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Old 01-27-2011, 04:32 PM   #10 (permalink)
Join Date: Nov 2009
Location: California
Posts: 4,421

Originally Posted by nephinfan View Post
Is it necessary to run a report for payments sent as well?
If I buy something with the intention of reselling it and I used paypal as my payment source, I print out a receipt and save it in a 12-month accordian file. At the end of each month, I run a paypal report for payments received. I add up my receipts and compare that to my payments received and then try to hide the evidence from my wife so she doesn't find out I'm spending $1,000 more per month than I'm taking in .

The IRS is more than welcome to know I'm losing $1,000 a month on what they've determined to be a "business." I look forward to that write-off on my Schedule C next year.
kajshack is offline   Reply With Quote