Each year, PayPal (Venmo’s parent company) issues certain IRS tax forms to users who received qualifying payments for goods and services or earned other types of reportable income, such as rewards or cryptocurrency activity. Read on for more info about what you can expect from Venmo during tax season.
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 basics: What Venmo reports to the IRS
Depending on your Venmo activity, you can expect to receive certain IRS forms for tax reporting purposes. You may receive any of the following forms – each reports a different type of income:
- Form 1099-K: This form reports the gross amount of payments you received for sales of goods and/or services through Venmo. It doesn’t include personal payments between friends and family.
- Form 1099-MISC: This form reports miscellaneous income that may still be taxable even if you didn’t sell goods or provide services. On Venmo, this can include certain reportable rewards.
- If you accept miscellaneous income payments in cryptocurrency, you may receive a separate 1099-MISC for those transactions, including cryptocurrency rewards and PYUSD rewards.
- Form 1099-DA: This form reports your digital asset activity to the IRS, including cryptocurrency sales or exchanges.
When your tax forms will be ready
Tax forms for the previous calendar year are issued in the first few months of the new year. We’ll notify you in the Venmo app and send an email when your forms are available.
Please note, not everyone will receive tax documents from Venmo. Issuance of these forms is dependent upon your Venmo activity. If you did not receive rewards, sell or exchange crypto, or receive payments for goods & services in a calendar year, your Venmo activity is not reported to the IRS. In this event, you can view and download your account statements for record-keeping purposes if needed.
Learn more about accessing your tax documents and when to expect them.
Can Venmo help me with tax reporting?
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.
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.
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.
Looking ahead
The One Big Beautiful Bill Act (OBBBA) restored the prior federal 1099-K reporting threshold (more than $20,000 and 200 transactions) starting in 2025 and introduced other tax updates coming in future years.
For tax year 2025, the IRS announced that Forms 1099 will not be updated to support reporting of tip income. Instead, the IRS will be providing additional guidance in the coming months on how you can claim a tax deduction for qualified tips when filing your income tax return.
Venmo will share any new changes or requirements here in the Help Center as they take effect.
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.