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Kotonk
Level 1

I sell items on consignment, for a fee, on eBay. I don't own the stuff I sell, just charge a fee based on sale price for them. How do I handle the taxes?

 
2 Replies
Kotonk
Level 1

I sell items on consignment, for a fee, on eBay. I don't own the stuff I sell, just charge a fee based on sale price for them. How do I handle the taxes?

The items belong to a non-taxable healthcare foundation, if that helps.

Critter-3
Level 15

I sell items on consignment, for a fee, on eBay. I don't own the stuff I sell, just charge a fee based on sale price for them. How do I handle the taxes?

You probably need to talk to a bookkeeper if you don't understand this but in a nutshell...

 

Total gross sales are reported on the Sch C and then the amount you pay out to the owner will be an expense + any fees that ebay charges =  net profit that you pay taxes on the tax return  ... review a Sch C to see how that works.

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