The buyer drove up from Texas to St. Louis to pick it up. I’m not familiar enough with all the ins and outs. I tried to cancel it before the pick up but if I did eBay was still going to charge me the $969.00
Depending on the reason for the cancelation eBay may or may not still charge you fees. I am assuming the $969 was the the PL fee and since I am not familiar with all the PL variations I cannot comment on that aspect. This may be a battle you cannot win with eBay but for that amount of money I would sure give it a try.
Based on monica-sells comment up thread it sounds like everything went well with the pickup and the buyer is happy so some relief there. As others mentioned you will get a 1099-K for the 2024 tax year that will include this transaction since you are in Missouri and they have a state law regarding 1099-K issuance that has a reporting threshold of $1,200.
You will need to figure out how much your friend owes you for the Federal, State and SE income taxes on the net if in fact anything. If you gave your friend the entire net profit from the sale that would in essence equate to your COGS and your net profit on the item would be $0 and you would own no taxes. If the amount you gave your friend was over $1,200 in accordance with your state law you should issue your friend a 1099-K.
If you don't have a way to write off any non-eBay related selling expenses you will have to pay the taxes on the net after the deduction of the eBay selling expenses. Depending on what tax bracket you are in those taxes could be in the 40-50% range of the net. For example the table sold for $7,900 and the eBay selling costs were about $2,000 so with a net of about $5,900 * 40% you will owe $2,360 in taxes.
Conversely if you issue your friend a 1099-K for the $5,900 that is a deduction on your taxes and basically takes your net to $0 so no taxes. Your friend will have to deal with the taxes on their filings.
