Question

Cashback and Bank Transfers for a Schedule C? Ebay Seller

Forum|Forum|6 years ago
March 8, 2020
1 reply
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Im filling out my taxes on turbo tax self employed online. I have a 1099 K Im a Ebay Dropshipper so I have no physical inventory, made over $31k. My question is where do I put bank transfers? I transferred some of my business profit income to my personal bank account (Paying myself essentially). 2nd question I received cashback every month from Paypal where does that go in the software or how?

VolvoGirl

Employee

Bank transfers don't go on your tax return. It doesn't matter what account you pay or receive or move money to. You dont pay yourself. Schedule C is all personally yours in the first place. You only enter income received and actual expenses paid. The Net Profit or Loss is your personal income.

Not sure about the cash back part. What's it for? Is it for expenses you paid? That would reduce the cost of the item you bought.