Will I pay tax on cryptocurrency profits?
You will need to report gains or losses from the sale of crypto on your taxes. For any tax advice, you would need to speak with a tax expert. You can find more information on the IRS website about digital assets and virtual currency transactions.
Will Venmo provide me any documentation for tax reporting?
Beginning with tax year 2025, if you engaged in a disposition like a sale or exchange of cryptocurrency in your Venmo wallet, Venmo will provide you with IRS Form 1099-DA.
Venmo will also provide you with supplemental materials, including a transactions summary and a year-end gain/loss statement. The Transaction Summary lists each crypto transaction you engaged in throughout the year. The Gain/Loss Statement includes your cost basis, when available, for the assets you bought and sold on the platform.
If you accept miscellaneous income payments in cryptocurrency, you may also receive a separate 1099-MISC for those transactions, including cryptocurrency rewards and PYUSD rewards.
I need to update my name on Venmo for tax purposes
To reach the Venmo Support team, go to Me > Settings > Get Help > Chat With Us in your Venmo app and ask for an agent.
You can check out Connect with Support on the Contact Us page for other options.
If you need to make a correction on a tax form you received from Venmo, you may be able to request changes to your tax forms in the Venmo app. Learn how to request tax document corrections.
To update your account information before tax documents are issued, please contact Support.