How Do I Get A Tally Of The Fees Paypal Has Charged My Business This Tax Year?

[DocHolliday]

I use paypal to send and receive money via paypal, for which I pay a fee to paypal.

Over the course of the year the fees amount to a considerable sum of money, and they can be deducted as a business expense.

Is there a way I can get a full tally of the fees I paid paypal for the 2011 year?

Thanks

[PayPal_Adrian]

DocHolliday -

Welcome to the Community!

There sure is, though it may take just a tiny bit of spreadsheet work.  In the History section, there's an option to download a file of everything that has moved through your account.  What I typically do is export it as a .CSV file, open that with my spreadsheet program, and tally up the fees using a function from there.  I usually download at the end of every month to keep up on accounting - a tiny bit of work every month saves one big headache at the end of the year!

Thanks,

Adrian

Oh, and PS - Sometimes, I hear reports that the fee column is missing in the download.  This happens if you only have a Personal account.  If you upgrade to Business or Premier, that will resolve the issue. 

[DocHolliday]

Thanks for the reply, Adrian.

However, when I follow your instructions and set the time period for the whole of 2011 and click on "download CSV", I get this error message:

"You have requested an outdated version of PayPal. This error often results from the use of bookmarks."

I've tried is three times now on multiple days with the same result.

Any idea what's going on?

Thanks,

Andrew

[OneEyedWilly]

To take this question one further... when filing my taxes do I need to deduct on schedule C the fees I paid to Pay Pal or were they already subtracted before the 1099K figure is calculated?

[DocHolliday]

Maybe I'm missing something.

I never got a 1099k form from paypal.

[PayPal_Adrian]

OneEyedWilly -  The 1099-K PayPal issues is a representation of the gross amount of payments received, and does not include reduced amounts for fees paid to eBay/PayPal or other business costs.  There's lots of great information on www.paypal.com/IRS or this board.

DocHolliday - In regards to your IRS question, PayPal only files a 1099-K for sellers if they received both $20,000 and 200 transactions.  If you didn't hit those thresholds, no 1099-K would be issued by PayPal.

In regards to the technical error you're experiencing, start out by giving the old browser cache and cookies a good clear (and possibly a computer restart).  If you're still running into the issue, it could be a custom setting on the browser itself; consider using a different one just to try the request. 

Thanks!

Adrian