Paypal/EBay yearly totals

[Bassmaster96]

I found the way to see every transaction that I've had for a month or that I've had for a certain time frame, but I can't figure out how to see a total. Is there a way to just find the totals that I spent on shipping, total payments that I have paid and received for the year etc.? I'm trying to get a jump on taxes without the 1099 form. Any tips? What do you guys do?

 

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[Diver_Down]

Taxes?

 

[smokeythecat]

Absolutely taxes. If your Ebay sales reach a certain amount Ebay sends the IRS and you a 1099. THEN you better have the costs of the items sold available and fill the appropriate paperwork or you'll have to pay full income tax on the full amount of the 1099.

And any one transaction of $10,000 or more from any source anywhere gets reported to the feds automatically.

 

[Diver_Down]

Absolutely taxes. If your Ebay sales reach a certain amount Ebay sends the IRS and you a 1099. THEN you better have the costs of the items sold available and fill the appropriate paperwork or you'll have to pay full income tax on the full amount of the 1099.

And any one transaction of $10,000 or more from any source anywhere gets reported to the feds automatically.

I know the limits. I don't worry about taxes. I haven't paid taxes in over 13 years.

 

[smokeythecat]

I pay your share then. Fortunately, when I sell on Ebay I almost never get all my money back. Too bad as a hobby I can't take a deduction.

 

[Bassmaster96]

For anyone wondering, I found out that if you go to seller dashboard on eBay and scroll to the bottom, it gives you a monthly breakdown and 12 month total now as well as your total for the time you've been on eBay.

 

[trdhrdr007]

For anyone wondering, I found out that if you go to seller dashboard on eBay and scroll to the bottom, it gives you a monthly breakdown and 12 month total now as well as your total for the time you've been on eBay.

Does it also include numbers for PayPal fees? How do you handle your inventory? With managed payments becoming mandatory I'm going to have to find a new way of doing things. I've been using my PayPal monthly statements to get costs & keep track of inventory. That takes me 2-3 hours a month.

 

[trdhrdr007]

I know the limits. I don't worry about taxes. I haven't paid taxes in over 13 years.

If you choose to do that you shouldn't mention it on an open forum....

 

[Diver_Down]

If you choose to do that you shouldn't mention it on an open forum....

Hopefully the G-Men's reading comprehension is better than TNet's members. As a disabled veteran, I pay no taxes. I'm still allowed to make money beyond my disability payments. I know the limits. I have my taxes filed professionally every year. I still haven't paid taxes in over 13 years.

 

[Bassmaster96]

Does it also include numbers for PayPal fees? How do you handle your inventory? With managed payments becoming mandatory I'm going to have to find a new way of doing things. I've been using my PayPal monthly statements to get costs & keep track of inventory. That takes me 2-3 hours a month.

Not that I've found yet, but I think I saw something in some managed payments info that says they're going to do a similar thing. I still don't like the sounds of it though.

 

[cyberdan]

For anyone wondering, I found out that if you go to seller dashboard on eBay and scroll to the bottom, it gives you a monthly breakdown and 12 month total now as well as your total for the time you've been on eBay.

I found that somewhere once but can not find it again. I do not see any page labeled DASHBOARD. Is it really called MY EBAY or SELLER HUB?

I keep track of all sales in a spreadsheet. I print out every sale along with the sheet that shows what I pay for postage. On the sales sheet I stick a label that I print out. On that label are 9 lines. After the : is what I write in. Here is a recent sale on some driftwood I found.

Item Cost: 0
Ebay Fee: 1.90
Ship Fee: 1.29
Paypal Fee: 1.57
USPS Cost: 7.75
Tax: collected ebay
Total: 31.90
Profit: 19.39
Loss:

At the end of the year I enter everything in my spreadsheet and download the paypal spreadsheet and compare the two. They usually match pretty well.

 

[cyberdan]

but I think I saw something in some managed payments

what are managed payments and who is going to do this?

 

[smokeythecat]

What's a profit? I use Ebay to get rid of "mistakes" and household junk. I occasionally buy something that I then think "what did I get that for". This year I got N95 masks and Clorox wipes off Ebay.

 

[Bassmaster96]

what are managed payments and who is going to do this?

EBay is going to mandate them. Basically instead of Paypal, eBay makes you add a bank account and uses that for all of your transaction. If you haven't got the notice yet, be glad. I'm not looking forward to it.

 

[Diver_Down]

Bassmaster, you mentioned the summaries above. Take note that the monthly breakdown is a running 12 month total. If you are breaking down 2020 sales, you have drop the Aug-Dec 2019 summaries. The grand total doesn't really have much merit other than for some trivia. For my specific case, knowing what I sold for the past 20 years is just a trivia footnote.

Also, the 1099 is triggered when you exceed $20K AND 200 transactions. eBay doesn't consider a business activity requiring declaration of someone selling 500 transactions of $1.99 sales. Likewise, they also don't consider one a business if you have 10 transactions exceeding $20K.

 

[trdhrdr007]

Hopefully the G-Men's reading comprehension is better than TNet's members. As a disabled veteran, I pay no taxes. I'm still allowed to make money beyond my disability payments. I know the limits. I have my taxes filed professionally every year. I still haven't paid taxes in over 13 years.

Nothing wrong with my reading comprehension. You made 3 declarative statements in your original post. You know the limits, you don't worry about taxes, & you haven't paid taxes in over 13 years. Nothing there about filing taxes, disability, or tax status. Maybe I should have asked for more information before I came to a conclusion.