Kinda OT: PayPal 1099-K - it’s a doozy!

[NYCfixie]

Lot of good info here:
IRS - General FAQs on Payment Card and Third Party Network Transactions


Do payment settlement entities adjust the "gross amount" to account for fees, refunds, charge-backs or other costs and refunded amounts?
No. The "gross amount" is the total unadjusted dollar amount of the payment transactions for a participating payee. This amount is not to be adjusted to account for any fees, refunds, or any other amounts.


I occasionally sell items on an Internet auction site and accept payment cards. How do the payment settlement entity reporting rules affect me?
If you accept payment cards as a form of payment, you will receive a Form 1099-K for the gross amount of proceeds for the goods or services purchased from you through the use of a payment card in a calendar year. Further, if you accept payments from a third party settlement organization, you should receive a Form 1099-K from that organization only if:

The total number of your transactions exceeds 200
AND The aggregate value exceeds $20,000 in a calendar year.


What do I do with the information on Form 1099-K?
The Form 1099-K is an information return. Use this information return in conjunction with your other tax records to determine your correct tax. To get further information on record keeping, check out Publication 552, for individuals or Publication 583, Starting a Business and Keeping Record.