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How is income determined to be taxable before a Form 1099-K is issued?
I'd like to know if there is a way in which income is determined to be taxable before it is reported on Form 1009-K. I ask because many people use payment apps to transfer money for many different reasons outside of side gig or business related transactions (ex: to send a family member a birthday gift). Will you automatically receive a Form 1099-K if you meet the income threshold and even if the income is non-business related?
‎August 31, 2022
9:40 AM