mam98031 • Volunteer Community Member • Buyer/Seller since 1999
If you review the report, you could answer your own question. There are a few different reports you can run in the Seller Hub. You should take a look at all of them. The detailed report is likely something your CPA will want, however don't make your CPA do all the work as that will be rather expensive.
Take the reports and sort them and clean up the report to be what your CPA needs, instead of just giving them the raw data.
Are you only running summary reports and NOT detailed reports?
Unlikely you'll actually need this figure for your income taxes, but if you do:
Generate a Transaction Report:
https://www.ebay.com/sh/fin/report
Sales Tax collected by eBay will be column Z. (This will be most sellers).
Sales Tax collected by seller will be column Y.
@cambriachick wrote:I am running the summary reports. I know they list the sales tax collected on the monthly reports. I know I can look at each individual sale, but what I want to know is this:
On the year end reports, does eBay include the sale tax collected as part of our gross sales.
If they do, I'll have to report it as an expense to my accountant. If they don't, I can ignore it.
On the detailed reports everything is broken down. Shipping paid through Ebay, FVFs, fixed fees, refunds to buyers, etc.
The 1099K includes all money that came into your MP account. It is NOT your total sales, it is Gross Receipts BEFORE deductions for refunds to buyers, Ebay fees and shipping if done through Ebay.
Have you looked at the policy page for the 1099K? Ebay has policy pages for most everything.
What's included in Form 1099-K
As Form 1099-K is an IRS information return, it includes the gross amount of all reportable payments within a calendar year, based on when funds settle to eBay, not necessarily when funds are received by sellers. This amount does not include any adjustments, for example, credits, discounts, fees, refunds, or any other adjustable amounts. This means that the gross amount on your Form 1099-K may not be the final reportable amount on your tax return. You should consult your tax advisor to determine how best to use the information on your Form 1099-K when filing your personal and/or business income tax return.
If there's an issue with any transaction on your Form 1099-K, you can contact us with the item number and any relevant information about the transaction.
Additionally, Form 1099-K does not include the sales tax when it is automatically collected and remitted by eBay.
https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794
Now an important thing to remember here, Settlement date = Payout date, NOT transaction date.
Use the reports you can find in your Seller Hub.
