Is money received in a family/friend transaction included on 1099K forms?

capitolsalvage
New Community Member

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 

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1 REPLY 1

sharpiemarker
Esteemed Advisor
Esteemed Advisor

@capitolsalvage 

 

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. 🙂
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