Discussion Forum: Thread 354748

 Author: TravelBound View Messages Posted By TravelBound
 Posted: Mar 6, 2024 22:15
 Subject: PayPal 1099K help
 Viewed: 159 times
 Topic: Taxes
Cancel Message
Cancel		Reply to Message
Reply
BrickLink
ID Card

TravelBound (3701)

Location:  USA, Nebraska
Member Since Contact Type Status
May 14, 2007 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Brick By Brick
Does the gross payment reported on the 1099 include the PayPal fees paid and
the sales tax collected by Bricklink?
In other words are the PP fees and sales tax collected deductible from the gross
reported?

Looked online but couldn't find a definitive answer. Any help would be greatly
appreciated.

Thanks,
Heidi
 Author: peregrinator View Messages Posted By peregrinator
 Posted: Mar 6, 2024 22:18
 Subject: Re: PayPal 1099K help
 Viewed: 50 times
 Topic: Taxes
Cancel Message
Cancel		Reply to Message
Reply
BrickLink
ID Card

peregrinator (776)

Location:  USA, New Jersey
Member Since Contact Type Status
Jan 21, 2003 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Faber Family Bricks
In Taxes, TravelBound writes:
  Does the gross payment reported on the 1099 include the PayPal fees paid and
the sales tax collected by Bricklink?
In other words are the PP fees and sales tax collected deductible from the gross
reported?

Looked online but couldn't find a definitive answer. Any help would be greatly
appreciated.

Does it match the total if you look at your BrickLink orders from last year?

FWIW, I haven't earned enough in PayPal payments to get a 1099, but I've
always reported the gross and declared PP fees and sales tax as business expenses.
 Author: wildchicken13 View Messages Posted By wildchicken13
 Posted: Mar 6, 2024 22:25
 Subject: (Cancelled)
 Viewed: 37 times
 Topic: Taxes
Cancel Message
Cancel		Reply to Message
Reply
BrickLink
ID Card

wildchicken13 (876)

Location:  USA, Illinois
Member Since Contact Type Status
Aug 11, 2014 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Wild Chicken
(Cancelled)
 Author: wildchicken13 View Messages Posted By wildchicken13
 Posted: Mar 6, 2024 22:38
 Subject: Re: PayPal 1099K help
 Viewed: 57 times
 Topic: Taxes
Cancel Message
Cancel		Reply to Message
Reply
BrickLink
ID Card

wildchicken13 (876)

Location:  USA, Illinois
Member Since Contact Type Status
Aug 11, 2014 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Wild Chicken
In Taxes, TravelBound writes:
  Does the gross payment reported on the 1099 include the PayPal fees paid and
the sales tax collected by Bricklink?
In other words are the PP fees and sales tax collected deductible from the gross
reported?

Looked online but couldn't find a definitive answer. Any help would be greatly
appreciated.

Thanks,
Heidi

This is not a definitive answer, but I'm pretty sure they are included.
Like Peregrinator, I list PayPal fees and sales tax as business expenses.

Technically speaking, I think sales tax is not supposed to be included in the
total, but, for whatever reason, PayPal includes it anyway.
 Author: TravelBound View Messages Posted By TravelBound
 Posted: Mar 7, 2024 09:22
 Subject: Re: PayPal 1099K help
 Viewed: 52 times
 Topic: Taxes
Cancel Message
Cancel		Reply to Message
Reply
BrickLink
ID Card

TravelBound (3701)

Location:  USA, Nebraska
Member Since Contact Type Status
May 14, 2007 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Brick By Brick
In Taxes, TravelBound writes:
  Does the gross payment reported on the 1099 include the PayPal fees paid and
the sales tax collected by Bricklink?
In other words are the PP fees and sales tax collected deductible from the gross
reported?

Looked online but couldn't find a definitive answer. Any help would be greatly
appreciated.

Thanks,
Heidi

Thank for the insights all.
Heidi