Are mobile check deposits counted as goods/services?
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Hello @ Temp20230710u
Congratulations for your first post in the Community!
I am happy to help you with your inquiry about PayPal Cash a Check service. When you are sending money using your PayPal account, you can choose the payment type as friends and family (“Sending to a friend”) or goods and services (“Paying for an item or service”). Money transfers from banks to PayPal will not come under payments category.
The Cash a Check feature allows you to cash checks on your mobile device and have them credited to your PayPal Balance account. You can find more details about Cash a Check service here : What is the Cash a Check service in the PayPal app?
PayPal is required to provide information to the US Internal Revenue Service (IRS) about customers who receive payments for the sale of goods and services above the reporting threshold in a calendar year. This is only for payments received for goods and services transactions, so this doesn’t include things like money transfers or paying your family or friends back using PayPal for dinner, gifts, shared trips, etc. You can refer to this page for more information on how PayPal report sales to the IRS.
Hope this information helps you,
Bindu
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