I order Apple products for friends and family using my employee discount and they would either Venmo or Zelle me back. What is the threshold for transactions for Venmo and Zelle to report to IRS? Should I be receiving some tax form? Is the threshold separate for Venmo and Zelle or is combined? Is it the total of all transactions combined or each transaction that exceeds a certain amount?
For this year none.
If you didn’t make any profit you don’t own tax. If I pay for dinner and someone pays me back for it it’s not a taxable event.
It’s personal transactions—don’t need to report
Only if they pay you more than $600. Zelle is excluded from reporting per rule since it's bank-to-bank (the ones who created it and lobbied Congress to slow PayPal, Square, etc., with reporting requirements). So only use Zelle.
I have a handful of transactions over $600 in Venmo. Should I be getting a tax form? I did not make any profit from these transactions at all other than maybe credit card points.