Tax Time

[laura-finds]

I thought I knew how to do this but I can't seem to figure it out. How do I get the records for my tax returns? Any help would be greatly appreciated. Thanks! 

[wastingtime101]

Go to this page: https://www.ebay.com/sh/fin/taxdetails

Generate the CSV report and you'll see what's counted on your 1099 at the transaction level.

"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."

There's also 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

[krazzykats]

Download reports — eBay Seller Hub

Select download then select orders as the source.

[krazzykats]

Just realized the report I suggested does not help with dollar figures, so ignore me.

[caldreamer]

EBAY has "easy to read" 1-page report which shows YTD totals for (orders, refunds, EBAY fees, shipping expense).   Go to Payments, Reports, REPORTS (NEW) and select time period.

When  you get your 1099 you must report this "gross sales" amount on your income tax.   Then you deduct all your expenses "cost of goods sold, returned merchandise, EBAY fees, shipping expense, mileage, packing materials, office supplies, etc."   You pay income tax on "net amount" after all expenses deducted.  You must file taxes as a "business" if you want to deduct expenses.

You also need to know "Jan. 1 beginning and Dec. 31 ending inventory" on hand.  You should create a spreadsheet and assignment inventory# to all your merchandise.   Spreadsheet should include (date of purchase, cost of goods, description, inventory#, date sold).   Keep same spreadsheet forever (just keep adding new inventory and subtracting inventory when it sells).