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PDtax
PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1892
Experience:  32 years tax experience, including four years at a Big 4 firm.
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i play a game online and others who also play sometimes pay

Resolved Question:

i play a game online and others who also play sometimes pay me for my help in the game (i basicly sell them some of my virtual points) the money for from this payment is sent to me thru paypal i also pay others for the help which i assume i can write off as a loss this transaction is also list in my paypal history. today i received a 1099k from paypal which stated that i received $23,935.03 for last year. but i know that this is the wrong number for instance it shows $1498 for january while if i go the paypal history i know i received 5453.74 for the month of january. i called paypal and they informed that by law all they report is money sent thru their system that comes from credit cards , debit cards, bank accounts, prepaid cards and gifts cards...... so money that is loaded to a paypal account and sent from a persons paypal balance is not reported. now this normally wouldnt seem like a problem because their total is only 20% of what actually came thru my paypal account but my losses total almost as much as my gains and i believe it would look a little suspect if i use paypals total for january $1498 and show my loss for that month to be $6845 (which it is )....what should i do
Submitted: 2 years ago.
Category: Tax
Expert:  PDtax replied 2 years ago.

PDtax :

hello from Just answer.

PDtax :

The right thing is to report all the income and expenses, regardless of what your PayPal report says.

Customer:

what i dont know is how do i report it when the 1099 has something different

Customer:

it a 1099k

PDtax :

The schedule c you will use will allow you to report whatever the real total is. Don't worry if the real total is more than the 1099, it always is.

Customer:

oh ok thx and i am accepting the answer now

PDtax :

You are welcome.

PDtax, CPA firm owner
Category: Tax
Satisfied Customers: 1892
Experience: 32 years tax experience, including four years at a Big 4 firm.
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