1099-K for sending/receiving money NOT INCOME

[NC2VAKay]

Hi. I regularly send family (and sometimes friends) money ($25 min up to $1,000 max) through Zelle, CashApp, and Venmo. Do I have to pay taxes on my own money that's sent as a gift or to pay half of a joint bill or even from one account to another at a different institution? I do not receive money appropriated as income via these apps. I assume I will receive a 1099-K but since it's not income-related, how do I file so I WILL NOT be taxed on it?

[Donna F 77]

You do not have to pay taxes on money that's sent to you as a gift, to pay half of a joint bill, or from one of your accounts to another account at a different institution.  This does not necessarily mean it will not get reported to the IRS.  If it gets reported to IRS (you receive a 1099), you will need to report it on your tax return.  You still will not pay taxes on it if it is not income.

[NC2VAKay]

Ok, just to be clear because you worded your response differently than my question, regardless of whether I am the one sending or receiving money for the same purposes (a gift, to pay half of a joint bill, or from one of my accounts to another account at a different institution, etc.), I will not have to pay taxes on it since it's not income?  However, I may still receive a 1099 because the companies may likely report a transfer of money occurred and I would have to include that in my tax return - - though not as income. 

[Donna F 77]

That's correct.  The companies can't tell you if it's taxable or not.  IRS decides that.  The companies have new laws to go by for 2022 reporting so it's going to be a complicated time when the 1099 forms come out.