1099k and Apple Cash/Apple Pay

True….the only problem would be if you’re audited you would have had to keep every single receipt for all personal reimbursements and I don’t know anyone who does that for personal transactions. But hopefully since Apple Cash is not used for business transactions no one will get a 1099k. And that’s my guess after researching since the other apps ask you if it’s a “family or friend” transaction or a “goods/service” transaction.

Not trying to make this political but this along with hiring 80,000 new IRS agents was slipped into the last stimulus package this year and most people didn’t know about it. Most will be shocked when they get a 1099k in January. Guess they needed a way to pay for all that stimulus money. And those agents weren’t hired to go after the rich….they were probably hired to go after those of us getting 1099k for using cash apps and such. I just hope Apple doesn’t send the 1099k for using Apple Cash to reimburse family and friends!

You would think Apple would clarify who will get 1099k somehow. Like with PayPal or Venmo the person giving you money has the option for “friends and family” meaning reimbursement or gift or an actual payment for a good/service. That is how PayPal and Venmo will determine who gets a 1099k or not and how much will be on the 1099k. Apple has nothing like that which means either everyone will get a 1099k regardless of what the money was for or no one will get a 1099k using Apple Cash like the Apple employee told me. Would be nice to know either way.