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The 1099-K form
The 1099-K form sent by E-Bay does not relect an item I returned to the buyer and gave a total refund. How do I get a corrected 1099-K form from E-Bay?
2 comments
jacbarcollectibles
Mentor1 year agoYou do not get a corrected form. IRS rules for a 1099-K are that it is a gross amount of the payments taken in for you. Any deductions are taken when filing your Schedule C with your tax return. So you would show the refund on this schedule when you file your taxes.
golfingaddict
Mentor1 year agoYou need to account for the refund on your tax return.
The 1099-K is for the funds you received. Any expenses, refunds, fees etc need to be accounted for on hte tax form, usually schedule C.
Your 1099-K is correct.