In filing annual taxes for my Ebay/Paypal income in an amount over the $20,000 threshold I have always deducted my Ebay Fees, Shipping Cost associated with all sales, and am just confirming that I should also deduct the total fees paid to Paypal. Just for example $50,000 gross sales, minus Ebay Seller Fees, minus Paypal Transaction Fees, minus Shipping Costs, and then also include that amount of the cost of the inventory sold. In my example $50,000 gross would become Ebay Fees $5000, Shipping 6,000, Paypal fees $1300, and $20,000 cost for inventory sold leaving me with a gross adjusted income of $34,300 plus a few miscellaneous costs for supplies. Are these the number I would give to my tax preparer to be added with my regular W-2 income from my full time job. I am I forgetting anything or am I going about this the wrong way? I also cannot generate a report for the total of the Paypal fees. Any help much appreciated. It's Covid 19 time so no one is answering at Paypal. Thanks
