over $600 from donations (I know so because they say thank you for the amount they received from these platforms) So how are social media influencers using personal accounts for donations and not getting flagged or chased by the IRS.

And if I were to use a business account for donations, other than the fee.. would there be any repercussions?

 

(edit: I’m an artist so I draw while on live and people watch)

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1 Replies
Expert Alumni
Feb 7, 2024 12:41:38 PM

Yes, you can accept "donations" through Venmo, PayPal, and Cash App. 

 

Whether or not you use a business account, your payment processor will issue a 1099-K if the total is more than $600. 

 

You and everyone else who makes income this way is responsible for filing a tax return and accounting for these donations. They are self-employment income and need to be reported as such.