Hi,This past year, I started to sell many items from my personal hobby
collections. Many of them sold for much more than I originally paid and
I have profit to report. Because I am doing this as a side job and
planning to continue to do so for the ne...
Hi! Quick question. When calculating my cost of goods for tax purposes,
am I supposed to include the total? For example, if I paid $19.99 for an
item, but after tax and shipping, the item cost me $25.52, then listed
and sold the item for $50 shipped,...
Thank you for all of the answers and the links to the IRS publications!
I was able to learn about some new things that apply to my particular
situation. Thanks!
Thanks! So, in this case, the gross eBay figure on the 1099-K would be
$427.67-$14.82=$412.85? And then you'd deduct the $106.85 on Schedule C,
along with the total amount you paid for the goods you sold?
Thank you! That's super helpful. Do you know if the 1099-K that eBay
sends me and the IRS will already have subtracted taxes and seller fees
and just be the Net Sales number on the right?
