eBay

jolp_emporium · ‎03-08-2020

What is the most effective way to collect sales history information for filing taxes in 2020 ?

Just looking for tips anyone has for how they gather all the necessary eBay sales information required for filing their taxes.

Thanks!

cumos55 · ‎03-08-2020

Visit Canada Revenue Agency and read everything relating to the running of a business.

Read, and read, and read again and again and again

First ... Have your own spreadsheet with the information for each sale -----

- Title of listing

- Buyer's name

- Date purchased

-date shipping

- price paid by buyer

- postage paid by buyer

-- location of buyer... Canada is province Canada such as MB CDN

... US is State USA.. such as NY USA

----------------------------

Then a record ... more spreadsheets.....

all inventory purchases

all supplies

Actual Postage to ship parcel plus GST and HST

and maybe more ... such as use of automobile use....eBay fees... Paypal fees.... use of the internet... Storage of inventory.

Do not forget GST/HST on eBay fees as an expense....

Keep all records of all business money spent ... expenses ... and all money received from buyers.

If you keep records for 12 months.. then on January 1 of the next year you should be able to fill out your business information on the tax statement you will submit to Canada Revenue Agency, the tax people...

You will have to keep the record for 6 years plus the current new year of business.

View solution in original post

cumos55 · ‎03-08-2020

Visit Canada Revenue Agency and read everything relating to the running of a business.

Read, and read, and read again and again and again

First ... Have your own spreadsheet with the information for each sale -----

- Title of listing

- Buyer's name

- Date purchased

-date shipping

- price paid by buyer

- postage paid by buyer

-- location of buyer... Canada is province Canada such as MB CDN

... US is State USA.. such as NY USA

----------------------------

Then a record ... more spreadsheets.....

all inventory purchases

all supplies

Actual Postage to ship parcel plus GST and HST

and maybe more ... such as use of automobile use....eBay fees... Paypal fees.... use of the internet... Storage of inventory.

Do not forget GST/HST on eBay fees as an expense....

Keep all records of all business money spent ... expenses ... and all money received from buyers.

If you keep records for 12 months.. then on January 1 of the next year you should be able to fill out your business information on the tax statement you will submit to Canada Revenue Agency, the tax people...

You will have to keep the record for 6 years plus the current new year of business.

cumos55 · ‎03-08-2020

If you live in a house or apartment, then it is one room for business use.

Never say your business pays a part of the mortgage for a house..... Things will go crazy when the business ends and the there will have to be the mortgage adjustment by the business.... mortgage amount sold back to the owner of the house

Business pays a part of the rent in an apartment.... payment is to the owner of the apartment... no problem here

If the business rents a room in a house then that payment becomes income received by you the seller, and must be reported on your tax statement ... again ... things can go crazy... be careful

recped · ‎03-08-2020

@jolp_emporium wrote:
What is the most effective way to collect sales history information for filing taxes in 2020 ?

Just looking for tips anyone has for how they gather all the necessary eBay sales information required for filing their taxes.

Thanks!

eBay invoices for eBay fees (they go back 18 months)

PayPal activity report will give you sales (at least the ones paid via PayPal), PayPal fees, refunds etc. If your eBay fees were autopaid via PayPal they will also be in the PayPal report.

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