Will Zelle Be Taxed In 2025. 1, mobile payment apps like venmo, paypal, zelle and cash app are required to report commercial transactions totaling more than $600 a year to the irs. If you make more than $5,000 a year in transactions on apps like paypal, venmo and zelle, the irs wants to know about it.
For your 2024 taxes (which you’ll file in 2025), the irs is planning a phased rollout, requiring payment apps to report freelancer and business owner earnings over $5,000 instead. If you make more than $5,000 a year in transactions on apps like paypal, venmo and zelle, the irs wants to know about it.