As Form 1099-K is an IRS information return, it includes the gross amount of all reportable payment transactions 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.
It is the gross total, including shipping, returns, etc. On your Schedule C, you then list your deductions to get the net. This is the amount you pay taxes on.
It is the gross total, including shipping, returns, etc. On your Schedule C, you then list your deductions to get the net. This is the amount you pay taxes on.
@evry1nositswindy Just an FYI from the eBay Help pages on 1099Ks
What's included in Form 1099-K
As Form 1099-K is an IRS information return, it includes the gross amount of all reportable payment transactions 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.
mr_lincoln
Mentor3 years agoHi @rlehman888
Here you go from the eBay Help pages:
What's included in Form 1099-K
As Form 1099-K is an IRS information return, it includes the gross amount of all reportable payment transactions 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.
evry1nositswindy
Mentor3 years agoIt is the gross total, including shipping, returns, etc. On your Schedule C, you then list your deductions to get the net. This is the amount you pay taxes on.
mr_lincoln
Mentor3 years ago@evry1nositswindy Just an FYI from the eBay Help pages on 1099Ks
What's included in Form 1099-K
As Form 1099-K is an IRS information return, it includes the gross amount of all reportable payment transactions 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.