CPA here... Method of payment doesn't matter. If you make money selling something, it's taxable according to the IRS. It's taxable even if it's under $600, it is just that the IRS only requires the payer to report it to the IRS if it's over $600. But it's all taxable, whether you get paid via PayPal or Zelle doesn't matter.
gmh962 t1_ixvlazi wrote
Reply to LPT: IRS is making $600+ Venmo/PayPal transactions taxable, use Zelle instead. by [deleted]
CPA here... Method of payment doesn't matter. If you make money selling something, it's taxable according to the IRS. It's taxable even if it's under $600, it is just that the IRS only requires the payer to report it to the IRS if it's over $600. But it's all taxable, whether you get paid via PayPal or Zelle doesn't matter.