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Level 2

Question

Zelle

Forum|Forum|5 years ago
July 18, 2021
4 replies
22 views

I got a money from a friend (651$ By zelle) as he bored this money before from me, but he sent the money from his business account, so will I pay taxes on it?

Level 15

Money that was lent and repaid is not taxable income ... only interest you may have charge on the loan would be listed on an income tax return. The fact that he repaid using a business account doesn't change the nature of the payment. Make sure your friend doesn't try to 1099 you for this ... talk to him now and make this clear.

Level 2

Can he do a 1099 without knowing my SSN and my address?

Level 15

He can try but just using your name but it will not be easy.