Steve & Gina in the Morning

Steve & Gina in the Morning

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Prepare to pay taxes on cash apps soon

Third-Party Payment Apps

Photo: hapabapa / iStock Editorial / Getty Images

  • You'll soon have to start paying taxes on funds you receive from apps like Venmo and CashApp.
  • Companies are now required to send you a 1099-K form if you've collected $600 or more.
  • However, for the 2024 tax season, the IRS plans to drop the threshold to $5,000 before eventually moving it to $600.
  • Not all of your cash app funds could be taxable, but one expert recommended to News Nation, "If you get a 1099-K, you’ll have to put on your tax return, ‘I got this, I’m acknowledging this cash flow, but it’s not taxable."
  • Visit IRS.gov for more details.

Soon, you'll have to pay taxes for payment apps like Venmo, CashApp


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