Venmo and Cashapp

[barbaraduncan]

I sell items I find or old items that are given to me on line. I receive payments via cash, Venmo and Cashapp. Do I have to pay taxes on this?

[KarenL4]

Hi,

Sorry to say you are technically required to report all world wide income, whether or not you receive a tax form.  Whether or not you have income on a sale of a gift can be tricky.  You would have income if you sold it for more than your "basis."  You would not have income if you sold it for less than your basis.   This article explains "basis" using stock, but the concept generally applies.

This article on Ebay sales can be really helpful to better understand the issues. Feel free to post a new question if you have more questions after reading this info. Please cheer below if this helps!

Best,

Karen