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For real, PayPal?! You will not provide me the list of 1099-K transactions you reported to the IRS?

Duggadugdug
Contributor

For real, PayPal?! You will not provide me the list of 1099-K transactions you reported to the IRS?

So, for the first time ever, I received a 1099-K that PayPal has filed w/ the IRS. (I use PayPal for personal transactions w/ family & friends, for eBay "garage sales" of used items we're done with (sold at a loss), and for a few sales related to my non-business hobby, and fall well below the Federal filing threshold ($20K or 200 transactions), but live in a state (Virginia) that has recently instituted a ridiculously low ($600/year) 1099-K threshold.)

The extremely frustrating thing is that -- no matter how I slice and dice the numbers -- I cannot figure out from my PayPal transaction report for 2020 which subset of payments to me they aggregated to arrive at the total they reported to the IRS.  (They reported about $800 more than my eBay sales total for the year, and I don't know what else they're counting.) If I cannot account for the discrepancy, the IRS may assume it represents unreported income, and assess hundreds (if not thousands) of dollars in additional taxes and penalties.

 

I have contacted PayPal agents twice to ask for their help in obtaining for me the list of transactions they used to build the number that they reported to the IRS. They know what that information is; I do not.  Both times, I have received unhelpful/non-responsive answers, and then the agent closed the conversation.

 

I've wasted a week and a half of evenings trying to figure this out and reconstruct any potential income and tax liability, but so far have been unable to do so. It's extremely frustrating and has soured me on PayPal and eBay both.