I am making copies of my PP transactions while they are alive on the site and saving them in Excel format for easy searching. I am also keeping a notebook to describe the transactions and putting those transactions in with my tax files as they occur. Also, I put all my emails from Paypal or purchases for audio gear in a folder called 2 Channel as a triangulation set of data, especially purchases. Say, when you buy a piece from a dealer and you get a receipt, then you compare that to your Paypal sale as a loss down the road. So, in essence, this is making us have business records.
Paypal Changes for 2022
If I understand this correctly, Paypal, along with all on-line payment sources like Venmo, etc. will now be sending out 1099 forms for all payments totaling $600 you receive in 2022 for goods or services. The only way around this is to use Paypal friends and family for payment which eliminates any buyer protections. Is everyone aware of this?