Hello, i have had over $20k in sales and 500 transactions on eBay and have to do my taxes. I also got a 1099-K form and am a little confused if i am doing this right. Here's where i went.
Self-Employment ->Wrote in eBay into the search bar ->I click on Electronic auctions ->Side Job ->Additional income and other income. Includes 1099-K, cash, checks, and other income.
Now it's asking me for type of income and $ amount. Do i write the name of the item i sold into this box? Or do i write 1099-K. Is there also a limit on these boxes? Since i have to do this over 500 times.
Thanks for reading.
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No, I'm not sure if there's a limit, but there is good news: you don't have to enter each sale separately. Take the gross sales amount (the sum of everything you sold) and enter that. The description is 1099-K.
Then you will encounter a section for purchases: here you will add up what you paid for everything you've listed on eBay.
There will also be a section for Inventory. Inventory is the items sitting around on shelves and in boxes waiting to be sold.
Don't forget to deduct your eBay fees, shipping and PayPal costs.
No, I'm not sure if there's a limit, but there is good news: you don't have to enter each sale separately. Take the gross sales amount (the sum of everything you sold) and enter that. The description is 1099-K.
Then you will encounter a section for purchases: here you will add up what you paid for everything you've listed on eBay.
There will also be a section for Inventory. Inventory is the items sitting around on shelves and in boxes waiting to be sold.
Don't forget to deduct your eBay fees, shipping and PayPal costs.
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