I am self-employed and earned approximately $1,000 from transactions paid by customers via PayPal in 2018. My question is this: When reporting this miscellaneous income on my 1040 tax return, do I enter the income amount before or after Paypal takes its cut?
You will report it before PayPal takes its cut and then you will report their cut as an expense.
It would be entered under Other Miscellaneous Expenses>>Bank Charges.
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