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Friends & Family Money - Count Towards $20K/200 Trans?
 

Does money received as Friends and Family count towards the $20,000/200 transaction barrier for tax purposes? Thanks for the help.

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

Found it within 2 mins on G. :)

"No. Personal payments that are not payments for the sale of goods or services
will not be counted when determining if the IRS thresholds have been
reached and will not be included on your Form 1099-K if you exceed the thresholds."

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

Will my paypal suspend if i daily recieve friend and family payment ?

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

Haha they don't count towards the threshold but they'll get your account shut down in a quick minute.

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

Yes, more then likely. Look at it from pay pals view, how many PayPal payments would you really get from friends? ... :spy:

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

Not more than likely, they will limit your account FOR SURE if you receive daily F&F payments. Paypal is a payment processor and only makes money by collecting transaction fees. Therefore, they do not like when users try to bypass paying fees.

Pay them their cut or your account will die :)

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

I also recevied many payment as a friend and family ..
it will risk my account or not ? because in current month i have received approx $1000 as an personal payment and mostly are for goods payment

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

I sent and receive over 8k in payments within the last 3 months via friends and family and I never had a problem

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

I think they'll catch on eventually. It won't be a long term thing. Eventually they'll click on and your account will then go :yar:

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

It's just not worth it, especially if you're really receiving payments like that on the account. You will lose your account sooner or later, both of you.

Why not just pay them their cut and be safe about it? They take like $95 on a $3500 transaction, is that really so bad?? I know it's not as good as Western Union's fee but it's still worth paying for the sake of your account.

Re: Friends & Family Money - Count Towards $20K/200 Trans?
 

Not worth it in the long run OP