hi, pardon me for the newbie question. Here goes...
I had a good year in eBay sales in 2019 and I am amending my tax return for additional deductions that I missed because I did not deduct everything I could have. Ebay does a pretty good job of deducting ebay fees, shipping label costs, and paypal fees, but there are other transactions that are not automatically deducted from my gross sales including personal deposits and refunds.
My Paypal transaction report for 2019 is a whopping 355 pages long. There were over 2000 transactions on ebay. My paypal 1099K was $68,000+, however my ebay sales was $4000 less than that. In order to avoid paying personal income taxes on the $4000 difference, I need to find where that $4000 difference came from.
I did a transaction finder search for refunds....it came up with about $1300 of refunds.
I quickly scanned 355 pages and found another $1000 of non-taxable transactions that added to my gross.
My question is what else should i be looking for in my transaction history that i am probably forgetting to deduct off my $68000 gross?
If anyone here has experience with internet sales and their paypal transaction reports, for purposes of reporting the corrected amount sales for income tax,
I need some help. Thanks
