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Tax Time...How to handle ebay and paypal?
gameusedhoop
Posts: 3,681 ✭✭✭✭
Those of you that legitimately claim ebay and paypal sales on a business level of 50K + how do you break down shipping fees in and out without doing a line by line accounting? These fees and being included in income by ebay and need to come out as we pay to have items shipped. Is there any easy way of getting the numbers?
Ebay selling fees are tabulated and pretty straight forward and purchases are pretty basic also, but it is shipping and taxes collected and paid by ebay that is artificially skewing the "income" numbers.
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Line by line accounting.
When are the 1009-K being emailed out. Are the thresholds of $20000 and 200 transactions still valid ? Did Virginia, Maryland and Illinois change for tax year 2020 to be $600 regardless to number of transactions ?
^^ Google.com
Ignore it and hope the IRS doesnt figure it out!!!
Seriously though, if you are selling enough on ebay to get a 1099, you need good paperwork and accounting to be able to offset a lot of that "profit"
Paperwork and info are there, i am just hoping the thousand plus shipping events can be tabulated with going line by line $3-$15 at a time.
I am somewhat new to doing my own taxes via Ebay. Is it possible to print out reports and use those numbers?
either take it from the ebay or paypal downloads all my shipping gets charged to my paypal account so I can jsut go there and run a report. or go to my credit card and look at the year end summaries. lots of ways around the line by line manual approach.