Hi jmahilk, thanks for posting the question.
Assume you refer to Form 1099K since this is the special event topic.
Quote
You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:
- From all payment card transactions (e.g., debit, credit, or stored-value cards), and
- In settlement of third-party payment network transactions above the minimum reporting thresholds as follows:
- Gross payments for goods or services that exceed $600, AND
- Any number of transactions
- applies only for transactions for the provision of goods or services settled through a third-party payment network.
Unquote
Understanding Your Form 1099-K
https://www.irs.gov/businesses/understanding-your-form-1099-k
Use caution when paying or receiving payments from friends or family members using cash payment apps.
Some apps allow you to earmark each transaction is personal or business. To be safe, please keep good records on your part.
TAS Tax Tip: Use caution when paying or receiving payments from friends or family members using cash payment apps
https://www.taxpayeradvocate.irs.gov/news/tas-tax-tip-use-caution-when-paying-or-receiving-payments-...
Hope the above helps.
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