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Paypal fees...look through every transaction? This is what they're telling me. Oi..

I just got off the phone with paypal. I have a personal account on there, which I need to switch to business, but I needed to run  some reports. I wanted to see how I could easily itemize shipping fees, paypal fees, ebay fees, etc, for tax purposes. She is telling me that I have to go through every single transaction and add up the PP fees myself. Is this true? I have over 1000 and that would take forever to do. Can anyone tell me how I can do this more efficiently? Or is there no way? In today's computer age there HAS to be a better way. Thanks!

Message 1 of 39
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38 REPLIES 38

Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@clh1 wrote:
in Paypal right now it has a section showing called Tax Documents & other Reports. Click on that & you should see Tax year 2019 & 1099k Download the 1099k & u will have everything u need.

Those reports will only be there IF the seller reached the thresholds for getting a 1099K for 2019 and IF they have issued the 1099K yet.  They haven't issued all of the 1099Ks yet.  It comes out in phases.  They still haven't released mine but will by Friday.


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 16 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

Run the report for no more than 90 days at a time, Ex 1-1-19 to 3-1-19. it will give you a detailed list. then do that for the next 3 quarters.

Message 17 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@jscar59 wrote:

Run the report for no more than 90 days at a time, Ex 1-1-19 to 3-1-19. it will give you a detailed list. then do that for the next 3 quarters.


@jscar59 

 

That is the current limitations of the Ebay reports.  That is NOT true in PP.  PP has excellent reports.

 

FYI, you are correct that the Ebay reports currently only go back 90 days.  That is NOT 3 full months, it is 90 days.  As we all know, some months have more than 30 days.  If you need these reports, set a reminder for yourself to download them every 90 days so you don't forget as currently there is no report available to recover the lost information if you are late in downloading the report.

 

 


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 18 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

I got my 1099k and it has my sales broken down by the month ,but nothing specific to what I'm looking for.
Message 19 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@joyofflipping wrote:
I got my 1099k and it has my sales broken down by the month ,but nothing specific to what I'm looking for.

@joyofflipping 

That is NOT your sales.  That is your Gross Receipts.  The two are NOT the same.  

 

On the same page of PP where you got your 1099K to print out, there is a reconciliation report you can download.  You can use that report or you can go and download your detailed transaction report for the year.  

 

In the numbers that PP reports to IRS on the 1099K are ALL monies you received during the year from customers.  It does NOT take into consideration any refunds you may have issued.

 

From the detailed transaction reports you can get what you paid in shipping, PP fees and other information you need for developing your taxes as well.


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 20 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

I use Quicken to record all my transactions and it makes it so much easier then trying to figure it out at tax time.

Have a great day.
Message 21 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

This must only be available if you have a business account? When I click on tax documents, that's all I get is my 1099k
Message 22 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

This might only be available in the business version? I have a personal and the only thing available to me is the 1099k
Message 23 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@joyofflipping wrote:
This might only be available in the business version? I have a personal and the only thing available to me is the 1099k

It has to be available to all so it can assist you in reconciling your numbers.

 

First Go here.

PP Tax Docs Screen 1.JPG

 

Click on the blue numbers 1099-K and it will take you to this screen where you will find the report.

 

PP Tax Docs Screen 2.JPG


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 24 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

There is no "reports" feature on a personal account. I asked their customer service yesterday. I was looking for the same thing.
Message 25 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@joyofflipping wrote:
There is no "reports" feature on a personal account. I asked their customer service yesterday. I was looking for the same thing.

Go to the Activity page

Upper right, click on "Statements"

Choose "custom"

 

Paranoia strikes deep
Into your life it will creep
Message 26 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..

Message 27 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@slippinjimmy wrote:

@joyofflipping wrote:
There is no "reports" feature on a personal account. I asked their customer service yesterday. I was looking for the same thing.

Go to the Activity page

Upper right, click on "Statements"

Choose "custom"

 


Statements are not detailed transactions or is that option on that page too?

 

When PP issues a 1099K on a personal account are you saying that there is no place to go to print that form out and download the reconciliation report that goes with it?  Or does PP not issue 1099ks on personal accounts?


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 28 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@mam98031 wrote:

@slippinjimmy wrote:

@joyofflipping wrote:
There is no "reports" feature on a personal account. I asked their customer service yesterday. I was looking for the same thing.

Go to the Activity page

Upper right, click on "Statements"

Choose "custom"

 


Statements are not detailed transactions or is that option on that page too?

 

When PP issues a 1099K on a personal account are you saying that there is no place to go to print that form out and download the reconciliation report that goes with it?  Or does PP not issue 1099ks on personal accounts?


When you choose "custom" you end up on the same Reports page, everything appears to be the same as what was posted in upthread.

 

 

 

 

Paranoia strikes deep
Into your life it will creep
Message 29 of 39
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Re: Paypal fees...look through every transaction? This is what they're telling me. Oi..


@slippinjimmy wrote:

@mam98031 wrote:

@slippinjimmy wrote:

@joyofflipping wrote:
There is no "reports" feature on a personal account. I asked their customer service yesterday. I was looking for the same thing.

Go to the Activity page

Upper right, click on "Statements"

Choose "custom"

 


Statements are not detailed transactions or is that option on that page too?

 

When PP issues a 1099K on a personal account are you saying that there is no place to go to print that form out and download the reconciliation report that goes with it?  Or does PP not issue 1099ks on personal accounts?


When you choose "custom" you end up on the same Reports page, everything appears to be the same as what was posted in upthread.

 

 

 

 


Thank you.


mam98031  •  Volunteer Community Member  •  Buyer/Seller since 1999
Message 30 of 39
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