- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
In the long run, it sounds like you need to get this transaction activity moved into an account with the payment processor (Venmo, PayPal etc.) that's not in your name - ideally, the account would be in your organization's name/tax ID.
If you've already had enough transactions come through your account to trigger the 1099-K, you don't need to provide any proof or documentation to the IRS when you initially file your return. You do, however, want to keep good records of the transactions and what they're for so that if the IRS ever sends you a letter questioning the income, you'll be able to clearly identify and support with documentation why the amount reported shouldn't be considered taxable income to you.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎June 29, 2023
9:07 AM