Payment Apps and Form 1099-K

Taxpayers who were paid for goods and services through a third-party payment network, such as PayPal, Venmo, eBay, etc. will now receive a reporting form “Form 1099-K Payment Card and Third-Party Network Transactions” once the amount exceeds $600.  Money received from friends and relatives as personal gifts or reimbursements for personal expenses are generally not taxable. Those who receive a 1099-K reflecting income they didn’t earn should contact the issuer. The IRS cannot correct it.