topic Re: PayPal Transactions regarding 1099k CHANGES in Get your taxes done using TurboTax

PayPal Transactions regarding 1099k CHANGES

BlueDuck14 — Tue, 10 Mar 2026 06:06:05 GMT

Hello,

So, I was reading up on the new thresholds for qualifying for the 1099k form (basically if you earned +$600 starting the entire year of 2022, then you'd have to file as well as record every single transaction made on PayPal in 2022). I'm just under the Minimum threshold of +$600, but since I use PayPal to buy a lot of stuff (much more than I sell), will I owe/have to pay taxes on all the stuff I BOUGHT? I would really like to know regardless because it's stressed me out for a couple of days now.

Edit: I have been using a personal PayPal account for my transactions, I don't have a business account.

Re: PayPal Transactions regarding 1099k CHANGES

Bsch4477 — Wed, 21 Sep 2022 03:51:49 GMT

While what and how that income is reported to you is new, tax law has not changed. You merely report income, just as you should have been doing previously. No, you will not be taxed on the amount you spent for purchases. Exactly how that income will be reported in TurboTax remains to be seen.

Re: PayPal Transactions regarding 1099k CHANGES

BlueDuck14 — Wed, 21 Sep 2022 03:55:27 GMT

Thanks for letting me know XD