My 1099 was off by the amounts I refunded

Question

Has anyone else noticed this? I keep accurate records.

monroe67 · Answer

The Form 1099-K issued by eBay will include any refunds which you, the seller, paid back to your buyer(s) after eBay transferred your payout amounts into your checking account. The dollar amount of "gross payments processed" by eBay (referenced by "rfmtm" in Message 3 of 5 above) includes money which you, the seller, refunded after eBay processed the gross payments. As "evry1nositswindy" stated in Message 4 of 5, above, you may " deduct your refunds on line 2 on your Schedule C."

evry1nositswindy · Answer

You deduct your refunds on line 2 on your Schedule C

rfmtm · Answer

The 1099 is gross payments processed. The only thing not included is sales tax collected by ebay. All deductions such as refunds you deduct on your tax return.

golfingaddict · Answer

You need to speak with a tax professional to sort this out.

The 1099-K is correct.

How you report those refunds on your return would be best advice by a tax professional.

Your 1099-K is correct. It is total amount.