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Old 01-30-2013, 09:34 AM   #69 (permalink)
mgugs46
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Location: NJ
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Unless you sold the cards from your "joining other breaks," those expenses are not deductible even though they appear on your Paypal statement. That statement is similar to a bank statement, it just shows all activity coming in and going out of your Paypal account, and not necessarily your tax deductible expenses
Right, but the reason I got to the 200/20k limits is from accepting payments from hosting various club breaks on BO. Obviously there is no profit in these for me. Most of the loss is from buying my own cards/jerseys/etc via PayPal, so I guess my question is this:

If I can show via PayPal transactions that I collected xxx amount of $$, and used it to purchase cases from BO, and said monies cancel out with product, shipping, fees - would that be enough to show that I made no profits?

The other thing that confuses me is it lists the money I transfer in and out of my Paypal from my bank account. If I transferred 10k in one clip, then sent it back to my bank for some odd reason, would that still trigger Paypal to give me a 1099?
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