Yes, you have to report it, but the $8,900 gift will not be taxable. When you enter your 1099-K, you will be asked "Which type of income is your 1099-K for?". Scroll to the bottom and select "Other". On the next screen "Let's get the info from your 1099-K", enter the information on your 1099-K. Below the box 1 entry, indicate that "This amount in box 1a is too high or includes some personal transactions". Enter the amont of box 1a that was a gift ($8,900). Click on Continue. You will have reported your 1099-K, but it will not show up on your tax return.
Yes, you have to report it, but the $8,900 gift will not be taxable. When you enter your 1099-K, you will be asked "Which type of income is your 1099-K for?". Scroll to the bottom and select "Other". On the next screen "Let's get the info from your 1099-K", enter the information on your 1099-K. Below the box 1 entry, indicate that "This amount in box 1a is too high or includes some personal transactions". Enter the amont of box 1a that was a gift ($8,900). Click on Continue. You will have reported your 1099-K, but it will not show up on your tax return.