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So I started my taxes yesterday and realized that I cannot find a report that states how much Ebay pulled out in fees before paying me. Is there a way to find that? Or do I even need to keep track of it? I didn’t make over 10,000 on Ebay after switching to managed payments so all I’m getting is a statement each month that basically says money in and money out. (No worries I’m still reporting the income. ) Did anyone make more than 10,000 on Ebay after managed payments and get anything other than a 1099 from them? So I guess my big question is if say I sell something for ten dollars and Ebay pulls .90 out and I get 9.90 for it can I just report 9.90 and forget the fees since I never had them.. I wish I knew if Ebay was reporting sales with or without fees. I guess I can just go record the amounts they are pulling out for each sale. I’m not a fan of managed payments!
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It’s very annoying – I don’t understand why eBay can’t provide better reports.
I have not received a 1099-k for managed payments, but I did get one from PayPal.
The PayPal 1099k includes the gross amount paid by the customer, INCLUDING sales tax collected and paid by eBay. That means that even though I never touch the sales tax, I still have to report it as an income and an expense.
For exampleI sold a $10.00 Widget plus 3.00 Shipping Plus $1.00 Tax.
Total reported on 1099-K = $14.00
I need to report the associated eBay fees, PayPal fees, shipping fees, and the $1.00 sales tax as expenses on my Schedule E (I think it’s Sched E might be C).I hope eBay will offer reports in the future that easily break these costs out. I’ve been swimming in excel spreadsheets for the past week, trying to tease out the information I need.
If you have NOT received a 1099-k, I would think you could get away with just reporting the net profits. Since no entity is reporting your income on a 1099-K there won’t be a huge gap between your net and gross that would need to be accounted for.
Having said that, this is just my uninformed opinion. I am not a tax advisor.
Interested to hear how others handle this.
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the ebay 1099-k should only show your payouts, so you won’t have to expense taxes or fees or shipping (right?). i’m thinking of it like Amazon payouts and 1099s. they take everything before you ever see it, so you just claim what they paid you and then expense anything else you need to like shipping supplies, paper, toner, whatever.
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You get this from your ebay quarterly report. Here is what you have to do to solve this:
1. Go to Seller Hub
2. Select Performance -> Sales
3. Select “Custom” and set your dates for the report. I believe you are limited to 3 months at a time, so run this report 4 time and record the numbers for each quarter.
4. Add your numbers for the quarters to get an annual number.
Note: The shipping is only for USPS. If you want Fedex\UPS, you are on your own. I had to go back to my original slips that I printed off for the year.
Hope this helps.
Mark
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Thank you all!
@debitendcredits I agree! The business info PayPal gave was so helpful and this is just.. bad.
@ryanne Thank you I was wondering
@Mark S Thank you! I called Ebay and he didn’t give me this info.Seems like Ryanne or was it Jay said it’s like Ebay doesn’t realize there’s a subset of full time sellers. We’re not selling off our extra Christmas presents and we’re not a mega seller we’re somewhere in between.
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