Filing Taxes for Ebay

Filing Taxes For Ebay

Disclaimer
This blog is not Tax advice and it is suggested you see a Tax Expert with any questions. This is just a guide to help in finding information

Getting Schedule C and C-EZ

1. Print out a copy of a Schedule C and Schedule C-EZ. Use these for a reference as to what is needed to file taxes.
2. Schedule C http://www.irs.gov/pub/irs-pdf/f1040sc.pdf
3. Schedule C-EZ http://www.irs.gov/pub/irs-pdf/f1040sce.pdf

Getting Gross Receipts

Gross receipts are. 

Gross Receipts Defined-Gross receipts are the total amounts the organization received from all sources during its annual accounting period, without subtracting any costs or expenses.

http://www.irs.gov/Charities-&-Non-Profits/Gross-Receipts-Defined

Getting Gross Receipts from PayPal for Ebay Sales

1, If you have shad 200 sales and sold more then $20,000 you will have a 1099-K from PayPal.

         You can find that here (enter directions) 

2. If you have had less the the required amount of sales you will need to manually get your total gross receipts.

          Print out 12 monthly sales report from PayPal  (enter directions)

          Total all of the Sales Activity for the year. This is your Total Gross receipts.

Getting Expenses from PayPal

If you only use your PayPal account for Postage and eBay fees (recommended) your expenses will be your purchase activity.

•  Get all your monthly eBay fees (get directions) 
•  Subtract your monthly ebay fees from the total purchase activity and this leaves postage.
•  If you have used your payPal account for other things you will need to separate the types of purchases.

Filling out Schedule C

Filling out schedule C is self easy once you have the proper information.

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