Do you have questions about 2023 IRS federal tax reporting thresholds? You can view information specific to this change and how it impacts you here.
Information provided by Venmo is not intended to be and should not be construed as tax advice. For questions about your specific tax situation, please consult a tax professional.
The Internal Revenue Service (IRS) requires all payment processors in the United States, including Venmo, to provide information about customers who receive payments for the sale of goods or services. Learn more about what that means for you here.
Can Venmo help me with tax reporting?
Our parent company, PayPal, processes all tax servicing and documentation for those who receive payments for the sale of goods or services and those who buy and sell cryptocurrency on Venmo. If you have questions about taxes and reporting, you should consult a tax professional about your reporting of these transactions.
For more information about acceptable use of your Venmo account, please review the Venmo User Agreement.
The IRS has updated tax reporting thresholds for the current and future tax years.
Learn more about how this affects Venmo users who receive payments for goods and services.
Which tax forms can I expect to receive from Venmo?
Venmo will issue a Form 1099-K to business profile owners and individuals who have passed reporting thresholds for payments received for goods and services.
Learn more about the current tax laws that may apply to your Venmo activity.
Individuals who have sold cryptocurrency on Venmo during the tax year will receive a Gains and Losses Statement, irrespective of their state of residence.
If you haven’t sold crypto or received payments for goods and services on Venmo, you can still download your account statements from venmo.com to help with any other reporting obligations you may have.
How and when will I receive my tax forms?
1099-Ks are made available for qualifying users around January 31st and Gains/Losses statements are made available around February 15th. By default, Venmo will issue tax documents to qualifying users electronically.
Venmo users who signed up prior to July 22nd, 2022 may also receive tax documents by mail.
- If you are part of this group, you can opt in to electronic delivery in your Venmo app.
Learn more about accessing your tax documents on Venmo.
Why am I being prompted to “Go paperless”?
If you qualify to receive tax documents from Venmo, you can choose to receive those documents electronically rather than by physical mail.
Learn more about opting in or out of paperless tax documents.
I never received a notice about tax forms from Venmo
If you do not receive notifications from Venmo about downloading your tax documents or if you’re unable to locate them on the website, it’s most likely that your previous year’s Venmo activity did not reach reportable thresholds. In this event, we recommend downloading your account statement as an alternative. Venmo is unable to furnish tax documents for accounts that did not qualify to receive them.
Will I receive tax documents if I closed my Venmo account?
If eligible payments received through your Venmo account reached reportable thresholds before the account was closed, you can expect to receive tax documents for that activity in the mail.
What if I need to update my tax information?
We’re happy to help make any necessary changes to your tax information.
Learn more about what can and can’t be updated.
I got a notification asking me to provide my tax info. Is this legit?
We know it can be concerning to receive a notice asking for your personal information, but Venmo does need you to provide your tax info if you receive payments for goods and services on our platform. To avoid possible tax holds and backup withholding on your received payments, you can provide your tax information in the Venmo app.
Follow the prompts and notifications in your Venmo app, or look for Identity Verification in your app's Settings menu to complete this process. We’ll never ask you to send your personal information or documents directly via email.
If you’re ever uncertain whether an email you received is a legitimate communication from Venmo, visit our Security page for more information.
Why am I being required to provide my taxpayer information?
In compliance with federal IRS reporting requirements, Venmo needs to confirm the taxpayer information of any business or individual who receives payments for sales of goods and services in excess of federal or state reporting thresholds. You can learn more about this requirement and how it may affect you here.
You can also watch the short video below for more details about this requirement and how to add your info.
This information is not intended to be and should not be construed as tax advice. You should consult your tax advisor regarding your reporting of these transactions.