Quote:
Originally Posted by prestigecollectibles
I don't get that many sales with Zelle, but according to their website they don't issue a 1099 or report anything. It is like sending a wire transfer, but with some limitations and no fees.
https://www.zellepay.com/faq/does-ze...than%20%24600.
Does Zelle® report how much money I receive to the IRS?
Zelle® does not report transactions made on the Zelle Network® to the IRS. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®. |
Now that is interesting to hear and know. I have never personally worked with or used Zelle, but was under the impression it operated similarly to Paypal, Venmo, and other similar third-party Payment Settlement Entities (PSEs). And that therefore it is also subject to these 1099-K reporting requirements. But that is only for reporting payments for goods and services using such third-party payment network services. Is this specific Zelle Network(R) only for personal and not any type of business use then, and thus exempt from any 1099-K reporting requirements? I'll have to look into that.
And apparently Zelle did catch some loophole so its payments are exempt from 1099-K reporting. Goood news to know.