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1099-k transaction counts
 

Hello guys.
Asking a noob question.
How is the number of transactions counted for 1099-k?

Specifically how are the shipping costs handled? Are those part of a single transaction? Or are considered as a separate transaction?

Ex. A single entry in my paypal shows as
Cost - 20
Shipping - 5
Sales tax -0

So is it going to be counted as a single payment transaction? Or 2 separate transactions?


Second question
——-
Do they count or include money that is going out?
I have paid ebay fees and shipping label costs through paypal. Are those transactions gonna be counted?

Re: 1099-k transaction counts
 

Welcome to the forum friend.
If it was under one entry it is one single transaction.
And no - outgoing transactions do not count towards this annual limit.

Re: 1099-k transaction counts
 

Welcome :)

Re: 1099-k transaction counts
 

every receiving payment counts as one. It is a GROSS third party payment processing total.
Lets say you received 10, $1000 payments, it will show 10 transactions at $1000 even if you refunded every single one of them and have cleaned $0.00

Re: 1099-k transaction counts
 

welcome to aspkin forums

Re: 1099-k transaction counts
 

download a copy of schedule C and explanation,you will get an idea where expenses go.
Your 1099 $$ includes sales tax you collected for the state and DOES NOT EXCLUDE refund/loss you made,so you have to take them out,to arrive at net proceeds.

Re: 1099-k transaction counts
 

Welcome to the forum - all the best as you master stealth :thumb:

Re: 1099-k transaction counts
 

Thanks buddiea

Re: 1099-k transaction counts
 

payments you receive via friend and family is not included in 200 transaction & 20K count