Ebay sales total after Paypal

[bubbapeaandme8178]

Question, are Ebay sellers going to receive an income statement (1099) for sales after Paypal? My account says "No Tax Statement " as I didn't meet the requirements (200 transactions & $20,000.00 in total sales). I need to report these earnings and could use a total from Ebay.   bubba

[caldreamer]

Any sales you made before you switched to MANAGED PAYMENTS would be available in your PAY PAL reports.

Money made after you switched to MANAGED PAYMENTS would available in PAYMENTS, REPORTS (enter dates and download report).    Report gives you detailed breakdown of sales & EBAY fees.   

[luckythewinner · Accepted solution]

1099-Ks report money received by a taxpayer for a payment processor.

If you meet the threshold for a 1099-K for money received under your tax ID by PayPal, then PayPal will issue a 1099-K.

If you meet the threshold for a 1099-K for money received under your tax ID by Managed Payments, then Managed Payments will issue a 1099-K.

If you do not receive a 1099-K from Managed Payments, you will need to run transaction report(s) and calculate the number yourself.

[grasscarp]

Not all sellers meet the 200 / $20,000 requirement but will still get a 1099. Some states have a much lower requirements.

If you’re a managed payments seller, you may receive a Form 1099-K from eBay, depending on the totals of your sales and transactions. This is to help you comply with your tax obligations.

Form 1099-K is an IRS information return that includes the gross amount of all payment transactions you received within a calendar year. The purpose of the form is to help improve voluntary tax compliance. We'll provide you with Form 1099-K by January 31st each year if you're a managed payments seller who has received payments above the minimum IRS reporting thresholds in the previous calendar year:

• You received more than $20,000 in gross payments, and
• You had more than 200 payment transactions

Some states have minimum reporting thresholds lower than those outlined above. We'll provide managed payments sellers in the following states with Form 1099-K by January 31st each year if you have received payments above the following thresholds in the previous calendar year:

• Arkansas - $2,500 in gross payments with no threshold on the number of transactions
• District of Columbia - $600 in gross payments with no threshold on the number of transactions
• Illinois - $1,000 in gross payments and a minimum of 4 transactions
• Maryland - $600 in gross payments with no threshold on the number of transactions
• Massachusetts - $600 in gross payments with no threshold on the number of transactions
• Mississippi - $600 in gross payments with no threshold on the number of transactions
• New Jersey - $1,000 in gross payments with no threshold on the number of transactions
• Virginia - $600 in gross payments with no threshold on the number of transactions
• Vermont - $600 in gross payments with no threshold on the number of transactions

You can download Form 1099-K in Seller Hub and My eBay. It will show payments received since you became a managed payments seller, and includes the gross amount and number of payment transactions, your name, address, and Tax ID. This information will also be reported to the IRS and the correct state tax authority, where applicable.

 Also get your  eBay "sales report". You can only see 3 months at a time. It will have total sales, taxes, shipping, fees. Run 4 quarterly reports and add them up for an annual amount. These reports will not include refunds. 

[bubbapeaandme8178]

Hello, Yes, I received a 1099K From Paypal just like the last 15 years,  that's fine no problem, Here's what I would like to have, a report of my sales since Managed Payments began. When I goto "REPORTS" and put the dates in  (Aug 14 2020 - Dec 31 2020) and click on "DOWN LOAD" I get this awful looking mess of numbers that make no sense at all. What do these Ebay people expect a non tech person to see???  I want to see: #1 Totals Sales,  #2 A Total for Ebay Fees and #3 a Total Shipping Amount for the transactions from the dates entered and if possible a Sales Tax amount. I have all this information as I record every sale with the item amount, the shipping amount and any returns. If I had something from Ebay I could verify my numbers B-4 I enter them on my tax return, I don't want an audit by the IRS because Ebay stuck a surprise in their totals, got it??   bubba

[bubbapeaandme8178]

Yes, I have received a 1099k form this year and every year for the last 15 years from Paypal, I know what they are and don't need any information from it, I have it!!!  Read my post, I have tried to down load reports and they look dreadful as they are not in a simple form for non tech seller's like myself.  bubba

[bubbapeaandme8178]

Question, are these reports (3 Months at a time) in a format that can be read by a non tech person like myself? I don't have Excel or any other software to down load the reports into?  bubba