Ep. 136 | Unpacking the Venmo Tax

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Unpacking the Venmo Tax: What You Need to Know for 2025 

Join Chris Picciurro, CPA, and John Tripolsky as they explain the so-called "Venmo Tax" and how third-party payment platforms will impact your tax reporting. Learn about the changing thresholds for 1099-K forms and what everyday Venmo users need to know.

KEY TAKEAWAYS: 
  • 2025 Threshold: Only $2,500 in transactions triggers a 1099-K form 
  • 2026 Threshold: Set to drop further to just $600 
  • Taxable vs. Non-Taxable: Not all Venmo transactions are taxable income 
  • Common Triggers: Splitting bills, group purchases, and gifts can all generate forms 
  • Handling Incorrect 1099-Ks: How to properly report forms received in error

EPISODE BREAKDOWN:
  • Understanding Third-Party Settlement Organizations (TPSOs)
  • The Changing 1099-K Thresholds (2023-2026)
  • Which Transactions Are Actually Taxable
  • Everyday Examples That Can Trigger Forms
  • How to Handle Incorrect 1099-K Forms

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  • (00:00) - Understanding IRS Rules for Venmo and Similar Platforms
  • (04:33) - Understanding the Implications of the Venmo Tax
  • (09:58) - The Rise of Digital Payments and Their Everyday Impact
  • (13:41) - Understanding 1099-K Threshold Changes and Their Implications
  • (15:27) - Understanding 1099K Reporting for Personal and Business Transactions
  • (21:07) - The Impact of Cashless Transactions on Tax Filing Complexity
  • (21:08) - Handling 1099K Errors in Personal Transactions
  • (22:46) - The Complexities of Tax Reporting and Financial Advice

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Ep. 136 | Unpacking the Venmo Tax
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