Need help with 2023 full year report for income tax

[timestreasuresllc]

I am sorry to be so naive, but I can't seem to find a report to download for income tax reporting, that gives the total $ of payments I received from eBay for last year (2023) that does not include the sales taxes buyers paid (which eBay kept, I never received). 

What I need from eBay is a report that does NOT include sales tax payments made to eBay :  "net" selling price of items  plus amounts buyers paid for shipping.

However - Reports I have found apparently show (1) NET selling price of the item, (2) how much FEES cost and then the (3) GROSS amount of the transactions. There is  NO column for Shipping that buyers paid (that eBay should have paid me because I do NOT use eBay for shipping) , ONLY a column titled GROSS amount. 

So does that GROSS amount include BOTH shipping AND sales tax that ebay collected ? In other words, is it net (selling price) price less fees = Gross ----  or is it Net selling price, less Fees, plus Shipping AND Sales Tax = Gross paid to me?

I apologize for being this dense, but hoping someone better at this can help me get it right.   

[wastingtime101 · Accepted solution]

Hi @timestreasuresllc 

Rundown on eBay 1099-Ks:
https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794

You can go to this page and generate a CSV report and you'll see what's counted on your 1099-K at the transaction level.  https://www.ebay.com/sh/fin/taxdetails

"Your 1099-K Details report shows all the orders that factored into your gross amount of payments. The report also provides other details, such as transaction fees, which may be relevant when preparing your taxes."

The 1099-K does not include sales tax in gross amounts. 

There's a guide published here where you can further drill down and get reports for expenses and refunds: https://www.ebay.com/mes/taxguide?sh=true

If you did not receive a 1099-K, you may find the Transaction Report to be the most useful. You can customize the data through eBay and/or through Excel.

https://www.ebay.com/sh/fin/reportslanding

[timestreasuresllc]

I don't get a 1099K this year. I checked and it's a dead end because I don't meet the thresholds.  All I am looking for is a report of my sales:  Item (order) prices plus shipping that buyers paid. 

I want to make sure this does NOT include the sales tax that eBay collected .  Thank you !!! for the link to the Transaction report, which I could not find. Since last year eBay seems to have made a lot of changes and I simply could not find a basic annual report. I'll give it a try.  

As for Excel, I absolutely detest it, I am used to MSOffice spreadsheets which are SO very simple. Excel is great if you want all the bells and whistles but for what I need it is way way too complicated and truly aggravating.  I don't use it enough to be comfortable with it at all.

THANKS AGAIN !!!!!!!!!!!!

[caldreamer]

EBAY has "easy to read" 1-page report that shows YTD totals for (gross sales/orders, refunds, EBAY fees, shipping expense).   Because you do NOT use EBAY for shipping labels the "shipping expense" on EBAY report will be zero.    You will need to get that information from whatever carrier you used.

EBAY gross sales does NOT include "sales tax" (because that money never went to you). EBAY gross sales includes (purchase price + shipping money you received from customer).   IRS requires that you report GROSS SALES (and then you deduct business expenses from that amount).

To print EBAY report go to Payments, Reports, REPORTS (NEW) and select LAST YEAR.   IRS requires you to report "gross sales/orders" and subtract EBAY fees, shipping expense, cost of goods, mileage, packing materials, office supplies, etc.

You will also need to know cost of goods on-hand "beginning inventory Jan. 1" and "ending inventory Dec. 31.

[timestreasuresllc]

Thank you so much for such great detail and especially your patience.  I found the 1-page report you mentioned earlier today, and it's great, BUT I still have a question - this report does not say and I can't seem to find anywhere -- does "orders" include the money paid by buyers for shipping (both hammer price and shipping paid are "income").  If I remember correctly (I may be wrong), previous year more complicated .csv downloads have included separate columns for final sale prices and shipping charges.

I especially appreciate your confirming the info about sales tax; I didn't "think" it was included (but I am wary about ASS-U-ME-ing anything)  Bay collects and remits it , so I should never have been credited with it. I just needed confirmation. 

[sheila4427]

Hi Caldreamer

I also need to get information for tax purposes.  I do not meet the IRS threshold, therefore will not be getting a 1099.  I also do not use seller hub.

I tried your advice above,  EBAY report go to Payments, Reports, REPORTS (NEW) and select LAST YEAR.

It is a little different for me.  In payments there is no Reports (NEW).  However under Payments I have financial statements and tax invoices.  Using financial statements I can download a summary or full statement which has to be downloaded monthly and in PDF format.  I am assuming I would download full statement and use either Orders (total minus fees) or Payout?