eBay

4leeny · ‎01-11-2023

Will ebay send out my 2022 yearly sales (income), or do I print out each month in 2022 sales for tax purposes?

heckofagame · ‎01-11-2023

You will receive a 1099-k from eBay if you have met the reporting threshold requirements required by the Federal government or your state. If you have not met the requirements, you will not receive any documentation from eBay.

pburn · ‎01-11-2023

If you reached the Form 1099-K threshold for your state or the federal government, you'll receive a Form 1099-K from eBay that shows your gross proceeds. The federal threshold is currently $20,000 and 200 transactions. You'll have to check the threshold for your own state.

monica-sells · ‎01-11-2023

As a precaution, I would "print out' my sales from the tax year and reconcile that amount with the transfers/deposits to my checking account regardless if I am issued a 1099-K Summary. That way, I have a reconciled number/total that should match the 1099-K number when and if issued.

If you already have your payouts reconciled, you can verify that the 1099-K amount is, in fact, correct.

caldreamer · ‎01-11-2023

EBAY has a new "easy to read" 1-page report which shows YTD totals. Go to PAYMENTS, REPORTS (on left-hand side click REPORTS (NEW). Enter time period 1/1/2022 to 12/31/2022 and reports will show "gross sales, refunds, EBAY fees, shipping costs.

tealt · ‎01-11-2023

@caldreamer wrote:
EBAY has a new "easy to read" 1-page report which shows YTD totals. Go to PAYMENTS, REPORTS (on left-hand side click REPORTS (NEW). Enter time period 1/1/2022 to 12/31/2022 and reports will show "gross sales, refunds, EBAY fees, shipping costs.

I would love to be able to do that, but...

When I entered (via the little calendars) the 1/1/2022 to 12/31/2022 time period, those dates didn't stick--even after several tries. Yet another software glitch. Sigh.

Silly me, I had forgotten that this is eBay.

I have now printed out the transaction reports for all 12 months and added by hand. Fortunately, I am a very low volume seller.

tealt · ‎01-11-2023

@monica-sells wrote:
As a precaution, I would "print out' my sales from the tax year and reconcile that amount with the transfers/deposits to my checking account regardless if I am issued a 1099-K Summary. That way, I have a reconciled number/total that should match the 1099-K number when and if issued.
If you already have your payouts reconciled, you can verify that the 1099-K amount is, in fact, correct.

This confuses me...

If I would have qualified for a 1099K this year it would have shown:

A) Total funds processed = (sale price + any amount buyers were charged for shipping).

The payments sent by MP to my bank would =

B) Total funds processed - (eBay fees + any shipping labels purchased through MP)

A and B will never be equal, so I certainly don't want to "reconcile" them.

stephenmorgan · ‎01-11-2023

The 1099K should equal what the Buyer paid for Item and Shipping costs.

You do not get this total amount because eBay takes out their fees. Also if you purchased Shipping from eBay you would not necessarily be getting that money. Depending on how quick you purchased shipping from eBay your money may have already been processed for deposit to you account. It this case you would be paying for shipping in a different manner such as out of your bank account, by credit card or from a different sale that is processing.

There are different Reports available on eBay but you still need to do your own records management and decide what works best for you.

Personally, I print out the Order Details for each Order and it has almost everything about the Order in one nice report. I say almost because this report does not show the FVF's that were charged. Also the Report does not show the amount I paid for shipping unless I purchased it from eBay.

The Payment Details shows the FVF's but I do not print the report (too big). I just annotate the Fee on bottom of the Order Details and do the same for shipping purchased outside of eBay.