By Maddie Rhodes, KDVR Denver | Editor’s note: This story has been updated to reflect the number of transactions that would trigger a 1099-K. | With tax season starting this week, you might notice a tax form in your mailbox. This is Form 1099-K, which taxes earnings you’ve made on mobile apps.
If you’ve earned a certain amount of taxable dollars from payment apps, like Venmo, CashApp or Paypal, or through online marketplaces like Facebook Marketplace or Poshmark, you might have to pay taxes.
Don’t worry, you won’t have to report taxes on money from your friends or family. According to the Internal Revenue Service, something like sharing a meal or repaying a roommate for a bill isn’t taxable.
But within the next few years, more and more people will be receiving this form, and everyone will have to fill it out.
FOX31 spoke with Robert Persichitte, a Metropolitan State University of Denver affiliate professor of accounting about what’s new with Form 1099-K.
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Read the full “Oh, NO” story here:
https://kdvr.com/news/local/soon-youll-have-to-pay-taxes-for-payment-apps-like-venmo-cashapp/
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