Double amount on 1099k

[bsha6637]

Hi Everyone,

I sold an item for ~1300 and my 1099k says ~2600. I think it might be including a cancelled sale on the buyer’s side. How do I get a corrected 1099k. I only sold 1 item, how do I submit a complaint to the IRS.

thanks,

Ben

[ogaugeminiaturefigures]

Deduct it on your Schedule C

[monica-sells]

same item was sold once and 

cancelled OR refunded?

Then you sold it again....right?

was it refunded to the first buyer?

[nobody*s_perfect]

The 1099-K includes all funds that eBay processed for you. They do not deduct any refunds, credits, and expenses like postage and fees.  If the buyer paid for the item and was then refunded, their payment will be part of your 1099-K total, and then you deduct the refund as an expense on your tax return.

[caldreamer]

1099 is correct,  gross sales transactions gets reported to IRS.   Then you deduct expenses (refunds, EBAY fees, shipping expense, cost of goods sold, mileage, packing materials, office supplies)   Anything used for your business is tax deductible on Schedule C of tax form.     You pay taxes on "net income" (after all deductions).   You must file as "a business" to be able to deduct business expenses.

EBAY has new "easy to read" 1-page report that shows YTD totals for (orders, refunds, EBAY fees, shipping expense).   Go to PAYMENTS, REPORTS (on left-side click on "REPORTS (NEW)".   Enter time period 1/1/2022   12/31/2022.