1099k

[leslirathbu0]

I sold over 300 items on ebay last year.not for much profit. Do I have to itemize each item on IRS forms

[chapeau-noir]

How to file with the 1099k

You don't have to break out each item.

[kensgiftshop]

You need your total gross income amount and your total expense amount.

[slippinjimmy]

No you do not, same for expenses, those you need to broken down by expense Type but not the individual expenses.

You do need to keep detailed records to back up what you reported in case of an audit.

[tarotfindsandmore]

Itemize each sale? No.  You file using your total eBay income (found on the 1099-K), less cost of goods and any deductions you may have (fees, shipping supplies, office space, equipment, mileage, etc.).  Just fill in the boxes on your 1040 the same way you would with a W-2. 

You might want to consider using H&R Block or a similar service to keep things simple for yourself.  If you use their online service, all you have to do is follow the prompts.  The system will keep kicking back your return until it's filled out correctly.

[mam98031]

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@leslirathbu0 wrote:

I sold over 300 items on ebay last year.not for much profit. Do I have to itemize each item on IRS forms

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With or without on line sales, Federal income tax forms do not require this.  You report various numbers in summary but make sure you have the proper information saved to support these numbers.

https://community.ebay.com/t5/Announcements/eBay-and-TaxAct-partner-to-help-you-navigate-new-Form-10...

https://www.irs.gov/faqs/small-business-self-employed-other-business/income-expenses/income-expenses

https://www.irs.gov/businesses/gig-economy-tax-center

https://pages.ebay.com/seller-center/service-and-payments/2022-changes-to-ebay-and-your-1099-k.html

https://www.irs.gov/pub/taxpros/fs-2022-41.pdf

https://www.kiplinger.com/taxes/irs-free-file

[12345jamesstamps]

I am doing my taxes with H & R Block tonight.

You have your 1099k...there's gross...look at 'Report' Financial Overview :

Gross...Refunds...Expenses(eBay)...and then you have net...

Then you have deductions :

eBay monthly fee?

Internet ? or iPhone camera usage? or just iPhone monthly charge?

Supplies?

Postage?

Anything bought and sold in 2024 in eBay?

Receipts are your best friends of course...

[nobody*s_perfect]

Take a look at IRS Schedule C and its instructions.  When you fill out Schedule C, there is one entry for total payments, one entry for all of the postage you purchased, etc. There is no itemization.

[stephenmorgan]

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@leslirathbu0 wrote:

I sold over 300 items on ebay last year.not for much profit. Do I have to itemize each item on IRS forms

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If you sold personal items (capital assets) take a look at IRS Form 8949 and 1099k entries.

https://www.irs.gov/instructions/i8949

Individuals.

Individuals use Form 8949 to report the following.

The sale or exchange of a capital asset reported on a Form 1099-K.

Sample 8949 Entries

[luckythewinner]

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@leslirathbu0 wrote:

I sold over 300 items on ebay last year.not for much profit. Do I have to itemize each item on IRS forms

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You do not need to itemize your sales on any tax form. 

On Schedule C you put totals for gross income, returns, eBay fees, office expenses (incl. shipping), supplies, and cost of good sold. 

But you do need documentation to back up your numbers if you are audited.