The lines may seem blurry when receiving funds via Venmo or other third-party payment apps, but you still may be subject to paying taxes on such transactions. Yahoo Finance’s Molly Moorhead joins Wealth! to discuss the tax implications for Venmo use.
Moorehead signals that some transactions do not constitute reportable taxable income: personal spending, whether receiving a birthday gift from a relative or splitting utilities with a roommate, is tax-free. However, your income must be reported on your taxes if you have a side gig or run a small business via Venmo or another app. Moorhead explains what tax form to expect and outlines the earnings threshold.
#youtube #yahoofinance #wealth
About Yahoo Finance:
Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.
– Get the latest news and data at finance.yahoo.com
– Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)
– Follow Yahoo Finance on social:
X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance
