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Tinaduckbill
Returning Member

I don’t use PayPal as business and I received a 1099-k

I don’t sell anything or have a business online.
I receive money from my father who lives outside the US through paypal, do I have to report that as “income” to the IRS?

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3 Replies
MinhT1
Expert Alumni

I don’t use PayPal as business and I received a 1099-k

No, money received from your father is not considered as income. They are gifts and you do not have to report them on your tax return. Just keep the form 1099-K and proof of where the money came from in your tax records, in case the IRS asks you about that form.

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1881ataturk
Returning Member

I don’t use PayPal as business and I received a 1099-k

I don't use pay pal.

DaveF1006
Expert Alumni

I don’t use PayPal as business and I received a 1099-k

I had a similar question earlier about someone receiving rebates from a variety of sources and reported on a 1099-K.  Here is what i suggested. 

 

Since the 1099 K income was issued, you still need to report as other income. Here is the best way to report.

  1. Log into Turbo Tax

  2. Go to federal>income and expenses>all income>>show more 
  3. Less Common Income> Start
  4. Miscellaneous Income,>start
  5. Other reportable income>start
  6. Next screen asks Any Other Taxable Income>yes
  7. The next screen will allow you to report the income with a brief explanation. Here you can put 1099-K income reported from Paypal and then the total.`

 

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