My question is, how much money do I actually keep from my sales?
Hi everyone, I'm checking how much money I made this year. eBay says:
Order proceeds
$16,843.89
Item subtotal
$13,373.06
Discount
$0.00
Seller collected tax
$0.00
Shipping and handling
$3,470.83
Refunds
-$333.93
Gross refunds
-$333.93
Expenses
-$7,650.52
Fees
-$3,572.17
Net transfers
-$8,887.61
Charges
$131.90
Payouts
-$9,019.51
My question is, how much money do I actually keep from my sales?
thank you
2 comments
caldreamer
·7 months agoPayout amount is $9,019.51 (this is net amount that was deposited into your bank account). This has nothing to do with IRS income tax reporting.
EBAY has "easy to read" 1-page report that shows YTD totals for (orders, refunds, EBAY fees, shipping expense). Go to PAYMENTS, REPORTS (click LAST YEAR). This will be very helpful when you file your "income taxes".
IRS requires that you report "gross amount" (as shown on 1099 or EBAY report) and then you can deduct your "business expenses". You only pay "income taxes" on the net amount after all deductions.
ORDERS (this is amount you report to IRS)
-Refunds
-EBAY fees
-Shipping expense
-Other expense (cost of goods, mileage, packing materials, office supplies)
NET TAXABLE INCOME
luckythewinner
·7 months agoThe net total deposited in your account was $8,887.61 (this is $9,019.51 - $131.90).
But we have no idea if you spent any of your funds on eBay before they were paid out.
And we have no idea what expenses you incurred outside eBay.