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Tax reporting

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Knfcollector
Contributor
Posted on

Could anyone tell me if friends and family transactions go toward the reporting requirements that necessitate the issuance of a 1099 by PayPal?  As well, will PayPal iassue a 1099 if you’ve exceeded the $20,000 threshold yet haven’t  exceeded 200 transactions?  Thank you in advance.  

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Tax reporting

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Teslafan101
Frequent Contributor

Friend and family transactions are excluded in your 1099K,

1O99K is sent if you meet 200 transactions AND $20K .

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Tax reporting

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Knfcollector
Contributor

Does anyone have any insight on this? Thanks

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Tax reporting

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Teslafan101
Frequent Contributor

Friend and family transactions are excluded in your 1099K,

1O99K is sent if you meet 200 transactions AND $20K .

Tax reporting

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Knfcollector
Contributor
Thank you for the clarity.

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