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PayPal 1099-K for Lawsuit Settlement
I received a payment for a lawsuit settlement that was paid to PayPal. PayPal states that it was sent as payment for goods and services and therefore subject to 1099-K reporting. They cannot do anything about this.
How would I report this on my tax return? It would be incorrect to file this as business income.
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‎April 2, 2024
2:33 PM