Taxes

Bassmaster96

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Alright, so on this new seller hub, I thought eBay was supposed to send a form showing total shipping expenses and total eBay fees and all of that. Did I dream that? Is there an easy way to do it? Because I thought the point of this was to make tax season easier than it used to be. All I got so far was the 1099 showing the gross payments.
 

eman1000

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Alright, so on this new seller hub, I thought eBay was supposed to send a form showing total shipping expenses and total eBay fees and all of that. Did I dream that? Is there an easy way to do it? Because I thought the point of this was to make tax season easier than it used to be. All I got so far was the 1099 showing the gross payments.
You go to Payments - Then all transactions it breaks down what you sold it for, fee's and your net profit. Then if you also buy a label it will usually be listed right above the item. I'm new this year and so far only selling 1 or maybe 2 items a day so its not too confusing but I would think if I sold 20 in one day I would need to be on top of it. I am keeping a separate spreadsheet to show my actual gross profit since ebay has no idea what I purchased the item for and what I spent on packaging materials. I haven't started tracking mileage yet either but that is next.
 
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Bassmaster96

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You go to Payments - Then all transactions it breaks down what you sold it for, fee's and your net profit. Then if you also buy a label it will usually be listed right above the item. I'm new this year and so far only selling 1 or maybe 2 items a day so its not too confusing but I would think if I sold 20 in one day I would need to be on top of it. I am keeping a separate spreadsheet to show my actual gross profit since ebay has no idea what I purchased the item for and what I spent on packaging materials. I haven't started tracking mileage yet either but that is next.
Yeah I guess I'll just have to do it from the month to month invoices. My volume makes it pretty annoying haha. I wish that they would provide a simple sheet that shows what you technically make per item. They already subtract fees from the purchase price what is nice but they need to link the shipping label to the item as well and then provide a simple report with total fees and total shipping at the end of each month or year. Also, then 1099, is the total with sales tax added or has it already been subtracted?
 

Armstrong

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I sold one thing on ebay and refunded it and it counted as part of the gross payments on the 1099, which was mostly from a sales on a different app. Thats why its bogus to need a full time book keeper just to sell a few items. Luckily I keep track of my numbers, price and dates, but don't have the volume others might.
 

flinthunter

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I sold one thing on ebay and refunded it and it counted as part of the gross payments on the 1099, which was mostly from a sales on a different app. Thats why its bogus to need a full time book keeper just to sell a few items. Luckily I keep track of my numbers, price and dates, but don't have the volume others might.
Yes, it counts as income on your 1099. When you do your taxes, you count the refund as an expense, so it cancels out the original income.
 

smokeythecat

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I stopped selling everything about a year ago, so no 1099. My accountant said if I got one I'd have to do a federal Schedule C for a business and and SE. The cost for doing that from the accountant's point of view would be too expensive, HE is very expensive, so I have kept what is left or gave stuff to my kids. And in some cases Goodwill. Like the snake boots. They were never worn.
 
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Bassmaster96

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I did not get any 1099 from ebay
Well if you sell get ready for it for the 2022 tax year because the new cutoff is $600 in sales to receive one
 

dougachim

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I gave up on selling on ebay long ago. I sell out of my house and thinking about doing some of the old west/antique/gun shows that are close. Cash or paypal only. I have been thinking about posting a bunch of stuff here but I want to sell it all together and not have a bunch of boxes to mail out.
 

flinthunter

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I gave up on selling on ebay long ago. I sell out of my house and thinking about doing some of the old west/antique/gun shows that are close. Cash or paypal only. I have been thinking about posting a bunch of stuff here but I want to sell it all together and not have a bunch of boxes to mail out.
PayPal will also send a 1099 if you reach $600 in deposits. That is only on payments through "goods and services". There is no 1099 for payments through "friends and family".
 

bc5391

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Well if you sell get ready for it for the 2022 tax year because the new cutoff is $600 in sales to receive one
sold about $4k last year, already this year about $2k
I built my shop in 2002, sales on ebay paid for everything
 
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Bassmaster96

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cash is King, I like craigslist. I have bought and sold RV's ATV's, cars, anything with wheels and tools
It is. I just think it's ridiculous you can't use any cash purchases without a receipt to write off as an expense. I mean like I'm going to ask for a receipt at a yard sale or whatever.
 

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