Rossen Reports: New IRS guidelines for Venmo and PayPal users [Video]

Hi. Yeah, if you have *** freelance job or *** side hustle where you get paid through Venmo or paypal, we’ve told you before. The IRS is shaking up the rules for third party payment platforms and they just released new guidelines on how they’re gonna handle payment transactions on those apps. So listen up for the 2024 tax year, you have to report earned income of more than $5000 on *** 1099 K form for 2025 that drops to 25 $500 and for 2026 and beyond, it drops again to just $600. Remember, this is strictly if you make income, not personal transactions. So if you’re using Venmo to split rent with your roommates doesn’t count. But let’s say you’re flipping furniture on Facebook marketplace for *** profit that would count depending on how much money you made. I’m gonna share the new rules in my Ross and reports …