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Get your taxes done using TurboTax
If the money received through PayPal is borrowed money, then it is not income and you do not need to report it on your tax return.
You do not enter this form 1099-K, but keep it in your tax records with any proof you may have that it is borrowed money, in case the IRS has questions on it.
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‎February 4, 2021
8:02 AM