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 Paypal Tax Statement and 2012 Year End Summary

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DarthBerizing
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PostSubject: Paypal Tax Statement and 2012 Year End Summary   Tue Feb 05, 2013 9:03 am

I saw a thread on another thread about this and wandered into my own Paypal. Luckily I didn't do 200 transactions or $20,000 in "sales" (luckily personal gifts and payments don't count) so I didn't get a tax document. However I did download a 2012 summary and almost fell off my chair.

I actually did almost $20,000 in transaction in 2012! I haven't used my own money in years. It's either buying bulk lots and using the profits only or I am at the point where I sell something in order to buy. So it's a revolving door for my stuff. Since I only keep one of an item it also easier. But since I do that I really never keep track of the dollars. Most times money comes in from a sale but it goes out pretty quickly to a buy. I guess I never actually aggregated it.

Anyone actually keep better tabs on this stuff?

BTW - I'm not touting the $20k amount. It's some bigger purchases and not all Star Wars. It's also a combined in/out and such.

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curch
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Tue Feb 05, 2013 10:07 am

I didn't get anything from Paypal so I must be in the clear. I was worried since I opened an eBay store and sell more in it than I expected
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cantina_patron
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Tue Feb 05, 2013 12:01 pm

Shocked $20,000 that equals aproximately £12,500. Just to be clear, Is that total transactions John? (buying & selling or just selling). Like you, most of the money I get coming in goes out again on purchases!
When I last checked, in the UK you can receive £3,000 ($4,708 US) in PayPal payments before being taxed!.
Am I out of touch, or are taxes much higher in te UK?
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DarthBerizing
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Tue Feb 05, 2013 12:19 pm

I basically brought in $20k and spent $20k since my final balance was almost where I started. There are some things in there like a $2100 purchase I had refunded. It shows as $2100 out and then $2100 in.

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SHEESH!!!!i am not raping anyones childhood!!!! - Darren
P.S. I'm glad you didn't get your toy - Baytrooper
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walkie
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Wed Feb 06, 2013 3:20 am

How do you check your annual spend in paypal?
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DarthBerizing
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Wed Feb 06, 2013 9:20 am

walkie wrote:
How do you check your annual spend in paypal?


Go to History and then Reports . From there you can pull up month, yearly, etc...

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P.S. I'm glad you didn't get your toy - Baytrooper
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walkie
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Wed Feb 06, 2013 11:33 am

I can see the options for monthly but no yearly reports. may have to do it the long way Sad
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Neonboy
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Thu Feb 07, 2013 12:10 am

walkie wrote:
I can see the options for monthly but no yearly reports. may have to do it the long way Sad
the best way is to download your history and import it into Excel- What I do every year . to build a spread sheet of income and sales - Sales 40 k and spent near 20 k on Toys this year-
I have to report this income- and expenses as well. its now near half my real business each year .. the other half neon art.

If you use the selling manager you can also get a history of each months sales and expenses- paypal ebay fees- this holds i think 2 years history.
- bou not purchases.
some of the new ebay apps also do things like this but most are just show reports of this info.
happy tax filing.
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dj121
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PostSubject: Re: Paypal Tax Statement and 2012 Year End Summary   Sat Feb 09, 2013 8:20 pm

WOW!

Thank goodness for gift payments. I had no idea I made that much in sales last year. Too bad it was in small amounts over the course of the year. I could have paid off two credit cards!
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