eBay

fonewearl63 · ‎04-02-2023

I always have to figure out then forget to take notes on how I did and have to re-figure everything out every year it seems like as far as doing my income taxes on ebay sales.

Do we have any general help anywhere at least on some of the stuff that would be the same for every seller on ebay? In particular how to...

1 - find out the total spent on ebay shipping labels in a year.

2 - total gross paid to me as a seller on ebay over the year.

3 - total sales tax collected by ebay on my sales over the year.

4 - total ebay fees paid over the year.

TIA to anyone that can point me in the right direction or help.

monica-sells · ‎04-02-2023

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

IMHO this is the best report....

there are a multitude of choices...this seems to be the 'easiest' and most thorough

to get sales tax, you will need to download a detailed .csv (i think)

...as a side note...why would you need that?

fonewearl63 · ‎04-02-2023

Thanks so far since I've posted this I've figured out how to get all of the info for what I've paid in fees to ebay - the page didn't look the same as the link you sent but it is the same stuff stuff. Under Financial documents - then with the Tax invoices deal I downloaded every month and just added up the number.

I need it for my income taxes

Gross (Gross Minus Sales Tax) = 0

eBay Total (Gross Paid To Me On Ebay Including Sales Tax) = 0

This is what I did to separate gross paid to me vs gross paid to me minus the sales tax the buyers paid.

caldreamer · ‎04-02-2023

EBAY has easy to read 1-page report that shows YTD totals for (orders (gross sales), refunds, EBAY fees, shipping expense). Go to Payments, Reports, REPORTS (NEW). You must report "gross sales" amount on income tax form and deduct expenses on Schedule C.

You need to keep track of other expenses (costs of goods sold, mileage, packing materials, office supplies, etc). Anything related to your business is tax deductible. Be sure to save all your receipts.

You also need to keep inventory lists showing "cost of goods" for all items you added or sold on EBAY. Assign inventory# to all your items and when it sells you deduct "cost of goods" from your inventory sheet.

Every year you need to report:

BEGINNING INVENTORY Jan 1, 2022 (use Ending Inventory from 12/31/2021 prior year's tax return)

+ INVENTORY ADDED

- INVENTORY SOLD

= ENDING INVENTORY ON HAND Dec 31, 2022

Sales Tax has nothing to do with filing your Federal Income Tax return. Also because Sales Tax did not go to you (so you don't need to know amount). Of course, your State may still require you to file State Sales Tax Return (just show EBAY as facilitator that collected "sales tax on your behalf). You owe ZERO dollars for sales tax.

dbfolks166mt · ‎04-02-2023

EBAY has easy to read 1-page report that shows YTD totals for (orders (gross sales), refunds, EBAY fees, shipping expense). Go to Payments, Reports, REPORTS (NEW). You must report "gross sales" amount on income tax form and deduct expenses on Schedule C.

You need to keep track of other expenses (costs of goods sold, mileage, packing materials, office supplies, etc). Anything related to your business is tax deductible. Be sure to save all your receipts.

You also need to keep inventory lists showing "cost of goods" for all items you added or sold on EBAY. Assign inventory# to all your items and when it sells you deduct "cost of goods" from your inventory sheet. This may or may not be true it is 100% dependent on the type of accounting you use and declare on your schedule C.

Every year you need to report:

BEGINNING INVENTORY Jan 1, 2022 (use Ending Inventory from 12/31/2021 prior year's tax return)

+ INVENTORY ADDED

- INVENTORY SOLD

= ENDING INVENTORY ON HAND Dec 31, 2022

You may or may not have to report inventory on your taxes it depends on the size of your business. Most eBay sellers probably qualify for the inventory exception. If you don't have to keep an inventory don't, it is a cumbersome process.

https://www.irs.gov/publications/p334

Sales Tax has nothing to do with filing your Federal Income Tax return. Also because Sales Tax did not go to you (so you don't need to know amount). Of course, your State may still require you to file State Sales Tax Return (just show EBAY as facilitator that collected "sales tax on your behalf). You owe ZERO dollars for sales tax.