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Level 1

Paypal or other money changing apps

If someone is using Paypal to pay for a puppy online, what is the limit before it is reported to IRS by Paypal?


Also, what is the limit for a deposit of cash or check in your checking account before it is reported to the IRS?


Are these limit amounts for the entire year or just per transaction?

1 Reply
Employee Tax Expert

Paypal or other money changing apps

Hi Csan2000, thanks for posting the questions.


If the recipient of puppy sale receives more than $600 in total from PayPal for tax year 2022, regardless of number of transaction, PayPal will issue a Form 1099-K.


Cash payment report helps government combat money laundering

The above is per transaction.


Hope the above helps.

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