Is money received in a family/friend transaction included on 1099K forms?
capitolsalvage
New Community Member
Options
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Posted on
Jan-28-2022
09:53 AM
If money is sent or received - does that amount show up on a 1099K form that paypal issues at the end of the year?
TIA
Labels:
- Labels:
-
Statements
-
Tax Documents
1 REPLY 1
sharpiemarker
Esteemed Advisor
Options
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Jan-28-2022
10:02 AM
Only goods and services (sales) payments received are included on the 1099-k.
If someone sent friends and family payment as goods and services by accident or because friends and family payment option is not available in sender’s country so they have no choice but to send as goods and services, you’ll have the burden to report it on your a tax return or contact PayPal to fix it.
Kudos & Solved are greatly appreciated. 🙂
Haven't Found your Answer?
It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.
Related Content
- Refund on Artist Commission from potential scammer in Security and Fraud Archives
- Fraudulent transactions in Security and Fraud Archives
- Can't add Paypal to Microsoft payment methods: "Your account wasn't authorized or added" in Transactions Archives
- Refunded less than expected amount after INR dispute! in Security and Fraud Archives
- Is PayPal Purchase Protection included in a transaction done by an invoice? in Security and Fraud Archives