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Tax Preparation

Hello!  I'm trying to prepare for the earnings info that will be reported for 2022 Ebay earnings.  I want to be able to offset earnings with my business expenses - supplies I purchased for shipping, "free" shipping expenses, international expenses, etc.   Any suggestions would be helpful!  Thank you!

 

 

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Tax Preparation

   As  slippinjimmy noted the annual report you can pull from eBay will give you everything you need as far as the eBay expenses. Note that the gross revenue on the 1099 may or may not match your own records depending on whether you use cash, accrual or a hybrid type of accounting. Whatever you use you must declare it on your schedule C when you file you taxes and once declared it is difficult to change. 

     The eBay report downloads as a CSV file but when you open it you can easily save it as an Excel file and rack and stack the data in whatever format you are most comfortable with. To run the report from seller hub click on the payments at the top and in the drop down menu select reports. Enter 1 January 2022 as the start date and 31 December as the end date (when we get there) you can customize the columns before you generate the report if you wish. Hit create report, it will take a bit to run, refresh on occasion, but when ready it will show download and then open the CSV file. You will also get an email when the report is complete. 

 

report.jpg

Message 16 of 21
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Tax Preparation

eBay Sales Reports 

 

Click on that it will break down your sales, cost of fees, shipping labels and tax collected by eBay from the gross. Breaks it down rather nicely for you.

 

All you then have to do is subtract your actual cost of goods, shipping supplies, etc etc from that and you have your net.

Message 17 of 21
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Tax Preparation

Thanks for this great thread but I have not seen any reference to which TurboTax edition to buy.  Is it the Small Business or the Home and Business??  I've sold a considerable amount on eBay and other sites and need a Schedule C to list my COG and expenses

 

Message 18 of 21
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Tax Preparation

Original message here is from 12/11/22.  You might get more and better answers if you start your own thread.  And then there's the fact that some information could have changed from last year to this.  

Message 19 of 21
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Tax Preparation

Good suggestion.  Thanks.

Message 20 of 21
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Tax Preparation

Hi everyone,

Due to the age of this thread, it has been closed to further replies. Please feel free to start a new thread HERE if you wish to continue to discuss this topic.

Thank you for understanding.

Message 21 of 21
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