A Tax Filing Factsheet for eBay Sellers | Arena | jacksonprogress-argus.com - jacksonprogress-argus
Quick Read
Not All eBay Sales are subject to income tax
Not every eBay sale is subject to income tax, but most are.
Hobby sales must be reported
If you and the IRS classify your eBay sales as a hobby, you'll have to report the income on Form 1040.
For example, let’s say that you have:
A net loss of $5,000 from your eBay sales operation.
The IRS looks at many factors including:
Frequency of your eBay sales
How much you earn
How much time you spend working on the hobby/business
For tax years beginning with 2022, if you have transactions totaling $600 or more then you should receive a 1099-K form reporting this income to the IRS.
This means you will have to report net income from eBay sales.
For example, if your income is $45,000 and you have “business-related expenses” that total $10,000:
$45,000 - $10,000 = $35,000
$35,000 is your net income on your Schedule C
Business tax deductions for eBay sellers
The only tax deductions you can use to reduce your gross eBay sales income are those authorized by the IRS, but you'll have quite a few to choose from.
For tax years prior to 2018, you report your expenses as an itemized deduction on Schedule A.
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