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Level 1

Lowering taxes on eBay sales?

Is there a way to lower my taxes from my ebay sales this year?  I'll do about $150,000 in sales.

1 Reply
Employee Tax Expert

Lowering taxes on eBay sales?

Congrats on your ebay sales!  This is considered self employed income which will require filing a schedule C with your next return.  The great news is you will get the opportunity to reduce this income by all expenses incurred including such as ebay fees, cost of goods purchased etc.  In the end you will be taxed on the profits (difference between income and expenses).  To give you an idea of what to exxpect see attached form HERE

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