question, new IRS rules, 1099k. WHAT HAPPENS with family and friends? I set up a paypal account to use to give the grandkids some christmas gifts. all are family. but i did not realize that this might trigger a 1099k, and then if it is errant, and they have to document an exception on tax return, that makes it paper-fileable, and that creates disaster. can anyone explain (possibly from paypal) what will happen, for year-end 2022, for 1099k,and family/friend transactions? AND, if a 1099k IS issued, where does it go on the form so that the IRS knows it WAS family and friends, and not a taxable transactin?
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