Family and friend transfer is non business transaction. I don’t think paypal will issue 1099k/1099nec for such transactions but you will need to confirm with Paypal. If you receive a large business income thru paypal but transfer as friend and family, you need to consult your accountant to report it appropriately. If it is gift from family and friend, gift tax return may be required.
If you receive a large business income thru paypal but transfer as friend and family, you need to consult your accountant to report it appropriately.
If it is gift from family and friend, gift tax return may be required.