You’ll Have To Pay Some Taxes on Some Apps like Venmo and CashApp Soon

4 February 2024 – 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.