Anyone else received a 1099-K?

Paypal just sent me an email saying that my 1099-K is ready...

Anyone know if I can write off my laptop purchase, car purchase, meals, dinners, gas, ebay & paypal fees, shipping cost, cost of merchandise, internet bill, electricity bill, metrocards etc etc?

This is my first time receiving the 1099-K.

You have no concept of how taxes work do you. How much profit did you make in 2012 on ebay?

I do not...I don't know it only gave me the gross...and I lost all my receipts for my expense and cost of the products.

1099k is the revenue you got.

Now deduct all relevant business expenses.

What is left is your profit and is taxable.

laptop purchase - is it a laptop purchased for use in the business? posting ebay sales
car purchase - do you use that car exclusively for business? driving to the post office
meals - are you meeting with clients and talking business? no
dinners - as above
gas - was the gas for business journeys driving to the post office
ebay & paypal fees - yes
shipping cost - yes
cost of merchandise - yes
internet bill - do you use it mainly for business? personal & posting sales online
electricity bill - typically, you work out the space the business takes up in your home, and thats the % of the electric bill you can deduct - I use my laptop and that's about it, maybe my lighting too? since i need to open the lights to use my laptop at night
metrocards - business trips? taking the packages to the post office i can say

The most important advice thou is don't take tax advice from anyone on SD or any other forum. Speak to an accountant before you get yourself into trouble.

Doh... Enjoy paying taxes on the gross revenue if you have no substantiation for your costs. How about CC statements?

I do not...I don't know it only gave me the gross...and I lost all my receipts for my expense and cost of the products.

So you have a car just to drive to the PO? And you also use metrocards to go to the PO? You better get your story straight because its one thing not reporting income, its another lying to the IRS.

I do online sales for a living. I don't work off receipts, there are waaaaay too many of them. I use my card for everything and work off of my statements. Makes life much easier at tax time.

How much $ are we talking about? And they only gave the gross because they dont know your profit and thats not what the 1099K is for

I have a feeling canonikon is going to get audited this year.

Dude you aren't gonna get audited. Request year end statements from all your credit cards and then use those to determine all your expenses. I keep all my receipts but use credit card statements vs going through individual receipts. -6 years online selling

I have a feeling canonikon is going to get audited this year.