Locked
Discussions in this board are limited to the original poster and Community Mentors
Introducing US Credit Notes for Seller Fees and Tax Reversals
I'm not an Accountant but do my own taxes and bookwork.
How do we handle the Credit Notes for Seller Fees, and Tax Reversals.
3 comments
jacbarcollectibles
Mentor8 months agoIt is just a method of officially telling you that a credit was issued for a payment that was made by eBay to you.
So you will have something official to refer to if the IRS ever wants to see proof of income from eBay. In the past they just made the refund to you but it did not get reported against any of your eBay income on a 1099-K. This way if you receive a 1099-K you will have physical proof from eBay that a credit was made against your income. It would be accounted for just like any other expense against your reported income from eBay.
comics-scifi-collectibles
Mentor8 months ago@trustblue127 I just use the financial over view report and it has everything added and subtracted on the report
https://www.ebay.com/mes/report-landing?sh=true select download as a PDF
trustblue127
OP8 months agoThat's basically what I do. But you mentioned that the credit is treated like any other expense. But a credit to your account is not an expense. It's really an "income" . Money back to you.
Do you agree ?