Corrected 1099

[1deadmonkey]

How can I get a corrected 1099?

[kensgiftshop]

Whats wrong with the one you received?

[1deadmonkey]

Thanks for responding.

I had an item listed 3 times.

Two of the times it sold and the buyer cancelled the transaction and refunds were given. Ebay sent a 1099 showing all 3 sales instead of one.

[rock.star]

Yes the 1099k will show all monies that went in to you account. You will need to substitute the refunds when you figure your taxes.

[kensgiftshop]

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@1deadmonkey wrote:

Thanks for responding.

I had an item listed 3 times.

Two of the times it sold and the buyer cancelled the transaction and refunds were given. Ebay sent a 1099 showing all 3 sales instead of one.

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Yes, that's correct.

When you file your taxes, the two refunds will be deductions you make.

[mam98031]

You have received some great advice.  The important thing to remember is that a 1099K does NOT report your Gross sales, it ALWAYS reports your Gross Receipts and the two are not the same.

From the number on your 1099K, you need to deduct any refunds, selling fees, shipping you paid via Ebay, etc. to arrive at your Adjusted Gross Sales.  The you subject your product costs and any other costs of sale you had to arrive at your Net sales/income.