My 1099K includes revenue that I did not receive because I had to refund the purchase price.

Question

How do I get a corrected 1099-K that does not include revenue I did not receive?

comics-scifi-collectibles · Answer

@2014-geldo

I like the financial summary report to help with figuring out my profits that I have to pay taxes on. That is not an error. You subtract expenses from your gross on your schedule C.

https://www.ebay.com/sh/fin/reportslanding Financial overview Download it as a PDF.

You will report the gross and then subtract expenses. I subtract the cost of the item, shipping, returns, fees, mileage to the post office and any supplies that I have the receipts for. You can file a schedule C and it will say what you can deduct. Don't deduct home office without talking to an accountant.

If you receive a 1099K or not depends on your state as some states have lower limits than the federal limit of 20K AND 200 transactions for 2023.

eBay's 1099K announcement: https://community.ebay.com/t5/Announcements/IRS-announces-another-delay-of-the-600-reporting-threshold-for/ba-p/34153125