Tax Question sent over $30000 as Friends and Family

[EdwardBateman]

Hello I've sent over $35000 as of last year in Friends and Family Payment form

These payments were for buying social media properties such as Instagram Accounts

How exactly do I report these earnings to the IRS if I didn't put them for Goods And Services?

I also have a partner who i've sent over $20000 to as Friends And Family but he's claiming that money do I have to claim that money on my taxes as well?

[DPCreations]

Friends/family/gift payments are not associated with any merchadise purchases; this means they are not for business item purchases.  Nothing to report.

[MessieBessie]

quick question for you?  I was reading that post and you are totally correct in your response....  But if you are buying and selling are they not suppose to be  goods/services?   So for example.. If i had an account and was actually buying things  is it ok to use friends/family so that the other party didn't have to claim them as income to the IRS?