1099-K reconciliation report?

[MadAnthony]

I'm a part time eBay seller and have been for a number of years.  In previous years, when Paypal has sent me the 1099-K, they've also sent a "1099k reconciliation report" that is a spreadsheet of every payment I've received.  It was incredibly useful for figuring out what I sold and how much I made/lost on each item.   

Do they no longer do this?  I'm not seeing it anywhere.  One of their help questions on their tax info help page is "how do I get a Paypal reconciliation report", but it has you click a link that just gives you a bunch of other unrelated tax questions:

https://www.paypal.com/us/webapps/mpp/irs6050w

I was able to create "completed payments" and "all transactions" reports from "activity statements" section, but they aren't nearly as useful, as they also include a bunch of transactions I'm not looking for, like shipping labels and outgoing Paypal payments. 

Is there a reason Paypal has gotten rid of something that worked really well and that people like me made a part of our tax preparation process?

[Kimmer7]

I had this question, too.  I followed the instructions shown in the chat, downloaded a report, but it did not reconcile with the 1099-K (was off by about $37).  I called PayPal this afternoon, and they said that the reconciliation file would be generated prior to 1/31/2020.  So, it seems we'll just have to be patient.  I hope they notify us when the file is available.  

[FOXSSLOTS]

I took the monthly download files and using excel sorted transactions and move some tranactions around so I got sales shipping purchases fees refunds and now sales tax - I have done this every year and have been able to reconsile my data against the 1099K - this year I have a $74.21 discrenancy for sales!  cannot find any tranaction(s) that would help resolve. At a loss

[PayPal_Rachael]

Hi @MadAnthony, @Kimmer7 and @FOXSSLOTS

Thanks for posting about this issue. 

A Reconciliation Report is normally included with your 1099-K that will list all of the transactions included in your total gross sales for goods and services. If you are unable to location this you can download your transaction history to view these details.
 

PayPal's Financial Summary report is a one-stop shop of your PayPal account activity. This report includes PayPal fees, refunds, payments, purchases, and other important financial information, and can be customized to your desired date range.

Here's how to view your Financial Summary Report:

1. Click Reports.
2. Click Financial Summaries.
3.  Select Financial Summary.
4. Select the date range you are interested in and click Create Report.

Here’s how to see your transaction history:

1. Click Activity at the top of the page. Here you can see all of your account activity, a specific transaction, or your most recent activity.
2. To download the history, Click Activity Download.
3. Select the transaction type, date range, and format.
4. Click Create Report.

Quick Tips:

• When downloading a large History Log, you may experience a delay.
• We will email you when your file is ready to be downloaded.
• When it is ready you can view the file by clicking “Recently Downloaded Logs” on the Download History page.
• We save the last 3 most recently completed, large History Log files.
• Small logs are downloaded immediately and are not saved.
• You can download Comma Delimited files as Excel Spreadsheets and Tab Delimited files as .txt documents.
• If you use QuickBooks and are having trouble, please contact QuickBooks for additional assistance and information about their system requirements.
• Select QIF file format to download to Quicken and IIF to download to QuickBooks. (QIF import is not supported after Quicken 2004, and IIF is not supported after QuickBooks 2008.)

I hope this helps.

Rachael

[FOXSSLOTS]

found the problem PAYPAL left of the end of month transactions for March 2019 and May 2019 from the monthly downloads!!!!

[mm26099]

Rachael, this report though doesn't come close to reconciling with my 1099.  I have a personal account and have no clue how PayPal arrived at the number it did.  How can I find this information?

[nnervous]

I think this might be helpful but I am not finding the 'reports' option anywhere after I am logged in. Where is this located? The statements I found were through the 'activity' tab, then 'statements' option. I am not finding any options to a 'financial summary' or 'download reconciliation form(s)'.