Tax information inquiry

[butterflycupcake14]

I was sent a 1099-K by eBay by mistake earlier this year.  I've sold off/on on eBay since 2015, but I am predominately a buyer.  My tax preparer is asking for the following as a result of I guess 2021 being my most profitable year, but still under $2,000.00.  This has never been an issue, so can anyone provide suggestions on the following (as requested by my tax preparer): 

Anything that is normal and reasonable that was used for your ebay sales is deductible.

Mostly I would need the purchases, then the end of the year 12/31/2021 inventory.

I am not sure if you keep the stocks yourself or ebay but if ebay does you can reach out to them to get the end of year inventory.  As for the purchase if you can find receipts or bank/card statement if purchases was done that way.

I will be speaking with her next week, but if anyone has a way to advise how I can address this without shortchanging myself, I welcome it.

Thank you kindly.

[ferncliff-39 · Accepted solution]

@butterflycupcake14 

eBay won't keep any 'inventory' records, that's something you would need to keep track of.

You can run reports and print off statements/invoices from your Seller Hub.

Go to this link and click through the tabs - Reports/Statements/Invoices to see what might be helpful -

https://www.ebay.com/sh/fin/report

On the left side of that same screen, click on "Taxes" to get to the 1099K and there is a report you can look at there as well.

For purchases on eBay you can look through your Purchase History and/or run a report from your Account > Personal Info > Request your eBay data

https://accountsettings.ebay.com/uas

[butterflycupcake14]

Thank you so much for your reply.  I was having a health issue, but I will utilize your feedback now.  Have a great day/week.

😊