Prepare to pay taxes on cash apps soon.

You’ll soon have to start paying taxes on funds you receive from apps like Venmo and CashApp.

Companies are now required to send you a 1099-K form if you’ve collected $600 or more.

However, for the 2024 tax season, the IRS plans to drop the threshold to $5,000 before eventually moving it to $600.

Not all of your cash app funds could be taxable, but one expert recommended to News Nation, “If you get a 1099-K, you’ll have to put on your tax return, ‘I got this, I’m acknowledging this cash flow, but it’s not taxable.”

Visit IRS.gov for more details.

https://www.newsnationnow.com/business/your-money/youll-have-to-pay-taxes-on-some-venmo-cashapp-funds-soon/