PayPal would only allow the gifter to send the money via goods and services. I am concerned because the transactions looked like I was running an online business given the "goods and services" nature of the transactions. No, there was no 1099 but I still want to report this in the event I receive an audit. I don't want the IRS to view these transactions and think I'm lying because they don't look like gifted transactions even though they were.
Will I have to pay the IRS for this gift money?
