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1 reply

VolvoGirl
VolvoGirl
Level 15
October 8, 2019

Like what?  Refunds you gave?  It depends.  

 Not unless you already included it as income first.  You can't deduct income you never received.  You will just have less income to be taxed on.  You take the loss by still deducting all your actual expenses. 

 

There is line 2 on schedule C for returns and allowances.

    D
    dcamp0202Author
    Level 2
    October 8, 2019

    So I got a bunch of 1099-K from Stripe - they don't deduct processing fees, chargebacks, etc. Can I just go through my Stripe account and use the net volume as reported income since that does deduct the fees? The 1099-K they send is gross volume. 

    Critter
    Critter
    Level 15
    October 8, 2019

    Ok ... then you will report the gross income and then enter all the expenses in the correct categories as you run across them in the interview. 

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