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
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.