I got an email saying I hit my transaction limit and can’t receive any more goods and services payments. What do I do?
Due to tax reporting requirements, personal Venmo accounts can only receive so many payments for goods and services. You can still receive payments from your friends and family, but at this time, you will not be able to receive more payments tagged as being for a good or service. If you are frequently using Venmo to sell things, we’d recommend exploring business profiles. Some benefits of creating a business profile include, but are not limited to:
- Increased visibility for your business in the Venmo app
- Ability to generate referrals among socially engaged Venmo users
- Options to provide potential customers with more information about your business in the app, including links to a website and social media accounts
- Formal tax documentation for business profiles that meet or exceed federal and state reporting thresholds
I’m using my personal Venmo profile to sell things. What kind of tax documentation can I expect to receive?
Venmo will provide tax documentation as needed by law. If you anticipate needing a 1099-K, or if you frequently use Venmo to sell things, you can also explore business profiles on Venmo.