# Zelle must report $600+ in transactions to IRS

**URL:** <https://bisq.community/t/zelle-must-report-600-in-transactions-to-irs/11320>\
**Category:** Legal/Compliance\
**Created:** [January 9, 2022, 10:05am UTC](https://bisq.community/t/zelle-must-report-600-in-transactions-to-irs/11320 "2022-01-09T10:05:43Z")\
**Posts on this page:** 3\
**Page:** 1

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**Author:** ![Bokehman](https://bisq.community/user_avatar/bisq.community/bokehman/32/2366_2.png) [@Bokehman](https://bisq.community/u/Bokehman)\
**Post date:** [January 9, 2022, 10:05am UTC](https://bisq.community/t/zelle-must-report-600-in-transactions-to-irs/11320/1 "2022-01-09T10:05:43Z")

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> **[Venmo, PayPal and Zelle must report $600+ in transactions to IRS](https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260)**
>
> Starting Jan. 1, mobile money apps like Venmo, PayPal and Cash App must report annual commercial transactions of $600 or more to the Internal Revenue Service.

" Previously, these mobile payment apps only had to tell the tax authorities when a person had over 200 commercial transactions per year that exceeded $20,000 in total value, [the IRS said](https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements).

Starting Jan. 1, the IRS said, if a person accrues more than $600 annually in commercial payments on an app like Venmo, then Venmo “must file and furnish a Form 1099-K” for them — reporting on all the commercial income they collected through the app.

The tax-reporting change only applies to charges for commercial goods or services, not personal charges to friends and family, like splitting a dinner bill."

Is this going to affect our Zelle trades?

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**Author:** ![Pazza](https://bisq.community/user_avatar/bisq.community/pazza/32/2703_2.png) [@Pazza](https://bisq.community/u/Pazza)\
**Post date:** [January 16, 2022, 11:33pm UTC](https://bisq.community/t/zelle-must-report-600-in-transactions-to-irs/11320/2 "2022-01-16T23:33:22Z")

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Thanks for the question.

Is it just mobile payment apps or is it payments made from any bank or financial institution?

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**Author:** ![kryptonizer](https://bisq.community/letter_avatar/kryptonizer/32/5_5575768a8748004e209b776fc1b2916d.png) [@kryptonizer](https://bisq.community/u/kryptonizer)\
**Post date:** [January 23, 2022, 5:41pm UTC](https://bisq.community/t/zelle-must-report-600-in-transactions-to-irs/11320/3 "2022-01-23T17:41:23Z")

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You should re-read that article, pay attention to the correction at the bottom.