Venmo taxes: IRS rules for payment app transactions

Venmo is a convenient platform for sending, receiving, and requesting money. But if you use Venmo for certain types of transactions, you could be on the hook for taxes. The good news is that personal transactions on the payment platform typically don’t generate tax liability. But when you use Venmo for business purposes or the sale of goods for a profit, you'll need to prepare for a tax bill. If you’re confused about how taxes work on Venmo, keep reading. You’ll learn which Venmo transactions the Interna ...