Social Security retirement Income and new PayPal $600 tax questions

[Harvestmoon31]

I'm 69 year old senior citizen and have receive Social Security as my only oncome for may years. I seeen the new PayPal $600 tax chance. An I exempt from these PayPal and Ebay tax reporting changes due to my age and receiving Social Security retirement income. I appreciate your assistance, thank you kindly.

[sharpiemarker]

@Harvestmoon31 

You should check with a tax professional about your tax liabilities if and when you do receive 1099-K form from PayPal at the end of the year tax year. We cannot give tax advice.

PayPal reports gross sales or “goods and services” transactions on the 1099-K to the IRS so not all transactions are eligible. It really depends on how the transaction is classified by the sender if you receive payments through PayPal.

Purchases and friends and family payments are not reported.