diff --git a/src/wallet/rpc/transactions.cpp b/src/wallet/rpc/transactions.cpp
index d8535694453..1db66bebfde 100644
--- a/src/wallet/rpc/transactions.cpp
+++ b/src/wallet/rpc/transactions.cpp
@@ -139,12 +139,17 @@ static UniValue ListReceived(const CWallet& wallet, const UniValue& params, cons
     UniValue ret(UniValue::VARR);
     std::map<std::string, tallyitem> label_tally;
 
-    const auto& func = [&](const CTxDestination& address, const std::string& label, bool is_change, const std::optional<AddressPurpose>& purpose) {
+    const auto& func = [&](const CTxDestination& address, const std::string& label, bool is_change,
+                            const std::optional<AddressPurpose>& purpose) EXCLUSIVE_LOCKS_REQUIRED(wallet.cs_wallet) {
         if (is_change) return; // no change addresses
 
+        // Entries in mapTally are only ever added for wallet.IsMine() addresses (see the tally
+        // loop above), so it's only addresses missing from mapTally that need the IsMine() check.
         auto it = mapTally.find(address);
-        if (it == mapTally.end() && !fIncludeEmpty)
-            return;
+        if (it == mapTally.end()) {
+            if (!fIncludeEmpty) return;
+            if (!wallet.IsMine(address)) return; // exclude addresses not owned by the wallet (e.g. "send" purpose)
+        }
 
         CAmount nAmount = 0;
         int nConf = std::numeric_limits<int>::max();
diff --git a/test/functional/wallet_listreceivedby.py b/test/functional/wallet_listreceivedby.py
index a1339da3463..f7a08ebd4ad 100755
--- a/test/functional/wallet_listreceivedby.py
+++ b/test/functional/wallet_listreceivedby.py
@@ -101,6 +101,17 @@ class ReceivedByTest(BitcoinTestFramework):
         res = self.nodes[1].listreceivedbyaddress(0, True, True, other_addr)
         assert_equal(len(res), 0)
 
+        self.log.info("listreceivedbyaddress and listreceivedbylabel exclude not owned addresses")
+        # setlabel assigns a "send" purpose when the wallet doesn't own the address.
+        send_label = "external-address"
+        external_addr = self.nodes[0].getnewaddress(send_label)
+        self.nodes[1].setlabel(external_addr, send_label)
+        assert_equal(self.nodes[1].getaddressinfo(external_addr)["ismine"], False)
+        assert_array_result(self.nodes[1].listreceivedbyaddress(minconf=0, include_empty=True),
+                            {"address": external_addr}, {}, True)
+        assert_array_result(self.nodes[1].listreceivedbylabel(minconf=0, include_empty=True),
+                            {"label": send_label}, {}, True)
+
         self.log.info("getreceivedbyaddress Test")
 
         # Send from node 0 to 1