superheavydeathmetal wrote:
Did you actually profit from the sales? The total amount I received last year in sales is less than what I paid for the stuff, so I wrote it off as "loss from sale of personal property", or whatever the verbiage is, and was not taxed on any of the income from those sales.
If you lost money on those sales, I say don't worry about it and just claim it as a loss.
If you lost money on those sales, I say don't worry about it and just claim it as a loss.
With all the fees, taxes, shipping costs, etc. I can't remember the last time I profited from sale on Reverb.
Yes, I usually do report it as, "Personal income sold at a loss". I just don't like that companies are filing 1099s with incorrect earnings anyway. The other thing that irks e is they're reporting everything you sell as full earnings rather than actual paid out earnings. How can they claim I earned the full amount when that's an amount you never see due to their fees, shipping costs, and taxes deducted? Especially the taxes. You're already having taxes deducted for the sale, now you're expected to pay tax on the full amount again?! BS
WHOA! I did not realize that. Yeah, there is absolutely no way the fees should be included as revenue. If you offer free shipping, then I can understand that because they have no way to know what you paid for shipping. That would probably require a receipt to show what you paid for shipping and write that off. Under the "Earnings" section, it shows what is actually paid to you. I guess I noticed that my 1099-K wasn't