How do PayPal taxes work?

If you use PayPal, you might not know if the money you received needs to be reported on your tax return. Recent changes to federal reporting rules for apps like PayPal, Venmo, and Cash App have added to the confusion. Here’s a quick breakdown of the current reporting thresholds, which tax form you may receive for business payments, and when PayPal income is taxable for freelancers, contractors, and small businesses. Do you have to report transactions from your PayPal account to the IRS? The short answ ...