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Level 2
July 27, 2022
Solved

gave my sister $1000

  • July 27, 2022
  • 5 replies
  • 33 views

If I gave my sister $1000, does that does send a red flag to the IRS to audit me?  Confused about the new $600 1099 ruling.  Thank you

    Best answer by Anonymous_

    No, that would be a gift and one which does not need to be reported.

     

    The Form 1099 variants are for trade and business reporting only.

    5 replies

    VolvoGirl
    Level 15
    July 27, 2022

    What did you give it to her for?  For pay ?  You do not report gifts given or received on your tax return.  If you paid her for your business you need to give her a 1099NEC.  

    ddmurrowAuthor
    Level 2
    July 27, 2022

    Ok, thank you!  It was a gift to have a nice vacation.

    Level 15
    July 27, 2022

    No, that would be a gift and one which does not need to be reported.

     

    The Form 1099 variants are for trade and business reporting only.