Does PayPal Report to the IRS?
Yup, if you receive over $20,000 and 200 transactions, they report it to the IRS with a 1099-K form!
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Just a heads up, PayPal only reports to the IRS if you exceed certain thresholds—$20,000 in gross payments and 200 transactions.
As someone who got a surprise 1099-K in the mail, yes, PayPal does report to the IRS if you cross their thresholds.
Only if you exceed $600 starting in 2023 due to new IRS rules.
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