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?
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rm01444
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
ToddL
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). 


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