Hello! I just found your channel today and have been rolling through your videos. Your info is amazing! I have a question I'm hoping you can answer. I sell on ebay full time as a sole proprietorship. If I sell something on commission for someone else, how do I show that on tax forms? My ebay channel will show the money I generated, but I'll only be receiving 50% of the profit.
Given that it's tied to your ssn, the simplest way to do it on the taxes is to report all of those sales as your own and then deduct whatever you pay them out either as cost of goods sold or a commission. Either way is fine 👍🏻
@@notyourdadscpa thank you so much for the reply! Really appreciate the info, especially after the reseller income reporting changes coming into effect this year.
Always Gotta do an office deduction! If a person buys an item to sell online but has that item in their youtube video is the item a business expense for youtube? Thanks man
If you are still going to sell it I would deduct it normally as cost of goods sold. If you buy it just for the video and then don't keep it for personal use then you can deduct it as a separate expense.
