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Old 12-29-2012, 08:13 PM   #1 (permalink)
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Default end of the year paypal thread

Hi All,

so its the end of the year and I am wondering about the paypal irs 20k/200 payments received thing. To figure out the amount I have to be taxed on do I just add up all the payments from each month under payments received?

Thanks for your help and happy new year!
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Old 12-29-2012, 08:24 PM   #2 (permalink)
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(total sales)-(cost of items sold)-(additional expenses)=profit to be taxed on

additional expenses- shipping supplies and shipping costs, grading costs, toploaders, tape, ink, printing paper, ect(hope you kept your receipts). Anything you can think of that could be written off.

This is a very basic way of calculating your profit. You will also have to keep track of your inventory, as well as any cases, singles, boxes you've purchased over the year. I highly recommend consulting a professional if you feel like you're over your head.

If you live in a state that collects sales tax, you should be reporting that as well.
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Old 12-29-2012, 11:35 PM   #3 (permalink)
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Hi All,

so its the end of the year and I am wondering about the paypal irs 20k/200 payments received thing. To figure out the amount I have to be taxed on do I just add up all the payments from each month under payments received?

Thanks for your help and happy new year!
Go to the closest crack dealer and ask him. Makes as much as sense as asking here.
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Old 12-29-2012, 11:36 PM   #4 (permalink)
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(total sales)-(cost of items sold)-(additional expenses)=profit to be taxed on

additional expenses- shipping supplies and shipping costs, grading costs, toploaders, tape, ink, printing paper, ect(hope you kept your receipts). Anything you can think of that could be written off.

This is a very basic way of calculating your profit. You will also have to keep track of your inventory, as well as any cases, singles, boxes you've purchased over the year. I highly recommend consulting a professional if you feel like you're over your head.

If you live in a state that collects sales tax, you should be reporting that as well.
Or listen to this guy and enjoy the penalties and interest you will owe
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Old 12-30-2012, 03:01 AM   #5 (permalink)
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Is it only if you made 20k paypal?
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Old 12-30-2012, 03:10 AM   #6 (permalink)
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Is it only if you made 20k paypal?
If you made ANY profit you need to report it. Paypal reporting is MANDATORY if you reach both 200 transactions AND $20,000. YOU must report any income yourself.
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Old 12-30-2012, 06:51 AM   #7 (permalink)
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just ignore it and wait for them to come to your house and figure it out.
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Old 12-30-2012, 09:51 PM   #8 (permalink)
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You can run a report through PayPal that gives you everything you need for taxes
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Old 12-31-2012, 12:23 AM   #9 (permalink)
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Okay I'm pretty sure i did 200 transactions through here/ebay but no where near 20k, no where near 5k
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Old 12-31-2012, 03:10 AM   #10 (permalink)
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You can run a report through PayPal that gives you everything you need for taxes
Details please?
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Old 12-31-2012, 10:15 AM   #11 (permalink)
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Details please?
Merchant Services>Reporting Center>Tax Documents>Annual Financial Summary

There is also a 1099 K form and a reconciliation file in CSV format which summarizes your transactions.
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Old 01-01-2013, 04:30 PM   #12 (permalink)
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Merchant Services>Reporting Center>Tax Documents>Annual Financial Summary

There is also a 1099 K form and a reconciliation file in CSV format which summarizes your transactions.
I went into tax documents and there are no 2012 documents, does that mean I didnt reach the 20k/200 limit? How would I report the actual amount grossed?
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Old 01-01-2013, 04:33 PM   #13 (permalink)
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I went into tax documents and there are no 2012 documents, does that mean I didnt reach the 20k/200 limit? How would I report the actual amount grossed?
My guess is that since it is litterly 1-1-13 the reports are not ready yet
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Old 01-01-2013, 04:35 PM   #14 (permalink)
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I went into tax documents and there are no 2012 documents, does that mean I didnt reach the 20k/200 limit? How would I report the actual amount grossed?
Please consult a tax professional. There are at least 2 ways to report the income as 1) hobby or 2) business. There is no easy answer to your question.

Also the 2012 documents will not be ready this quickly.
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