Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
K
Kotonk
August 31, 2022
Question

I sell items on consignment, for a fee, on eBay. I don't own the stuff I sell, just charge a fee based on sale price for them. How do I handle the taxes?

  • August 31, 2022
  • 1 reply
  • 0 views
No text available

    1 reply

    K
    KotonkAuthor
    August 31, 2022

    The items belong to a non-taxable healthcare foundation, if that helps.

    Critter-3
    Critter-3
    August 31, 2022

    You probably need to talk to a bookkeeper if you don't understand this but in a nutshell...

     

    Total gross sales are reported on the Sch C and then the amount you pay out to the owner will be an expense + any fees that ebay charges =  net profit that you pay taxes on the tax return  ... review a Sch C to see how that works.

      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsCookie settingsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification