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?
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.
**Mark the post that answers your question by clicking on "Mark as Best Answer"