Question

I want Toto understand about side gigs and getting paid through Venmo

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Hi Judy 1505, thanks for posting the question.

Side gigs could be self employment (profit motive) to be reported on Schedule C, Profit or Loss from Business.

Payment received from Venmo is part of your gross revenue streams - reported on Schedule C as gross income.

Below are some useful links.

Gig Economy Tax Center

General FAQs on Payment Card and Third Party Network Transactions

What Online Business Owners Should Know about IRS Form 1099-K

Hope the above helps.

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