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Fourhorseonedog
Returning Member

If money is transferred from bank to bank

If I have money transfer Ed from one persons bank account to my bank account for money that they owe me that I borrowed to them earlier will I have to pay taxes on that if it adds up to more than 600.00 over the year 

2 Replies
JandKit
Employee Tax Expert

If money is transferred from bank to bank

Hi again , Fourhorseonedog!

Character of the money is important in your question. If the person depositing the money in your account is paying for a service that you provided to them it is possible that the amount received could be subject to taxation. Again, your question is a bit unclear. Suffice it to say that if you are providing a service and someone deposits money into your account for the provided service, the amount could be taxable. There needs to be more clarity in your question to be sure.

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tlabors
Returning Member

If money is transferred from bank to bank

oK, I USE THE APPS TO HELP PAY MY MOMS BILLS AND CREDIT CARD BILLS AND ALSO TO SEND MONEY TO FRIENDS AND FAMILY AND PAY MY SON FOR HELPING ME DOOR DASH. i LITERALLY SPLIT HALF OF MY PAY TO HIM. HOW WILL IT ALL BE SEPARATED? 

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