mam98031 • Volunteer Community Member • Buyer/Seller since 1999
1 BEST ANSWER
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Yes it is shown as an expense paid from your Managed Payment Account, just like your FVFs to Ebay and any shipping you purchased through Ebay. There are reports you can run to get these amounts.
Keep in mind if you are referring to the 1099K form Ebay generates if you meet the threshold, that report if for all funds that come into your MP account. It is your Gross Receipts. From that number you need to subtract your Ebay fees, buyer refunds, shipping cost, etc. to arrive at your Adjusted Gross Income before other costs that are outside of Ebay like inventory, shipping supplies, etc. Just a brief description, if you need more info, just ask.
Yes it is shown as an expense paid from your Managed Payment Account, just like your FVFs to Ebay and any shipping you purchased through Ebay. There are reports you can run to get these amounts.
Keep in mind if you are referring to the 1099K form Ebay generates if you meet the threshold, that report if for all funds that come into your MP account. It is your Gross Receipts. From that number you need to subtract your Ebay fees, buyer refunds, shipping cost, etc. to arrive at your Adjusted Gross Income before other costs that are outside of Ebay like inventory, shipping supplies, etc. Just a brief description, if you need more info, just ask.
@stainlessenginecovers wrote:Yes, it's included in 'fees'.
It is actually separate than regular seller fees in the detail reports we have available. But yes, still on the report as a deduction.
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
