Is There An Annual CashApp Threshold for tax Reporting?

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Hi all. I know there is mandatory IRS reporting for individual transactions over $600. But does that apply to cumulative amounts over the course of a year?

Starting this semester in January, I send $100 every month to our son's cashapp, which will total $1,200 for the year. I'd normally just use his bank account, but he's Gen Z and he prefers his CashApp card LOL.

By sending him $1,200 total for the year ($100 a month), will this exceed any sort of threshold and have to be reported on taxes at all? If so, I'd rather just ditch the app and send him money the "old school" way via bank transfer LOL.

TIA.

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MyBurnerForHonesty

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Posted: 1 year ago
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