end of year statement

[elilog]

does ebay report total money received to the IRS for income purposes? If so, are the ebay fees subtracted from that amount, and does ebay mail out end of year income information?

[comics-scifi-collectibles]

@elilog   

If you qualify for a 1099K eBay will issue one by Jan 31st.   You can access it from Seller Hub>  

https://www.ebay.com/sh/fin/taxforms 

 I like the financial summary report to help with figuring out my profits that I have to pay taxes on.  You still pay taxes on the PROFITS even if you don't receive a 1099K  

https://www.ebay.com/sh/fin/reportslanding   Financial overview Download it as a PDF.

You will report the gross and then subtract expenses. I subtract the cost of the item, shipping, returns, fees, mileage to the post office and any supplies that I have the receipts for. Talk to your accountant for advice on what you are allowed to write off as an expense.

If you receive a 1099K or not depends on your state as some states have lower limits than the federal limit of 20K AND 200 transactions for 2023.