Generally, if you receive a tax form you should add it to your tax return otherwise your tax return may not match IRS computer data and the auditors will wonder why you left out the form.
As Tax Champ @VolvoGirl said, you probably received Form 1099-K. If the amount was all gifts and repayments, add the form to your take return and subtract it to show you made no money.
Gifts are not taxable to the receiver.
Here’s what to do:
- Click Federal in the left column
- Click Wages & Income
- Scroll down to Less Common Income. Tap Show more
- Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable income
- Say Yes to Any Other Taxable Income?
- Enter a description (1099-K from CashApp) and amount ($xxx)
- Enter a second entry for the same amount, but negative. For description say “gifts and repayments” and the amount (-$xxx)
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
