If you make a profit through these activities, it’s considered taxable income. You can use the Form 1099-K, along with other records, to determine how much tax you owe. Remember that all income, no matter the amount, is taxable unless the law says otherwise (even if you don’t get a Form 1099-K).
If you get money from someone as a gift, reimbursement, or repayment of other personal expenses, that money is not taxable. When possible, note these transactions as personal on apps and websites. Good recordkeeping throughout the year will help you when it comes time to file your tax return.
For more information – including what to do if you get a Form 1099-K in error, or the information on your form is incorrect – visit IRS.gov/1099K.