Selling related..

[rollthatdice]

Can someone shed ight to this newbie.?Btw I could not find the appropriate forum for the following inquiry so apologies in advance if this is the wrong place...So basically I want to start selling on ebay, I read the irs reporting rule about 200 transactions or 20K annual sales before one gets the 1099. I plan to report any income anyways but to be clear about the rules,

is it 200 transactions AND 20k in sales or 200 transactions OR 20k in sales? Also is there a place where I can see all my potential sold items for the calendar year? Most of the links under seller hub seem to be for a 90 day period, not more. I did not see any place that offers an "annual number of transactions" link anywhere.

Much obliged

[survivorsedge]

https://turbotax.intuit.com/tax-tips/self-employment-taxes/a-tax-filing-factsheet-for-ebay-sellers/L...

[femmefan1946]

Also is there a place where I can see all my potential sold items for the calendar year?

EBay only keeps records for 90 days. With over 125million listings on any given day, this is understandable if annoying.

Paypal keeps records for about three years.

Best is to keep your own books.

While you  could use a program like Excel for this, as a small seller*, under 400 sales a year, I just use a paper record which I have customized, since I want to keep track of sales in multiple currencies. 
I also record S&H charged, postage used, procurement cost and source, weight of package, and date of shipping. I just started recording the Internet Sales Taxes on which PP charges us fees.

You will be restricted to 10 listings a month until you get established.
Your customers' cleared payments will be held for up to 21 days against satisfactory completion of the transaction.

Free Shipping means you have included your shipping costs in your asking price.

Switch to the Advanced/Business Sell Your Item form as soon as possible. You'll find the link in the top right hand corner of the overSimplified form.

*Also I am very old.

[rollthatdice]

Thankyou both for the speedy reply, yes I have checked the turbo tax link and plan on using it when the time comes..but in the meantime, can any of you definitively clear the air on wether it is " AND or OR"?  Regarding the ebay-specific requirement of 20K sales (and/or) 200 transactions?

[reallynicestamps]

As I recall, it is  OR.

If you sell more than 200 items-- because it is unlikely to be clearing out the basement.

If you sell more than $20,000-- because it is a big jump in income.

Basically, if you are running a little hobby business or not buying for resale, the income is treated as if you had a big garage sale.

If you are buying for resale, keep records of all your expenses as well as your income.