Looking for a good write up on tax reporting for PayPal etc in 2022
Has anyone seen anything on exactly how this works when filing taxes? Assume the following transactions in my PayPal account:
- $100 birthday gift from a friend.
2.$400 from survey panel ABC, who don’t send a separate 1099.
- $700 from survey panel DEF, who send me a separate 1099.
So will PayPal report $1200 or $1100 to the IRS? And then how do I break it down when filing my return? If $1200, how do I note that $100 is not income? And how do I note that $700 of it is reported also in the survey panel’s 1099, so that I don’t get assessed tax on $1400 instead of $700.
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source https://www.reddit.com/r/beermoney/comments/q5ynxq/looking_for_a_good_write_up_on_tax_reporting_for/
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