Im doing my taxes for all my paypal transactions. Ive been adding up all the numbers and making a list of how much Ive made, how much paypal fees were deducted and how much ebay fees were deducted….but do I need to present paypal documents to the IRS and do I need to make it look all nice (like seperating each transaction into payments, refunds, fees etc.)???
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"What Documents (paypal) Do I Need To Show When Doing Taxes?" was posted on Tuesday, August 4th, 2009 at 10:37 pm.
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You need to go look at schedule C. You need grand totals for Gross receipts (paypal received plus cash, checks, money orders), total fees paid to paypal, eBay, post office, boxes, etc….
You also need to know how to calculate cost of goods sold.