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The new PayPal $600 rule requires PayPal to issue 1099-K forms for transactions exceeding $600. This reporting is for tax purposes. However, sending money to friends and family on PayPal is free and not subject to this reporting rule. Users can easily send money to their friends and family via PayPal without any fees. If you receive a 1099-K from PayPal, you should report it on your taxes as income, unless it is for personal transactions with friends and family.

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