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Go Back   Net54baseball.com Forums > Net54baseball Main Forum - WWII & Older Baseball Cards > Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions

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  #1  
Old 04-22-2015, 08:57 PM
vintagehofrookies vintagehofrookies is offline
Dan McHugh IV
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Default Another Paypal question

Does anyone know if Paypal includes Gift payments on their end of year tax form 1099K?
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  #2  
Old 04-23-2015, 06:48 AM
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Leon Leon is offline
Leon
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Quote:
Originally Posted by vintagehofrookies View Post
Does anyone know if Paypal includes Gift payments on their end of year tax form 1099K?
I haven't gotten a 1099 from them yet but my understanding is that they don't show the gift or FF payments. Please verify though....
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Old 04-23-2015, 08:01 AM
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buymycards buymycards is offline
Rick McQuillan
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Default No

Are personal payments that I receive counted in the total that will be reported to the IRS?
No. Personal payments that are not payments for the sale of goods or services will not be counted when determining if the IRS thresholds have been reached and will not be included on your Form 1099-K if you exceed the thresholds. However, all payments received for the sale of goods or services will be used to calculate the gross payment volume to be reported. PayPal monitors accounts to ensure that personal payments are not being used for sales of goods and services.


From the PayPal website. Looks like the answer is no, but you should still be reporting that income on your own.
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Old 04-23-2015, 08:59 AM
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glchen glchen is offline
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From this thread, it seems like paypal gift payments may be added to the 1099-K: Link

Last edited by glchen; 04-23-2015 at 09:05 AM.
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Old 04-25-2015, 07:50 AM
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bobbyw8469 bobbyw8469 is offline
Robert Williams
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Quote:
Originally Posted by Leon View Post
I haven't gotten a 1099 from them yet but my understanding is that they don't show the gift or FF payments. Please verify though....
LOL...you are a little late Leon. Hope you filed an extension!
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