PayPal friends vs goods

[dgo71]

On the seller's side of things, the tax implications is the biggest difference. Friends and family payments don't need to be reported as income, but good and services payments will subject you to a 1099 if the money you made is over a certain threshold. $600 I believe.

On the buyer's end, they are protected by PayPal (and their credit card company) if the package does not arrive, for whatever reason.

[Pjere]

Originally Posted by dgo71

On the seller's side of things, the tax implications is the biggest difference. Friends and family payments don't need to be reported as income, but good and services payments will subject you to a 1099 if the money you made is over a certain threshold. $600 I believe.

On the buyer's end, they are protected by PayPal (and their credit card company) if the package does not arrive, for whatever reason.

Ah yes good ole taxes. I do claim my sales but do like to make my own decision to do so versus being sent a schedule K/1099-K or whatever it’s called. Good reminder. Thank you for the quick response.


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