DavidD66
Expert Alumni

Get your taxes done using TurboTax

Yes, you have to report it, but the $8,900 gift will not be taxable.  When you enter your 1099-K, you will be asked "Which type of income is your 1099-K for?".  Scroll to the bottom and select "Other".  On the next screen "Let's get the info from your 1099-K", enter the information on your 1099-K.  Below the box 1 entry, indicate that "This amount in box  1a is too high or includes some personal transactions".  Enter the amont of box 1a that was a gift ($8,900).  Click on Continue.  You will have reported your 1099-K, but it will not show up on your tax return.  

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