Hello @philomath !
If you receive a 1099-K with reportable transactions, you will need to claim those amounts on your tax return to avoid receiving a CP2000 notice from the IRS after filing.
However, if you are sure the amounts are not taxable income to you, you can create an offsetting "other income" entry as a negative amount, and write something like "Gifts reported on 1099-K" in the description line.
I hope this helps you! Please respond here if you have further questions.
All best,
Adam, EA
TurboTax Live Expert
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