??? on Ebay Statements and matching 1099K

[dollydelights2]

I am beginning my 2022 data collection for taxes next year. This is my firat year under their new payments. On my January statement, at the top it says: "Total minus fees $767.55" In the list of deductions their is "no ebay fees" listed, just my shipping fees and refunds back to customers. I assume when ebay generates a 1099k for me at the end of the year, it will be gross. I guess my question to anyone who has had a 2021, 1099K is your gross reported beofre their fees or after? Thatsnk in advance to anyone who can answer this.

[kensgiftshop]

---

@dollydelights2 wrote:

 is your gross reported beofre their fees or after?

---

Before the fee's are taken out.

[monica-sells]

@dollydelights2 

"...just my shipping fees and refunds back to customers..."

Only because you mentioned refunds, the 1099-K Gross amount INCLUDES all sales (which would include refunds) and no sales tax....

As an example: You sold an item for 20.00 + 6.00 shipping + 1.60 Sales Tax (27.60 Total)

The 1099-K amount added to your annual total for this transaction would be 26.00.....

Customer returns for full refund (-26.00)

The 1099-K amount added to your annual total for this transaction would STILL be 26.00.

You need to deduct the refund as a line item (expense) on your tax return for a NET 0.00

There is even a category (Line) for it on Schedule C,  I believe.....

Just clarifying what seems to confuse folks

[dollydelights2]

Thank you for responding. I might not be asking the right ???? Is ebays fees (taken off the top) part of the gross total that will be reported at the end of the year? If is is why are they not listed with everything else?

[stephenmorgan]

---

@dollydelights2 wrote:

Thank you for responding. I might not be asking the right ???? Is ebays fees (taken off the top) part of the gross total that will be reported at the end of the year? If is is why are they not listed with everything else?

---

That is a good question.

If you download your Transaction Report everything is listed for any money received on your behalf and it shows how that money was distributed.    

[monica-sells]

Sorry, I am not completely understanding your question...but

@stephenmorgan  has the best advice for 'dissecting' your numbers

download the reports/open in excel/all the columns are labelled

To answer your direct question, ebay fees are not reported on the 1099 form...all that is on the form are the amount processed on your behalf (gross)

The reports have the totals for all your fees as wellas ebay labels (if you use them for shipping)