So basically PayPal has been withholding $61,000+ dollars from me from my online shop's sales since November of 2020. This is because I do preorder products that do not ship for 2-3 months until all the products have been manufactured.
However, they've reported to the IRS in their yearly report that I've received these funds.
I still have yet to receive them, and likely will not get it until this year.
They're withholding the funds until all my orders are shipped out which is this month.
This means the funds will be received in 2021 and not in 2020. How do I do my taxes if they've reported I've received the full sum of money which I have not? Does anyone know how I should list these losses? Do I list this amount as a loss? How can I pay income tax on money I have not received?
