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I was wondering if I received help from a family member thru PayPal do I have to claim that as income for taxes? Or is that just if I sell.?
4 Answers
- StephenWeinsteinLv 73 years agoFavorite Answer
If the family member is paying you to work for the family member or the family member is paying you interest on a loan, then you must claim it as income.
If the family member is just giving you a gift, then you are not allowed to claim it is as income. (However, the family member might be required to file a gift tax return.)
- curtisports2Lv 73 years ago
If they can't take a tax deduction for it, you don't have to declare it as income.
If it's a gift or a loan, you don't report it. If it is payment for work (something most people would write off as a business expense) you do report it.