paypal questions

[skipbif_72]

These may be obvious questions I'm assuming but I figured I’d ask just to confirm so I can understand things better.

1) Do friends and family transactions count as part of the $20,000 and 200 transactions yearly 1099? I've heard it isn't part of it. 

2) What about items you purchased on eBay and received a refund for with your paypal funds? I’m assuming that’s obviously not considered part of it. 

3) When you sell something and the buyer receives a full or partial refund the full total is still considered part of your yearly sales, correct? You must deduct manually.

4) Also counted are the 2.9% (domestic transactions) and 4.4% (international transactions) and .30 fees paypal automatically takes out? You must deduct manually again.

Please let me know if I understood this all correctly. A simple yes would suffice. Thank you

[smileytown18]

Yes.
I think
Though refunds are deducted, if I remember correctly.
I got a headache reading the list.

[skipbif_72]

Refunds you've issued to your buyers? I figured they were included. I've heard before that they were.

The list was the simplest way I could present these questions I thought to make it less confusing

[smileytown18]

You asked if you need to manually deduct. I believe it comes off automatically.
List is clear. it's almost 11pm here on East Coast. 😉

[skipbif_72]

thanks for the help!

[nobody*s_perfect]

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@skipbif_72 wrote:

... 3) When you sell something and the buyer receives a full or partial refund the full total is still considered part of your yearly sales, correct? You must deduct manually.

4) Also counted are the 2.9% (domestic transactions) and 4.4% (international transactions) and .30 fees paypal automatically takes out? You must deduct manually again.

 ...

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3) Yes

4) Yes

Basically it's all the payments that you received.  And then you have to subtract expenses (fees, postage, etc.), returns, etc.

[ten_o_nine]

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@skipbif_72 wrote:

These may be obvious questions I'm assuming but I figured I’d ask just to confirm so I can understand things better.

1) Do friends and family transactions count as part of the $20,000 and 200 transactions yearly 1099? I've heard it isn't part of it. 

2) What about items you purchased on eBay and received a refund for with your paypal funds? I’m assuming that’s obviously not considered part of it. 

3) When you sell something and the buyer receives a full or partial refund the full total is still considered part of your yearly sales, correct? You must deduct manually.

4) Also counted are the 2.9% (domestic transactions) and 4.4% (international transactions) and .30 fees paypal automatically takes out? You must deduct manually again.

Please let me know if I understood this all correctly. A simple yes would suffice. Thank you

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Check your Paypal account, you'll find the info you need in your Financial summary under the report tab.

[skipbif_72]

I don't see a "report" tab? Do you mean activity or manage invoices?

[skipbif_72]

I was pretty certain refunds for items you sold weren't deducted. Thank you.