so on the same topic what effect if any will the new tax regulations have on giving deposits Anyone receiving $600 or more per year from CashApp type programs will get a 1099K and have to pay tax or justify the payments as non-taxable. Gifts ar not taxable So if a provider receives more than $600 from one or a group of individuals and claims all payment were gifts are the guys who paid the money going to get a letter in the mail fromIRS asking if they did make a gift .....
Originally Posted by Friartuck15601
This applies to business accounts / commercial transactions only from what I've read. Also, it applies to the recipient not the sender. Additionally, the sender can be anonymous as you can use prepaid visa (or amex etc) to send but not receive.
Mine are business accounts were already receiving well over the limit to be automatically reported so, I account for them already.
Iv'e always received a 1099 for cashapp, venmo, paypal etc..
even prior to upgrading to a business account.