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Gifts given or received should not be reported on a Form 1099-K.  Be sure to note these types of payments as non-business when possible in the payment apps.

 

Non-business loans should not be reported on a Form 1099-K.  Interest received from the loan is reported on Form 1099-INT.

 

Review the reporting requirements from a Form 1099-K on this IRS website - https://www.irs.gov/businesses/understanding-your-form-1099-k#shouldnt

 

To include if a 1099-K is received in error -

You may get a Form 1099-K in error when the form:

  • Reports payments that were gifts or reimbursements from family or friends
  • Doesn't belong to you or is a duplicate

If this happens:

  • Contact the issuer immediately – see FILER on the top left corner of Form 1099-K
  • Keep a copy of the original form and all correspondence with the issuer for your records