Are your Venmo transactions taxable? Here's what you should know

The lines may seem blurry when receiving funds via Venmo or other third-party payment apps, but you still may be subject to paying taxes on such transactions. Yahoo Finance's Molly Moorhead joins Wealth! to discuss the tax implications for Venmo use.
Moorehead signals that some transactions do not constitute reportable taxable income: personal spending, whether receiving a birthday gift from a relative or splitting utilities with a roommate, is tax-free. However, your income must be reported on your taxes if you have a side gig or run a small business via Venmo or another app. Moorhead explains what tax form to expect and outlines the earnings threshold.
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