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Verifying 1099k IRS to ebay
Verify IRS 1099k matches eBay seller report
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Discussions in this board are limited to the original poster and Community Mentors
Verify IRS 1099k matches eBay seller report
wooden_flower
Mentor1 year ago@hawaii5013
You are very welcome 🙂
wooden_flower
Mentor1 year ago@hawaii5013
There are many seller reports, each includes or excludes different transactions, like refunds or cancelled transactions.
There is 1099k detail report under the taxes tab here - https://www.ebay.com/sh/fin/taxdetails
The financial overview is also a good report - the pdf is totals, the csv is details - https://www.ebay.com/sh/fin/reportslanding
hawaii5013
OP1 year agoThank you so much. For the first time I received a 1099k for $9510 for 2024. I had no idea that I had met the threshold for a 1099k. I sell a couple of things per month on eBay for a little extra cash. I am retired but can't claim any retirement benefits from CSEA because of age limit. So eBay has been the only way to barely cover my bills. I have been searching all day on IRS site, just to find out how to report 1099k. Do you have any info if I can just do a 8949 capital gains and losses?
One more question is that my eBay account is in my name but my boyfriend is partnered with me and gets half the sales proceeds. I would have added him to my account but I would have lost my great seller point system. Is there any easy way to add him as half recipient to sales along with expenses to acquire merchandise to sell?
Thank you so much for your quick response to my questions.
wooden_flower
Mentor1 year ago@hawaii5013
You can use the 8949 - gains are taxable, losses are not deductible. You only use this form if you made a profit.
If you are selling personal items, and did not make a profit, then you can record the 1099k on schedule 1 as misc income, then deduct the same amount as misc reduction to income, also on schedule 1. So the first thing to do is to figure out your cost of the items you sold.
If you are buying items to sell, you would use schedule C to report a gain or a loss.
The IRS has guides on preparing all of the forms.
You cannot add your partner to your eBay account as part owner. You could set up a legal partnership, then change your account to a business account, but that might be more work than it is worth. Unless the reporting level gets changed again, the 2025 threshold is $2,500, 2026 then drops to $600.
hawaii5013
OP1 year agoThank you so much for your explanations. It's difficult trying to find any answers to my concerns! â¤ï¸â¤ï¸