[pdimitar]

What are the tax implications of this, if any? I know people in extended families regularly sending money between themselves. Can they expect the IRS knocking on the door and blaming them for hiding income?

I am worried about them now. They will find this super convenient and will use it from day one. Hope this service is private.

[cheschire]

I’m assuming you’re referring to gifts, not the transfer of money for goods or services (i.e. one person paying for everyone’s lunch and then getting repaid)

If so, then this page may answer your question. Basically unless you’re transferring over $22k in total in a year using Apple Cash, you’re fine.

https://www.irs.gov/businesses/small-businesses-self-employe...

[pdimitar]

Yep, they're not penny-pinching each other. As you said, sometimes someone ends up paying for long family dinners thrice in a row but they're cool about it and somebody else just wires the person $400 a week or so later.

Multiply such occurrences several times a month and you get the idea.

Thanks for the link, it's helpful.

[vmurthy]

>I know people in extended families regularly sending money between themselves

Not a lawyer but I remember reading that the IRS (or equivalent) would be watching for patterns (large amounts/frequent transfers in just below a threshold etc across different sources -- bank accounts etc) . If there is probable cause, they might have to get a subpoena. This app is just one more source for them to confirm/deny wrongdoing.