1099-K questions

[califdreamin2004]

What should I do my 1099-k Gross amount doesn't match my Ebay gross amount?

[slippinjimmy]

By how much?

Ebay gross amount

Which eBay gross amount? There are a few different reports which may give different results.

[califdreamin2004]

Actually I wasn't looking at it correctly but it does match with ebay sales.  Where the confusion comes in is I also have Bonanza sells and they didn't send me a 1099k because the sells were under $2500.00. So I am assuming I will add the Bonanza sales to the ebay sales even though I didn't get the 1099k for it.  Is this the way to do it?  Any answers will be appreciated.  

[slippinjimmy]

Yes, the Gross Revenue on Schedule C would be the total of the eBay sales, Bonanza or any other sales.

[luckythewinner]

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@califdreamin2004 wrote:

Actually I wasn't looking at it correctly but it does match with ebay sales.  Where the confusion comes in is I also have Bonanza sells and they didn't send me a 1099k because the sells were under $2500.00. So I am assuming I will add the Bonanza sales to the ebay sales even though I didn't get the 1099k for it.  Is this the way to do it?  Any answers will be appreciated.  

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Yes, because by law all income needs to be reported.

But the most shocking information I saw in your post was this: "I also have Bonanza sells." I had my 50 top selling eBay items on that site for three years only got a handful of sales 🤣

[caldreamer]

IRS requires that you report amount shown on 1099.   1099 includes "gross income" (purchase price + shipping) plus items that were refunded or cancelled.   When you file as a "business owner" you deduct all these expenses.

EBAY also has a "easy to read" 1-page report that shows YTD totals for (orders, refunds, EBAY fees, shipping expense).   This is very helpful when filing your taxes.   Go to PAYMENTS, REPORT (select LAST YEAR).

GROSS INCOME

-Refunds

-EBAY fees

-Shipping expense

-Other expense (cost of goods, mileage, packing supplies, office supplies)

NET TAXABLE INCOME

[califdreamin2004]

Thanks for the information!  

[califdreamin2004]

Thanks for the reply.  Yes, Bonanza was slow for my sells too.