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Get your taxes done using TurboTax
Yes, that still applies. Unless you created a business to account for the cash you received, there is no way for you to report the money on the 1099K. It is not like the 1099-NEC or other forms. The 1099K is strictly an informational form.
Just keep a copy of the 1099-K and the supporting documentation just in case you are ever questioned by the IRS so you can show it is from family and not a business.
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March 30, 2022
10:49 AM