eBay/Amazon 1099 form deductions?

[NWpickin]

Hey everyone... Has anyone has received a 1099 form eBay/Amazon?

After selling online for 3 years I finally went over the $20k mark..... Is anyone familiar with the 1099/taxes?

I'm wondering what deductions I can claim... Shipping, eBay/Amazon fees, etc?

I used PayPal for most of my transactions and have the records on file.

Any suggestions/tips would be greatly appreciated.

 

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[mjlalt]

Just like any business
mileage (keep a log with mileage and purpose of trip )
cost of goods (what you buy to resell)
office supplies (ink paper etc)
Home office expense ( if you dedicate a portion of your home to business)
Shipping expenses
equipment (computer, printer, scale , etc)

Just be sure to keep excellent records in case of an audit.

 

[buzzhead]

20k total? Or 20k in a year? I was always under the impression the total had to be over 20k a year to trigger the 1099

 

[mugsisme]

20k total? Or 20k in a year? I was always under the impression the total had to be over 20k a year to trigger the 1099

I think he means that this past year he sold over 20K. It's the first time in his three years of selling.

 

[CladiatorMax]

Congrats on the 20K! Find out which friend is a closeted CPA lol (we all learn of one eventually). Worth looking into. Thanks for sharing.

 

[dieselram94]

Congratulations on 20k! Good you kept records, hopefully you set aside some money to pay the taxes with. It could end up being a fair amount of money due...


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