Paypal loans and taxes
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Hello and thank you in advance. I'm just wondering if paypal loan payouts are on the 1099 tax forms as income?
- Labels:
-
Tax Documents
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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. 🙂
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Haven't Found your Answer?
It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.
- I need to change the tax rate in my Paypal buttons, where is this found? in Merchant Products and Services Archives
- How do I claim a tax refund through PayPal? in Reporting Archives
- Sales tax will not add in, with item list. Only with keypad. in Merchant Products and Services Archives
- PayPal has lost my tax return in Reporting Archives
- What should I deduct from my gross sales on my paypal 1099K for income tax purposes. in Reporting Archives