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Gross Annual Sales
My eBay-posted gross annual sales for 2023 is currently approaching $12,000. However, $9,300 of this is from the listing of a Rolex watch that was not consummated because the eBay authenticator “could not authenticate†the watch, which was then returned to me. The authenticator would not respond to my inquiries concerning the alleged problem. Now, I am concerned my 2013 Form 1099 will reflect the grossly inflated sales figure. How do I get eBay to net out the $9300 sale that did not go through?
3 comments
comics-scifi-collectibles
Mentor2 years ago@bata54 You subtract that from your gross when doing taxes.
I like this report>> Financial overview
https://www.ebay.com/sh/fin/reportslanding
Download it as a PDF. Then I also subtract my cost of items, shipping supplies I have receipts for, and mileage to the post office. Talk to your tax advisor about what you can subtract on a schedule C.
You only pay taxes on the PROFITS.
bata54
OP2 years agoYes, but I would assume a 1099 issued by eBay will be considered more credible by the IRS than my contention that the stated figure is grossly inflated.
rfmtm
Mentor2 years agoThere is a specific place on your tax form to deduct refunds and the financial report from ebay will back this up, if need by the IRS.