Transaction 7 sales for 2003

[aggasa]

I know we are waiting for word from the IRS regarding the $600 limit that will hopefully be changed back to $20,000 selling limit without our filing a 1099 form. Currently my seller hub states "$17,228.14 of sales so far this year".  Is this the amount that eBay uses to determine if they send me the 1099? Or are fees etc. deducted from that amount? Anyway if the IRS stays with the $600 my questions are mute, but if the $20,000 limit is reinstated I need to know where I am this year as far as selling up to the limit.

Thanks for the help in advance.

Andy

[glorybells]

Even if they don’t send a 1099, you still need to count those sales as income when you file your taxes.

[kensgiftshop]

It doesn't matter if it's $600 or $20,000, you still have to report your income, that hasn't changed.

[aggasa]

Thanks.

I always report my eBay income, but the 1099 form is a whole other thing as far as documentation.

[aggasa]

Thanks.

I always report my eBay income, but the 1099 form is a whole other thing as far as documentation.

[disneyshopper]

The 1099-K is the total of payments from your buyers.  When you file your taxes, you deduct any cancellations and refunds, shipping costs, packaging supplies, etc. on your Schedule C.