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- - Does PayPal report gift payments? (https://www.aspkin.com/forums/paypal-talk/136522-does-paypal-report-gift-payments.html)

ithelps

05-25-2020 07:42 PM

Does PayPal report gift payments?

What if someone sends me a total of 30k over a few weeks through gift payments. Would I need to report this and does PayPal send a 1099 for this?

Also the account is a business account and have prepaid card enabled so they have my SSN

I haven't received over 20k or 200 transaction on goods and services

ithelps

05-25-2020 09:53 PM

Re: Does PayPal report gift payments?

Quote:

Originally Posted by agent006140 (Post 1095918)

1099 is for your business.
but Paypal will look into fee avoidance

This doesn't answer any of my questions. Hope someone has the answer.

ithelps

05-25-2020 10:09 PM

Re: Does PayPal report gift payments?

Quote:

Originally Posted by agent006140 (Post 1095922)

1099K is for goods and services payments,
but Paypal may look into that 30K for fee avoidance.
Doyou report $30k,only you know,we only serve breakfast in bed/

I think i'll wait for another person to answer my question. Thanks for your time.

frozzyl

05-26-2020 12:58 AM

Re: Does PayPal report gift payments?

As someone said above, This may raise a flag.

FirstorLast

05-26-2020 03:44 AM

Re: Does PayPal report gift payments?

Quote:

Originally Posted by ithelps (Post 1095928)

I think i'll wait for another person to answer my question. Thanks for your time.

That person already answered your question

Read their reply over a few times to let it sink in

prodigyace

05-26-2020 04:52 AM

Re: Does PayPal report gift payments?

You need to have 20kusd and 200 units in sales for paypal to report it to the IRS, and receive the documentation youre asking about...but paypal may look into your account for fee avoidance.

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