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Get your taxes done using TurboTax
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
July 2, 2023
7:22 AM