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I received a 1099-k (Paypal) due to $1300 wired to my account as a wedding gift. Do I need to report this as "self-employment" income? No goods or services were sold.
Virginia requires merchant reporting at a threshold of "$600 USD in gross payment volume from sales of goods or services in a single calendar year regardless of the number of transactions". However, we did not sell goods or services - the $1300 was a gift.
March 24, 2021
5:30 PM