Home › Forums › Doing taxes › How I got the report from paypal for 2019 taxes that ebay collected
Tagged: Managed payments GSP
- This topic has 8 replies, 7 voices, and was last updated 4 years ago by MDC Galleries & Fine Art.
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01/27/2020 at 12:14 pm #73345
After much googling i finally found out how to get the report that shows the amount of taxes that were included in my paypal 1099. It wasn’t that difficult.
Go to paypal
-reports
-activity download
-transaction type- all transactions
-you will want to select the date range for 1/1/19 thru 12/31/19
– format- CSV
-customize report fields
-i selected sales tax, city and statethen create report. Paypal will tell you that the report may take some time to complete then they will email you to say the report is ready for download. It took about 1/2 hour then i DID get an email saying it was ready to download with the link.
What it give you is an excel spreadsheet.
I eliminated some of the non important columns like time and time zone, transaction #, buyer email, etc to simplify it.
NOTE- The tax included on our 1099s didn’t start until november. so it is just those 2 months that are the problem. Next year i am thinking it will be the whole year.
You can edit the spreadsheet. In my case i inserted two lines at the top and in the top column put this formula in =SUM(L4:L2000) That summed up all the sales tax for me.
after doing this my blood pressure dropped about 40 points.
hope this helps. doug
- This topic was modified 4 years, 2 months ago by sequimsalty.
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01/27/2020 at 1:21 pm #73356
Thanks for the info. We’ll be doing our taxes in the next couple weeks so its perfect timing. Hopefully eBay will make it more clear when we’re all moved over to Managed Payments.
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01/27/2020 at 8:01 pm #73381
Okay, so I have a CPA do my taxes each year. What does this mean? I thought eBay was taking care of this for us and the sales tax was only passed through our PayPal accounts and back to eBay?
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01/27/2020 at 11:22 pm #73390
So yes, Ebay took care of collecting and paying the taxes so we do not have to be involved in that. Where it affects us is that paypal is reporting that the tax that was collected and then paid to the states, was income to us. So my 1099 from paypal says that i sold 28,571 in 2019. but in reality i only received 28,000 the 571 was taxes that were collected by ebay that i never saw. On the podcast i have heard that others are concerned because we also paid paypal fees on that tax money that was never in our hands. I use a cpa as well, but when he looks at my 1099 he thinks that is what i sold and that is not the case. The simple solution is that now that i know the amount on the 1099 that was tax that ebay collected he will just deduct that, show that as an expense when he does my taxes. I hope that helps. doug
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01/28/2020 at 4:37 pm #73409
Great explanation! Thanks so much – that helps a bunch.
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01/27/2020 at 9:43 pm #73388
Is managed payments going to be a “have to” thing? Losing Global Shipping Program?
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01/28/2020 at 10:42 pm #73417
Castle Yes, eventually Managed Payments will be the way ALL sellers take payments in ebay. On the buyer side, buyers will be able to use Paypal, ApplePay etc, but on the seller end, every thing will be funneled through MPs. I’m pretty sure ebay has said that GSP will be part of MPs in the fairly near future.
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01/29/2020 at 1:09 pm #73440
I use this same report without those specific filters for several needs.
1) Capture my Missouri sales tax information for filing. That’s annual for me, has to be filed by the end of January so I’m working on it today instead of waiting until the last minute!
2) Get income tax expenses for supplies, fees, merchandise, post5age, etc. I use my PayPal debit card when I can to get the 1% cashback and keep most things in one place.
3) Get income information for not only eBay sales but also website and seasonal fireworks sales where I use PayPal’s pay here card reader.
I convert it into an Excel file and create an Excel table for ease of filtering, hiding rows and columns I don’t need. I keep the unaltered csv file for audit backup. Geeky Stuff that’s not necessarily needed but it’s what I do because I can.
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03/01/2020 at 4:56 pm #74636
Just now getting around to doing our business taxes. This post helped very much. I had forgoten where to find the PayPal info. and this was a great help.
Thanks,
Mike at MDC Concepts, Inc.
MDC Galleries and Fine Art
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