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> Depending on how the two accounts are linked - yes I believe you still need to report the transfer Pedantic note here - "You" don't have to do anything here,

• munk-a 5y ago
  That is precisely correct and I think it's a good mention. I made it more clear in other comments after people brought up the burden of having to filling out tax forms constantly. You won't often execute transactions that actually qualify you for this level of reporting and in almost all circumstances the financial institution backing the transaction will actually do the reporting (bank or credit card company). If the payment is cash (which is beyond rare for transactions of this scale) it'll still usually only be required for the vendor to report the transaction.