File Ebay earnings without 1099k

Forum|Forum|3 years ago
February 12, 2023
3 replies
37 views

How do I file my eBay income if I don't have a 1099k. I made more than $400 so I'm required to file it, but I didn't earn enough for eBay to send me a 1099k.

Not A Product Question

JamesG1

Level 15

You are still able to report the income. What was the nature of the $400 in Ebay income?

Personal item sales are reported on IRS form 8949 / Schedule D Capital Gains and Losses. Hobby income is reported as other income. Farm income, rental income and self-employment income are possible.

Please clarify.

@Xjbethea

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XjbetheaAuthor

Level 2

I total I made more than $2000 in sales on eBay. Sales consisted of reselling video games, clothes and electronics from my personal collection as well as items found at yard sales. Reselling is a side hobby for extra income to purchase new items for my collection.

JohnB5677

Level 15

If your business is a hobby, the IRS won't allow you to deduct any expenses or take any loss for it on your tax return. So, before you say it's a hobby, be sure it is.

This article gives a lot of clarity to the business vs. hobby issue. Tax Tips for Money-Making Hobbies

If you made a profit on your Ebay sales, I recommend that you file as self-employed on a Schedule C.

Be aware that your business income will be subject to income tax and also self-employment tax.

The self-employment tax rate is 15.3%. That rate is the sum of 12.4% for Social Security and 2.9% for Medicare.

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