Zelle Taxes 2025 . 2024 Tax Guide for Venmo, Zelle, Cash App and Paypal The new tax reporting requirements for Zelle transactions are creating quite a buzz as we move through 2025, and there's a lot of confusion about what this actually means for everyday users If you're receiving payments on platforms like Venmo or PayPal, you'll likely get 1099-Ks at tax time
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Starting in 2024, the IRS requires businesses and individuals who receive over $600 in payments for goods and services through platforms like Zelle to report these transactions. This isn't just about Zelle - it's part of broader payment reporting requirements that affect all digital payment platforms.
Zelle Tax 'Loophole' Utilized by Small Businesses Costs IRS Billions Annually GOBankingRates The 2025 reporting threshold is $2,500 or more, which will be reduced to $600 in 2026. The new requirement, which is being implemented after a two-year delay, applies to such P2P apps as PayPal, Venmo, and Block inc.'s Cash App Starting in 2025, digital wallet users will face new IRS regulations for income reporting
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