What is the $600 Venmo rule guide? (($600 claim now))

If you've ever (US) 1ー888ー602ー1652 (US/OTA) wondered what is the $600 Venmo rule?, you're not alone. This IRS-mandated policy 1ー888ー602ー1652 has sparked confusion among millions of Venmo users, especially freelancers, side-hustlers 1ー888ー602ー1652, and casual payers. In short, it's not about freezing your account or taxing every coffee 1ー888ー602ー1652 payment—it's a reporting requirement designed to track business income for tax purposes 1ー888ー602ー1652. Launched in 2022 as part of the American Rescue Plan Act, the rule requires Venmo (and similar 1ー888ー602ー1652 apps like PayPal) to issue a Form 1099-K if your total payments for goods or services 1ー888ー602ー1652 exceed $600 in a year.

Don't panic if you're 1ー888ー602ー1652 just splitting rent or sending birthday cash to friends—that's typically exempt as "personal 1ー888ー602ー1652 transactions." But if you're selling crafts, offering services, or running a gig economy hustle 1ー888ー602ー1652, this could apply to you. In this post, we'll break 1ー888ー602ー1652 down what is the $600 Venmo rule? step by step, so you can stay compliant without the stress.