I received a 1099-K form from PayPal, but all the money (~1k) was from gifts. Do I have to enter this form? Am I supposed to include this when filing tax returns?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

I received a 1099-K form from PayPal, but all the money (~1k) was from gifts. Do I have to enter this form? Am I supposed to include this when filing tax returns?

I don't want to get taxed on gifts I received, or sometimes from friends paying me back for things I put on my card. I'm not really sure what to do about this and I don't want to just ignore the form. What do I do?

1 Reply
New Member

I received a 1099-K form from PayPal, but all the money (~1k) was from gifts. Do I have to enter this form? Am I supposed to include this when filing tax returns?

You don't need to do anything with this 1099-K for your tax return - ignore it.

As gifts, these payments are not considered income - for tax purposes or anything else.

 Form 1099-K, like all 1099 Forms, is an information return. If it doesn't reflect income, you don't need to account for it on your tax return. 

(If it did reflect income (e.g. online sales), you would need to account for it elsewhere on your return).

(There isn't even a place to enter Form 1099-K on your tax return). 


Dynamic Ads
v
Privacy Settings