Question: Darsh received a Form 1 0 9 9 - K , Payment Card and Third Party Network Transactions, reporting income for services rendered on a

Darsh received a Form 1099-K, Payment Card and Third Party Network Transactions, reporting income for services rendered on a one-time basis to a neighbor, but it also included some personal reimbursements from family members for dinners at restaurants. How should this be reported on his tax return? 

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Form 1099K is used by credit card companies and thirdparty payment processors like PayPal to report ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!