Are You Kidding Me? Re-check your 1099's!

[pls-consignments]

Now that my taxes have already been filed, this happens. Anybody else get this email?  "Dear Seller, We have recently made corrections to the calculation of gross amounts reported on your 2023 1099-K to remove transactions associated with orders that were unfulfilled, never created, or canceled at the request of you or a buyer. You may view your corrected 1099-K in the Payments Section of MyeBay or Seller Hub.   For any questions, please contact us.

The eBay team"

[dhbookds]

Didn't get that one.............but have received "corrections" on interest/dividend 1099's from other companies.....

[slippinjimmy]

This confirms what I have always stated....Never use the 1099K number to do your taxes, run the detailed Transaction report where every in/out transaction (sales, refunds, cancellations etc) is detailed.

[toomuchstuffagain35]

The ONLY way a cancelled transaction should NOT appear on the 1099K is if the buyer never paid.

I don't understand what they mean by 'unfulfilled' or 'never created' though.

[pls-consignments]

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@toomuchstuffagain35 wrote:

The ONLY way a cancelled transaction should NOT appear on the 1099K is if the buyer never paid.

I don't understand what they mean by 'unfulfilled' or 'never created' though.

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Yeah, if anyone knows what that means, please explain.

[gurlcat]

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@slippinjimmy wrote:

This confirms what I have always stated....Never use the 1099K number to do your taxes, run the detailed Transaction report where every in/out transaction (sales, refunds, cancellations etc) is detailed.

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Ha I thought I was the only one who did that.  Once Christmas has drained my funds (and no I don't sell in categories that do extra well in Q4, if anything it's the opposite) .... I am mighty desperate for my refund and don't want to wait for the 1099 to be ready.  All my transactions are done and viewable January 1st, so I don't wait much longer than that to get to work on my return.  

[buyselljack2016]

I dread the day that the IRS gets a 1099-K

I do just fine using the #'s on the eBay reports.

See post # 12

[gurlcat]

I thought eBay did also send a copy to the IRS.  

[anjofak]

We use quick books and H&R block..

And keep them up dated pretty much weekly .

[a_c_green]

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@gurlcat wrote:

I thought eBay did also send a copy to the IRS.  

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Well, yes and no... The 1099-K is telling you the numbers that were reported to the IRS. They don't actually send 1099-Ks themselves to the IRS; that form exists just for their report to you, and you don't have to send it in.

The IRS does receive the data (electronically, no doubt) that's shown on that form.

[powell-memorabilia]

Everything should tie back to payouts - revenue,  - fees, - shipping labels, - returns and refunds, - net held funds (awaiting payment) is your eBay income before deducting other expenses.

[buyselljack2016]

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@gurlcat wrote:

I thought eBay did also send a copy to the IRS.  

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To clarify:

I dread the day "when I qualify" for 1099-K data to be transmitted to the IRS.

I do just fine using the #'s on the eBay reports.

[vintagecraze50]

So does that mean I owe less taxes because those cancelled ones were counting as sales when they were not?

[vintagecraze50]

Ok, we use an online bookeeping service that keeps records of every thing. Sales, Costs of good, shipping labels, ebay fee etc etc. Is this going to be correct, but then not jive with the 1099.

[vintagecraze50]

I guess that’s not a problem for those of us who have not filled the taxes yet as you can print out the revised one. But for you not accurate.