Originally Posted by nephinfan
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.