eBay 1099 Forms Are Ready
jfkheat
Posts: 2,745 ✭✭✭✭✭
The 1099s are finally available to download and print. I am disappointed that the 1099 doesn't show the fees and shipping cost involved in selling. You have to go to another eBay page to generate a detailed Excel report showing all the fees. Good luck with that one if you sold a lot of items.
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I assume the 1099 will show up in messages. I only sold a few items totaling $2500. Will I receive a 1099?
Thanks in advance for the answer!
You shouldn't get one. $5000 is the threshold for this year.
I received mine. I find it BS that they send to the IRS a gross amount for every user in the country, rather than net sales after shipping and fees. The IRS always assumes zero cost basis on any unreported income. This punishes the financially illiterate who aren't good at sifting through data and using excel formulas.
They also only show shipping costs in the CSV file (excel doc showing shipping and eBay fees) if the shipping charges were deducted from your payouts rather than paid with credit card. As someone who uses their credit card for shipping to generate 2% rewards on all purchases, this is also useless for me. eBay has this information but they choose not to give it to you. It's just a terrible service that doesn't look out for sellers at all.
I am not sure if I should have a 1099 for 2024. Where do I find it on eBay? I have searched under 'seller account' and 'seller dashboard'.
You should be able to find it here. https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794&mkcid=1&mkrid=711-53200-19255-0&siteid=0&customid=link&campid=5338812911&toolid=20001&mkevt=1
i got mine mailed to the house a few days before, and also got a email for it. Sold only 5 items, but one was expensive.
It was better than a auction house.
Go to this page and then to SELLER HUB or MY EBAY. On the next page click on VIEW GUIDE. On that page, scroll down and you will see the total expenses you paid and any refunds you may have received. https://www.ebay.com/help/selling/fees-credits-invoices/ebay-form-1099k?id=4794&mkcid=1&mkrid=711-53200-19255-0&siteid=0&customid=link&campid=5338812911&toolid=20001&mkevt=1
I found the spreadsheet (1099-K detailed report). It was confusing to me. At the bottom of the spreadsheet, I didn't see that anything was totaled.
Also, the columns were narrow and I didn't know how to see the complete information in the columns. Probably my ineptness with spreadsheets.
More suggestions will be appreciated.
Always looking for Mantle cards such as Stahl Meyer, 1954 Dan Dee, 1959 Bazooka, 1960 Post, 1952 Star Cal Decal, 1952 Tip Top Bread Labels, 1953-54 Briggs Meat, and other Topps, Bowman, and oddball Mantles.
I don't know about you guys but my storage costs associated with goods sold through eBay were off the charts this year.
Thank you. I was able to see that I was under the threshold to receive a 1099 for 2024.
Buying and selling on eBay makes less sense every year. On the buy side, as a Canadian, i have to pay 15% tax. So a 5k card is 5750 plus shipping. But is really only a 5k card, thats the comp. So then I go to sell it a few years later for 7k. My fees are 500 bucks and I am supposed to pay cap gains. Basically under water on what looks like a 2k profit.
But you still owe the tax on the combined annual income above $600 from you sales and always have.
It's the singer not the song - Peter Townshend (1972)
I agree 100%. As a just retied 35 year CPA, I know not to cheat Uncle Sam.
Maybe they'll get rid of this threshold along with SS, OT and tips????
Seems like selling cards at lower price (so they have greater odds at moving) at local show would actually net more in your pocket?
It's the singer not the song - Peter Townshend (1972)
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I hope to join you someday. I've been in public accounting for 25 years now. Makes me feel OLD saying that. I have another 15 years before I get all my kids through college, though.
