Another Paypal question

[vintagehofrookies]

Does anyone know if Paypal includes Gift payments on their end of year tax form 1099K?

[Leon]

Originally Posted by vintagehofrookies

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....

[buymycards]

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.

[glchen]

From this thread, it seems like paypal gift payments may be added to the 1099-K: Link

[bobbyw8469]

Originally Posted by Leon

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!