I'd need to declare income tax for the total amount I gained by selling on eBay

Where and how do I find all my detailed seller's transaction including the total amount I sold on eBay from the begining of 2013 till present?

Thanks.

Message 1 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Without a store you can't get it from eBay. In Paypal, you can print off all of your pages of transactions.

 

Decduct expenses.

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Message 2 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

"Where and how do I find all my detailed seller's transaction including the total amount I sold on eBay:"

 

It depends very much on your record keeping.

 

If you kept ALL eBay transaction notifications and PayPal payment notifications, it should not take too long to enter the relevant amounts in a speadsheet - with monthly breakdown for easier reading. If you have not kept sales records from eBay, it may take a bit longer going through all your PayPal transactions, assuming all transactions were paid through PayPal.

 

As you only have about 200 transactions since the beginning of the year, the project can be completed in a few hours.

 

When it comes to preparing your books for income tax purposes, I suggest you maintain three schedules:

1) your sales including the shipping charge

2) your cost-of-sales (the amount paid for the products you sell)

3) related expenses such as eBay fees, packaging materials, etc...

 

Several years ago, I prepared a sample "Profit & Loss Statement" eBay sellers can use for income tax reporting.  Take a look and feel free to adopt it and make changes based on your needs:

http://pierrelebel.com/lists/P&L-sample.htm 

 

Since you sell in US$, you have the choice of doing your bookkeeping in US$ and converting once a year to Cdn$ using the Bank of Canada average annual conversion rate or convert every transaction to Cdn$ based on the conversion rate you received.

Message 3 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Thanks for your response.

 

As far as I'm aware, PayPal would not have each and every transaction I sold through eBay. Some items are paid by cash, and or by other means of payments like email, money order and so on.

 

And by the way, thanks for pointing out about deducting expenses - I will for sure.

Message 4 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Thank you for your in depth response.

 

As I mentined in my previous response, not all items where paid via PP.

 

I do have another eBay account that I use only for buying, never for selling. I thought selling items had the same archival retrival feature as buying. So far this selling account, I was only able to retrieve the information on few recent items, up to a month or so. I was wondering if there might be a way that I could retrieve all items sold, exactly as I do when I'm looking up all the items I bought under <archive> then year selection?

 

In regard to the additional information you've provided me about preparing my books for income tax purposes, I truly appreciate your excellent input on that topic. I can assure you I'll be following it to a tee as a guide and more.

 

Thanks again for your insight. 

Message 5 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

"I was wondering if there might be a way that I could retrieve all items sold,"

 

Yes, but it will be time consuming.

 

From "Selling Manager" or "my eBay" go to "Accounts" and dig out every invoice from eBay - month by month.  Each sale entry gives you the selling price and fees charged; same for shipping charge.

Message 6 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Yes, I saw what you meant - it's shocking.

 

I did go to Account and selected the first invoice which was January 2013. Now I'm able to see the description of each item, few are showing prices, while others do not. Whenever I click on any of them in order to view the price sold and the shipping charged, mostly eBay it telling that "This listing (2611xxxxx362) has been removed, or this item is not available. Please check that you've entered the correct item number. Listings that have ended 90 or more days ago will not be available for viewing."

 

How do I retrieve all sold item in details (net & shipping separately) since my account started. Like I mentioned in my previous post, in my eBay's buying account, when I sellect archieve, I'm able to view every single item I purchased since day one back to 2005, identifying the shipping charge seperately then the item price I paid. Is there another way to retrieve the sold items in the same or similar manner as the bought items, since the above method retrieving via eBay invoice won't work out very well at all as you can see why?

 

Please allow me.... in the Seller Dashboard, what does "Your lifetime transactions" showing at the bottom represent? When I select global, US, UK, I see a dollar value, I have no idea what it's comprised of, is that the total sales since I started selling, and does it include shipping charges - how much is the net amount - how can I ever figure out how much to declare as shipping - does the global includes the US, UK, and the rest of the world sales' combined?

 

Thanks for helping!

Message 7 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

I do not understand the problem.  When I check an old eBay invoice, line by line, I get the selling price for each sale (for example):

 

Mar 13 19:08:30 CANADA 1868 Queen Victoria 6c Large Queen Collection 4 Used Stamps #27 Sc. $500390556544465Final Value FeeC $8.20
   Final price: C $95.00 (Fixed Price)
Message 8 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

""Your lifetime transactions" showing at the bottom represent?"

 

I have found that information to be out-of-line.  It is off over $200,000 in my case.  Not worth trusting.

Message 9 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Thanks for warning me about not trusting it, therefore it's useless information. Si I can't go by that number any way since it doesn't breakdown the number. 

Message 10 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Please take into account, when I click on any item older than 3 months, eBay it telling "This listing (26114xxx3362) has been removed, or this item is not available.

  • Please check that you've entered the correct item number
  • Listings that have ended 90 or more days ago will not be available for viewing."

 

Also as you can see, some items have a dollar value and some don't. Even the ones that do, those values are meaningless, the only meanigful way is to view the items via the order details, which any item sold over 3 months ago I won't be able to view.

 

Do you think it's best for me to contact eBay and ask them to send me the historical order details of this account, or other form of info that could  provide me 2 simple values: Net amount of each item sold, and its shipping cost.

 

Is it too much to ask for just a little over 100 items? I'm no longer selling anyway, I may even remove this account. I just want to declare my online Income and it Expenses accurately to CRA in 2014, for tax year 2013 .

 

Here is a sample:

 

 

Dec 22 20:31:44 Clear Texas Instruments TI-83 Plus Silver Edition Graphic Calculator261145783362Gallery Plus Fee$0.35
      
Dec 22 20:58:14 Vintage Bausch and Lomb Ray Ban Amber Shooter Aviator Sunglasses w/ case261145787313Gallery Plus Fee$0.35
      
Dec 29 20:31:48 Clear Texas Instruments TI-83 Plus Silver Edition Graphic Calculator261145783362Final Value Fee$1.85
  Final price: $20.50 (Auction)   
Dec 29 20:58:18 Vintage Bausch and Lomb Ray Ban Amber Shooter Aviator Sunglasses w/ case261145787313Final Value Fee$7.29
  Final price: $80.98 (Auction)   
Dec 30 07:17:49 Vintage Bausch and Lomb Ray Ban Amber Shooter Aviator Sunglasses w/ case261145787313Final Value Fee on Shipping$1.44
  261145787313 Shipping and other costs less sales tax: $16.00 (Auction)   
Dec 30 10:05:56 Clear Texas Instruments TI-83 Plus Silver Edition Graphic Calculator261145783362Final Value Fee on Shipping$0.99
  261145783362 Shipping and other costs less sales tax: $11.00 (Auction)   
Jan 2 20:17:24 Tippmann 98 Custom Black Paintball Marker261150283311Gallery Plus Fee$0.35
      
Jan 2 20:42:12 VINTAGE REALISTIC DX-392 FM/FM STEREO/LW/MW/SHORT WAVE/CASSETTE PORTABLE RADIO261150291997Gallery Plus Fee$0.35
      
Jan 2 20:56:09 Garmin Forerunner 305 Red Handheld watch GPS Receiver261150295827Gallery Plus Fee$0.35
      
Jan 4 20:35:10 LANVIN Germany gold-plated rectangular cufflinks261151100851Gallery Plus Fee$0.35
      
Jan 5 20:50:02 JUPITER STR-600 gold plated Trumpet with case/ mouth piece and k&m stand, AS IS261151530875Gallery Plus Fee$0.35
Message 11 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

"Also as you can see, some items have a dollar value and some don't."

 

???

 

Every sale shows the selling price.  I do not understand the problem.

 

Listing and optional fees do not show a value as it does not mean anything since the the fee is nor related to the selling price.

Message 12 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

"Every sale shows the selling price...."

 

I'm sorry. I don't know why and how you can see the selling price while I can't. That's weird. Am I missing something?

 

Message 13 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Look at the table in your post carefully.

 

Every time a FVF is charged, you see a transaction value.

 

Every time a listing or optional fee is charged you do not - as you do not need that information

Message 14 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Thanks for your ongoing support and input.

 

Regardless with what info is there and not there on that table, the botton line is that I'd like to obtain 2 very simple $ values:

a. The sold amount for each item in 2013;

b. and its corresponding shipping cost.

 

So far I haven't been succesful achieving this, regardless what I tried.

 

Do you think I should be contacting eBay with this regard?

Message 15 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

The bottom line is that ebay does not do your book keeping for you.

Message 16 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

"t I'd like to obtain 2 very simple $ values:

a. The sold amount for each item in 2013;

b. and its corresponding shipping cost."

 

The information is there.  The table you provided earlier proves that. You see the selling price and you see the shipping cost - you have been charged FVF on both.

 

I do not know why you cannot see it.

 

From this point, I most strongly suggest you set up basic bookkeeping for every transaction, using both the eBay confirmation email and PayPal (if the transaction is paid through PayPal)

Message 17 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

You can try contacting eBay, but you need to understand that eBay does not act as an accountant for its sellers.  They have millions of sellers, and selling is more complicated than buying (because it involves fees at both ends and many other variables), so creates much more data.  EBay can only keep detailed data for sellers for a limited period.  This has been the case as long as I can remember (except for an eBay store of course, for which you pay for the privilege of having your records kept for a longer period).  

 

To reconstruct your 2013 eBay year, your best bet is to start with your Paypal transactions - which I assume will be the majority of your eBay sales.  Print out the list of receipts.  Then use Pierre's suggestion to print out the details from your invoices for 2013.  Now match them up side by side, item by item -- it will be time-consuming, and there will be "holes" in the data, but you should be able to figure out from the eBay invoice details which sales did not go through Paypal.  

 

Once you have the list of non-Paypal transactions, you may be able to match that up with deposits from your personal or business bank statements for 2013 (except for cases where you received cash).  You might end up with a few missing transaction amounts, but you can probably estimate the selling price of those items to fill in the gaps.  

 

However, this sort of "retroactive" accounting is not the way to keep business records.  It takes up an inordinate amount of time to reconstitute a whole year's activities and is not as accurate as keeping proper records as you go along. Details can get lost.  

 

If you continue to sell on eBay (or any other site) as a smaller seller I would suggest that at the very least you should print out your customer invoice/sales record and Paypal transaction record for each transaction, and enter the details in spreadsheets as you go along, as Pierre suggested.  Even simpler - save them to a computer and use Excel to enter the figures - it takes about 30 seconds per transaction, and you'll have an accurate bottom line when you need to report to CRA.  As Pierre suggested you should also be keeping track of the purchases you make of items to sell (or your cost of production if you produce your own items) -- again, this can be done easily on a computer spreadsheet. 

 

You should not rely on eBay to do your business accounting for you.  Luckily it appears you don't have a lot to report to CRA for 2013, so it shouldn't be an endless task, but it will be rather tedious.  Hopefully the above suggestions will help you get through this year's tax return and you can start fresh with a proper accounting system next year.

 

 

Message 18 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

storefrontboutique -

The third entry on your list is for a TI Calculator, Dec 29

fvf is $1.85

Look at the line below that....Final price was $20.50

 

Dec 30th

TI shipping

fvf .99

shipping cost on the line below $11

 

You'll see similar imformation  for the sunglasses on Dec 29 and 30th

 

Hope that helps

Message 19 of 24
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I'd need to declare income tax for the total amount I gained by selling on eBay

Thanks so much, now I got it!

 

I just realized that each item sold has 3 lines entry. Now everything is starting to make sense.

 

So, am I correct in the following actual example:

Date sold: Dec 30/2012

Description: TI Calculator

Sold: $20.50

Shipping: $11.00

eBay selling expense: [GPF(0.35) + FVF(1.85) + FVFS(0.99)] = $3.19

Message 20 of 24
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