 Paypal Tax Question regarding refunds
Does anyone know off the top of there head if the paypal tax form 1099K just has the amount of total payments received or if it accounts for refunds? I'm thinking it did not deduct refunds and just had the total amount received throughout the year and that I used my other reports from paypal to get my refund amounts. A coworker began selling regularly on ebay this year and expects to get one of the 1099K's and ask me about refunds but without being able to look through my tax folder for last year I can't remember but I want to think the 1099K didn't take refunded payments into account and total payments received was the reported amount.
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