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Buying and Selling on eBay: Tips, Tricks, Problems & Questions - Page 1596

post #23926 of 30503
Quote:
Originally Posted by SpooPoker View Post


smile.gif On most days I sleep about 4 hours. Friday nights/Saturday mornings I treat myself and sleep in until about 6.

It was only 5 hours on the weekend until the Sulka jammies convinced you to stay in bed longer.

post #23927 of 30503

Spoo, could you describe a normal day for you, work-wise? From the time you get up to when you go to sleep. I'm amazed at how you manage to do what you do.

post #23928 of 30503
Quote:
Originally Posted by Reosymes View Post
 

Spoo, could you describe a normal day for you, work-wise? From the time you get up to when you go to sleep. I'm amazed at how you manage to do what you do.

You won't have any reason to buy the book then...

 

PS - @SpooPoker  - Pam Anderson or Kate Upton? Looked legit to me but got a nasty email from someone

 

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Edited by Brianpore - 10/17/15 at 5:26pm
post #23929 of 30503
Quote:
Originally Posted by Reosymes View Post

Spoo, could you describe a normal day for you, work-wise? From the time you get up to when you go to sleep. I'm amazed at how you manage to do what you do.

wake up at 345, write listings and answer emails until 6, go to work/thrift, come home around 6, spend an hour with my family, take photos / measure / write listings until i pass out which is usually midnight. Rinse and repeat. Weekends are pretty much the same but with more alcohol.
Quote:
Originally Posted by Brianpore View Post

You won't have any reason to buy the book then...

PS - @SpooPoker
  - Pam Anderson or Kate Upton? Looked legit to me but got a nasty email from someone Warning: Spoiler! (Click to show)
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Gonna go with Pam anderson. Those hems look way off. But the image looks good.
post #23930 of 30503
Quote:
Originally Posted by Reosymes View Post

Spoo, could you describe a normal day for you, work-wise? From the time you get up to when you go to sleep. I'm amazed at how you manage to do what you do.
This is how i picture it in my head......
@SpooPoker
First

Then
post #23931 of 30503
hahaha maybe one day.
post #23932 of 30503
Quote:
Originally Posted by SpooPoker View Post
 
Quote:
Originally Posted by Brianpore View Post
  Warning: Spoiler! (Click to show)






First BBGF 7 Fold I've seen. Nice quality 

my last one did well, too.
http://www.ebay.com/itm/Brooks-Brothers-Golden-Fleece-Satin-Raspberry-Hand-Made-Seven-7-Fold-Silk-Tie-NR-/351519258890?hash=item51d82e390a

quick and easy, few bucks short of yours :fistbump:

 

BROOKS BROTHERS GOLDEN FLEECE Blue Geometric 7 FOLD Silk Mens Luxury Tie - 3.50"
BROOKS BROTHERS GOLDEN FLEECE Blue Geometric 7 FOLD Silk Mens Luxury Tie - 3.50"
End time: Oct-18-15 07:13:33 PDT
Sale price: $60.00
post #23933 of 30503
Quote:
Originally Posted by SpooPoker View Post

hahaha maybe one day.
Meanwhile, spoopoker outside PayPal home office....
post #23934 of 30503
Quote:
Originally Posted by kbadgley84 View Post
Subnav

This is how i picture it in my head......
@SpooPoker
First

Then

 

But why the paper bag? :D

post #23935 of 30503

I'm super small-time on thrifting and selling on ebay, but I just sold a handful of bigger items in short order (~$500 profit in the past month), and it made me realize I better start taking much better track of my buying and selling for tax purposes. Has anyone written out a guide on taxes for the small-time flipper? I assume my amount due will still be small enough not to owe the amount that makes quarterly pre-payments kick in, and I guess I can just start keeping all my receipts permanently and use ebay to track sales.

post #23936 of 30503
Quote:
Originally Posted by oreagan View Post
 

I'm super small-time on thrifting and selling on ebay, but I just sold a handful of bigger items in short order (~$500 profit in the past month), and it made me realize I better start taking much better track of my buying and selling for tax purposes. Has anyone written out a guide on taxes for the small-time flipper? I assume my amount due will still be small enough not to owe the amount that makes quarterly pre-payments kick in, and I guess I can just start keeping all my receipts permanently and use ebay to track sales.

 

Technically, you're responsible for paying taxes on anything you sell thru eBay...however, PayPal only sends that info to the IRS if you sell more than $20,000 AND more than 200 items.  If you sell 199 items for $20k, they won't report it.  If you sell one item for $19k, they won't report it.  

Talk to a tax pro.  What follows is just my personal experience:

You can use eBay/PayPal to track sales, as well as eBay fees and PayPal fees, which are deductible.

If you consign anything, the consignment fees are deductible (assuming you claim the income).

Yes, keep your receipts for cost of goods sold.

Keep track of shipping costs.

If you use a tax preparer, keep that receipt since you can write it off next time.

Keep track of mileage.  If you didn't do that, you can use your receipts and Google maps to guesstimate this year.

If you thrift all day and grab lunch at noon, get a receipt.

If you go on a long thrift trip and stay overnight in a motel, keep all the receipts.

If you have a permanent place in your home that you use exclusively for keeping items, photographing etc, you can write that off.  There are two ways to do it - as a percentage of your home's square footage (and using that method, you can write off the same percentage of the mortgage/rent, utilities, insurance, depreciation etc), or the newer flat-rate of $5/square foot up to a maximum of $1500 but you can't claim depreciation.

Anything you use exclusively for selling on eBay - new camera, new computer, mannequin, lighting, tables, printer, ink, packing supplies, etc - all deductible.

If you have any work done (tailor to fix sleeve lining, sew on some buttons etc) - deductible.

You can go so far as buying a separate bottle of detergent that you only use for washing items you'll re-sell, and deduct that.  

...and any other cost associated with buying & selling on eBay...

I bet there's an ebook on amazon or somewhere for a couple bucks that has an all-inclusive list of stuff to keep track of and is deductible, but still - meeting with a tax pro is still a very good idea.  If I were you. I'd pay to have my taxes done for 2015 and get a person who is very knowledgeable about selling online, and really pick their brain on everything you can deduct...then you'll have a better idea of what to do for next year.

post #23937 of 30503

That's all good advice, thanks. Yeah, I should probably just pony up for a preparer this year. Academia has funky finances anyway, so I've been skirting the line of "I think this is right and can honestly claim ignorance rather than malice if I get audited, and if it turns out I'm wrong, I get fined instead of jailed" for a bunch of years. I have a pretty stable route I take each Monday afternoon around the four big thrift stores near me, so I can probably estimate mileage pretty closely. The biggest change is just not trashing the thrift store receipts after I'm sure I'm not returning anything.

post #23938 of 30503
Quote:
Originally Posted by oreagan View Post
 

That's all good advice, thanks. Yeah, I should probably just pony up for a preparer this year. Academia has funky finances anyway, so I've been skirting the line of "I think this is right and can honestly claim ignorance rather than malice if I get audited, and if it turns out I'm wrong, I get fined instead of jailed" for a bunch of years. I have a pretty stable route I take each Monday afternoon around the four big thrift stores near me, so I can probably estimate mileage pretty closely. The biggest change is just not trashing the thrift store receipts after I'm sure I'm not returning anything.

 

...if you go beyond the return date, re-donations are also deductible, but only for what the store typically prices the items at.  Forgot to mention that.  You're lucky that your thrifts offer returns - none of mine do.  Also, if you're buying from - say - Marshalls or Saks Off Fifth to re-sell, and put it on a credit card, you can deduct the interest paid on the card for those purchases.  Probably a bunch more I'm not thinking of that are pretty obscure or one wouldn't think of right away.

 

Biggest misconception is people think that these are "tax deductions" and that you deduct it from the tax owed...which is not the case - it gets deducted from the income upon which you pay taxes, not the tax owed, which are two very different things.   So the more deductions you can rack up, the better...if you opt to file.  :D  

post #23939 of 30503
Quote:
Originally Posted by oreagan View Post
 

... so I've been skirting the line of "I think this is right and can honestly claim ignorance rather than malice if I get audited, and if it turns out I'm wrong, I get fined instead of jailed" for a bunch of years.

 

Sorry double-post: you don't wanna fuck with the IRS.  The fees are paltry compared to the interest they charge - it's worse than a payday loan or loan shark, the vig they charge.  Many years ago I went for about 4 years without filing, and ended up owing way more than just the back taxes and fees.  No matter if you finally decide to file on your own, or get a notice from them, they will have your bells in a sling with the interest charges. The bastiches.  

post #23940 of 30503
Quote:
Originally Posted by TheNeedMachine View Post
 

 

Biggest misconception is people think that these are "tax deductions" and that you deduct it from the tax owed...which is not the case - it gets deducted from the income upon which you pay taxes, not the tax owed, which are two very different things.   So the more deductions you can rack up, the better...if you opt to file.  :D  

Here's hoping I continue to have good weeks and make enough money that filing is a necessity. It's entirely possible I find basically nothing meaningful through April and I just tread water occasionally selling $6 shirts for $13 after fees, in which case I probably won't. On the other hand, if I continue to do well (or even do better), $500+/mo is real money, and I wouldn't want to risk an audit. 

Quote:
Originally Posted by TheNeedMachine View Post
 

 

Sorry double-post: you don't wanna fuck with the IRS.  The fees are paltry compared to the interest they charge - it's worse than a payday loan or loan shark, the vig they charge.  Many years ago I went for about 4 years without filing, and ended up owing may more than just the back taxes and fees.  No matter if you finally decide to file on your own, or get a notice from them, they will have your bells in a sling with the interest charges. The bastiches.  

Yeah, like I said, I'm 90%+ sure I've been doing things right, I wouldn't actively try to cheat my taxes at all. It just gets messy when part of your income is grants, some is regular pay, some is accumulated small stipends for giving talks / going to conferences, and it takes places across multiple states. I probably should have been paying someone to do my taxes for some time, but part of that time I was a poor grad student, so I just went with TurboTax and my best effort.

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