Anything above $600 sent as goods/services will be on the IRS' radar for taxing. I recently read that personal gifts over 10K will be considered, as well. Basically what this means for Dommes is ALWAYS receive Paypal as a gift to family/friends (not sure that can be specified in CashApp or other pay processors), and count on filing/paying taxes on money sent in pay apps. That $600 ceiling, and even 10K personal ceiling, will come fast and catch you up, if you disregard paying taxes
Last update on January 15, 8:02 pm by Miss_Alley.
1 thanks