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Posts by DanM

I can totally get the Steve Harvey Not even a chance on any of the rest.
And ethically, I am in agreement with you. It was the legal side I was curious what principles would be in play, as accusations of theft and fraud were being made.
...how did Hitler apply that logic? Also, I think that GMMcL had it the nature of the transaction correct - jacket is purchased at store A, donated to thrift B, bought for super cheap then returned to store A. The original store ended up with the goods again, so they would be whole, no matter whose hands the jacket passed through.
Was really looking at it as a discussion of hypotheticals and principles, not for a clear cut answer. If people feel the right to accuse a forum member of theft and fraud, I would expect a well-reasoned argument to back up that position. Again, let me clarify that I'm not taking sides, but am curious about the reasons why people took the sides that they did.(Need some sort of poking a bear gif)
     I'm not taking a side, but this does make me curious about exactly how property law and rights of ownership apply in this and similar situations.  For instance, if I'm given the jacket as a gift, I have the right to return it to the store of purchase (depending on that particular store's policy).  But what if a buddy is hard up for cash and sells it to me for half its value (in this hypothetical situation, said acquaintance for some reason refuses to return the jacket...
More shell. Fourth pair in the last two weeks, 3 of which are Alden for Brooks Brothers.
Still going. Really like this one.
     Sweet Jesus people.  I really cannot be clearer on the inventory issue.  If you have less than $1,000,000 in gross receipts, you DO NOT need to track inventory.  From IRS Publication 334: Inventories Generally, if you produce, purchase, or sell merchandise in your business, you must keep an inventory and use the accrual method for purchases and sales of merchandise. However, the following taxpayers can use the cash method of accounting even if they produce, purchase,...
Wasn't saying you were implying that, I just wanted to be clear and make sure there was no misinterpretation. I believe the first post asked when thrift money needs to start being reported, and I wanted to be sure that everyone understood the burden is always on the taxpayer to know their taxable income, can't claim ignorance just because PayPal didn't issue a specific form.
Nope. Only if you have over $1M in gross receipts (I believe). Otherwise, cash method is the way to go.In regards to receipts, I try to keep mine, but I'm not nearly as organized as I should be. However I use my Paypal card for all thrift purchases and meals while out, so I can very easily keep track of all expenses related to inventory acquisition.
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