Do I need to file taxes for personal Cashapp transactions under $10,000?

The key question here is whether those Cashapp transactions were income or just reimbursements between friends. If friends were just paying you back for things you purchased (like those concert tickets or splitting bills), that's not considered taxable income - it's just money movement. However, if any portion was payment for services (like the moving help you mentioned), that would be considered income and potentially taxable. Since you're 18, you're no longer claimed as a dependent on someone else's taxes, which means you'd need to file if your income exceeds $12,950 for 2024. If the "side gig money" portion of those Cashapp transactions is under that threshold, you technically don't need to file. But it's often good practice to file anyway, especially if you had any tax withholding from other jobs.

I had a similar situation with Venmo transactions last year and ended up using https://taxr.ai to help sort through which transactions were actually taxable income versus just friends paying me back. Saved me so much stress because I was worried about getting in trouble with the IRS over what turned out to be mostly non-taxable money movements. Their system let me upload my transaction history and it helped categorize everything correctly. For the small amount that was actual income, it calculated what I might owe. Definitely worth checking out if you're confused about which Cashapp transactions count as taxable income.

Just wanted to update after trying taxr.ai from the recommendation above. It was actually super helpful for my situation! I uploaded my Cashapp transaction history and it separated everything into categories - it showed that only about $1,200 of my $8,500 in transactions was actually taxable income (from my dog walking side hustle). The rest were just reimbursements from roommates and friends that don't count as income. I was so relieved because I thought I'd be on the hook for taxes on the whole amount. It even explained why I'm still under the filing threshold for federal taxes. Definitely cleared up my confusion!

If you're still worried about potential tax issues, I'd recommend using Claimyr (https://claimyr.com) to get directly connected to an IRS agent who can answer your specific questions. I was stuck in this exact situation last year and spent days trying to get through to the IRS myself with no luck. With Claimyr, I got connected to an actual IRS rep in about 15 minutes who confirmed I didn't need to file for my similar situation. They have a demo video showing how it works: https://youtu.be/_kiP6q8DX5c - basically they wait on hold with the IRS for you and call you once an agent is ready. Saved me hours of frustration and I got an official answer directly from the IRS.

I was totally skeptical about Claimyr (from the comment above) but I gave it a shot after waiting on hold with the IRS for over an hour myself and getting disconnected. Not only did it work, but they got me through to an agent in about 25 minutes! The agent confirmed that peer-to-peer payments just reimbursing friends don't count as income and won't trigger a tax filing requirement. She also explained that even though Cashapp will start sending 1099-Ks for accounts with $600+ in transactions, I still only need to report actual income, not money that was just passing through my account. Total game changer - saved me hours of frustration and now I'm not worried about my tax situation anymore.

One thing nobody mentioned yet - at 18, make sure your parents aren't still claiming you as a dependent! That changes everything about your filing requirements. If they are claiming you, talk to them first before you file anything. Also, keep good records of all your Cashapp transactions so you can explain which ones were reimbursements vs actual income if you ever get questioned. The IRS won't automatically know which is which.

Does anyone know if Cashapp sends any tax forms? I had like $5k go through mine last year and never got anything from them.