The IRS now requires Venmo and Cash App to send Form 1099-MISC for payments over $600 a year. You'll need to report this as taxable income. Zelle is exempt from this rule.
Are you a business owner using Venmo or Cash App to receive payments? Well, be very careful because starting as of last year, the IRS is requiring that if you have received more than $600 through any one of these platforms, that you be issued a 1099, which means that you have to report that income as taxable income. Now, if you're using Zelle, luckily Zelle was not considered one of these payment platforms that are required to report 1099 income to the IRS. So be mindful of the way that you're receiving payments as a business, because any of those payments that are coming in through Venmo or Cash App will have to be reported as income, and you will have to file that on your IRS tax returns. Otherwise, it could lead to potential issues. If you guys have any questions on how this may affect you and being able to qualify for a mortgage, drop a comment below, send me a DM, or give me a call, and let's chat today.
How to Qualify for your First Time Home Purchase #mortgagerates #homeownership
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