Tax Preparation for eBay Stores

[axe_n_gear_music]

Just finishing my tax prep for the biz. After printing off the archived sales summaries for each month of 2010 for my eBay stores, I went to Paypal to print off the financial reports for each month to get a fee total for each month. I found Paypal had a few glitches there too, but nothing major- when I went to print a certain months report some or all of it would print in German instead of English....then reprinted the same document and it came out in English with only a few lines at the bottom in German. (weird).

Reminder- I almost forgot to print out Paypal fee reports in both USD and CAD for each month, so just a reminder to those who receive Paypal payments also in CAD (say, from website orders, etc) don't forget to get a fee total for both USD as well as your CAD sales. For some sellers it may not be much, but every little bit helps.

If anyone else has more hints, or steps that some of us may not think of at tax time, please share!

Cheers,
AXE

[unlock_ace]

I'm filling in T2125 (http://www.cra-arc.gc.ca/E/pbg/tf/t2125/t2125-10e.pdf).

Under what lines do the following go under:
eBay Final Value Fees
Paypal Fees

?

[zarzuella]

Management and administration fees

[axe_n_gear_music]

I don't do my own taxes, I just get everything organized and together for my tax guy and he does it for me, so I'm not familiar with that form.

But I imagine that all of your costs associated with eBay & Paypal would go on that line, ie - listing fees (although maybe thats advertising fees, but I dont separate any eBay fees), fvf's, store subscription fees, Paypal fees, website hosting & admin fees (if you have one), etc.