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Sale income
If I make a sale of $3000, and $500 is profit on an eBay sale but $300 goes to the eBay fee, is my profit still $500 or is it $200? And which would I claim as income?
Anonymous_Answer
Level 15
August 4, 2020
I have to assume you sold an item of some sort (e.g., from inventory). In that event:
Gross Revenue/Sales: $3,000
LESS cost of item: $2,500
EQUALS Gross Profit/Income: $500
LESS eBay fees (expense): $300
EQUALS Net Profit: $200
Refer to Schedule C (link below) if you are in business.
