Paypal loans and taxes

hunniesmunnies
Contributor
Contributor

Hello and thank you in advance.  I'm just wondering if paypal loan payouts are on the 1099 tax forms as income? 

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2 REPLIES 2

sharpiemarker
Esteemed Advisor
Esteemed Advisor

@hunniesmunnies 

 

No, just volume for sales.

 

"calculated by looking at a seller’s gross payment volume for sales of goods or services. Gross amount means that any adjustments for credits, cash equivalents, discounts, fees, refunded amounts or any other amounts will not be netted out.

In addition, the reported amount will include any shipping and handling, sales tax or other fees which are included in payments you receive. We realize that these amounts may or may not be included in your taxable income, but we are required to report them. You should work with your tax advisor to determine how these items should be treated for tax purposes."

PayPal's IRS website:

https://www.paypal.com/us/webapps/mpp/irs6050w


Kudos & Solved are greatly appreciated. 🙂
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hunniesmunnies
Contributor
Contributor

So, even though it shows up on my monthly invoice it will not show up  on my 1099?

 

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