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Buying and Selling on eBay: Tips, Tricks, Problems & Questions - Page 1923

post #28831 of 30441
Quote:
Originally Posted by txwoodworker View Post
 

Shit. I think I won't get the FVF back with a defective product, I have to look into that.


Don't worry about it. Yes, he tried to cleverly word things to his benefit. It might take a couple of calls, but you can get this mark removed and FVF reimbursed.

post #28832 of 30441

Now I feel a bit like a schmuck.  I messaged the tie guy, politely explaining that the return was no problem, but the reason was going to be an issue with ebay.  He cancelled the return, said he's going to return it anyways and I can charge him for any fees.  First time I've ever unblocked someone.

post #28833 of 30441
#emotionalrollercoaster
post #28834 of 30441

Back on the bank account thing quickly. 2nd checking account opened no problem, no fee, no minimum balance :slayer:Can link that new account to paypal and then just keep a $0 balance in there. When money needs to get transferred out of paypal to my account I can send it to the new "paypal checking" account and then move it over to the main checking account right away while keeping $0 funds in the paypal account. Good idea guys!

post #28835 of 30441
Quote:
Originally Posted by SpooPoker View Post

#emotionalrollercoaster

I hate it when I let these things ruin my day.

post #28836 of 30441
Quote:
Originally Posted by txwoodworker View Post

I hate it when I let these things ruin my day.

+1... Those are usually the days I leave for a bike ride at lunchtime. wink.gif Like today...
post #28837 of 30441
Quote:
Originally Posted by Brianpore View Post

Back on the bank account thing quickly. 2nd checking account opened no problem, no fee, no minimum balance icon_gu_b_slayer%5B1%5D.gifCan link that new account to paypal and then just keep a $0 balance in there. When money needs to get transferred out of paypal to my account I can send it to the new "paypal checking" account and then move it over to the main checking account right away while keeping $0 funds in the paypal account. Good idea guys!
I've done it that way for years. Checking account fraud can sometimes take a bit to replace funds if stolen. Paypal credit is just the simple secure way to to go. My DEBIT card was used in san fran they racked up 12k in 2 hours. They spent till the banks system stopped for fraud. They called and asked if I was buying a $500 gift card at Jamba juice um hell no. First they hit Neiman Marcus once for 5k and then twenty minutes later did it again. Once they hit Jamba it set it off but the damage was done. Took 40 days to get it all back.They screwed up one place that got them busted. Come to find out the person working at the card company that makes the cards was making copies of cards that they were making for replacements wich I was waiting for. They simply were running as credit instead of debit and they made the card with there name so everything was cool. Where he slipped was he bought a monthly pass for the public transit system Bart. Well the machines have cameras just asked them to pull the video and there he was. I've never linked my account to anything after that. I'm betting he'd been at it awhile as all the transactions were within walking distant like he'd done it before and had a route.
post #28838 of 30441
Not sure if this is the right place to ask but if I sell old clothes on eBay or ship them to a consigner does it count as taxable income? Or is it only if it's a business
post #28839 of 30441
Quote:
Originally Posted by Spruce Moose View Post

Not sure if this is the right place to ask but if I sell old clothes on eBay or ship them to a consigner does it count as taxable income? Or is it only if it's a business

You're in Canada, right? CRA's view is:

Quote:
"Business income includes income from any activity you carry out for profit or with reasonable expectation of profit."

So yes, you need to report it on lines 135 and 162 of your return.

 

Keep track of your expenses too so that you're only paying tax on your profit and not your gross income. The guide at http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html can help make sure you're filling out the right forms and claiming all eligible expenses.

post #28840 of 30441
Quote:
Originally Posted by dadjeans View Post
 

You're in Canada, right? CRA's view is:

So yes, you need to report it on lines 135 and 162 of your return.

 

Keep track of your expenses too so that you're only paying tax on your profit and not your gross income. The guide at http://www.cra-arc.gc.ca/E/pub/tg/t4002/README.html can help make sure you're filling out the right forms and claiming all eligible expenses.

Thanks for that! 

 

This would get so confusing. All items sell for less than retail and how could any one know what I paid for them? Heck I don't even remember. Good call on recording if I ever plan to sell. 

 

It's this part that makes things muddy to me "you carry out for profit or with reasonable expectation of profit." I shop for clothes for personal use for myself and/or family and friends. I only buy used or at a steep sale/discount new. If I later decide I no longer need the items (or in my case have way too many clothes now) and sell them, the original purpose was to buy for use and not sale or profit but knowing I basically only buy at thrift / discount there is a reasonable chance for "profit". I quote "profit" because I wouldn't actually "profit" by the time you chalk up damaged goods, gas, time, shipping etc

 

It's enough to make my head spin lol 

post #28841 of 30441
Quote:
Originally Posted by Spruce Moose View Post
 

Thanks for that! 

 

This would get so confusing. All items sell for less than retail and how could any one know what I paid for them? Heck I don't even remember. Good call on recording if I ever plan to sell. 

 

It's this part that makes things muddy to me "you carry out for profit or with reasonable expectation of profit." I shop for clothes for personal use for myself and/or family and friends. I only buy used or at a steep sale/discount new. If I later decide I no longer need the items (or in my case have way too many clothes now) and sell them, the original purpose was to buy for use and not sale or profit but knowing I basically only buy at thrift / discount there is a reasonable chance for "profit". I quote "profit" because I wouldn't actually "profit" by the time you chalk up damaged goods, gas, time, shipping etc

 

It's enough to make my head spin lol 

 

 

Welcome to the madness...

 

If you use the clothes and sell later, you can definitely still mark them as having a cost for tax purposes. Otherwise, anything you buy with the intent to sell which turns out to be unsalable can be redonated. Track mileage on your vehicle -at least in the US, you can claim that as a business expense at a sent amount per mile.

 

Track everything.

post #28842 of 30441

^ I would sign up for GoDaddy/Outright for all bookkeeping.  Makes it so much easier than having to manually input everything into an Excel worksheet or something.  $9.99/mo and worth every penny IMO.  It also links to your paypal, so I just use my paypal debit card for everything business-related and categorize the expenses.  

post #28843 of 30441
Quote:
Originally Posted by yanger87 View Post
 

^ I would sign up for GoDaddy/Outright for all bookkeeping.  Makes it so much easier than having to manually input everything into an Excel worksheet or something.  $9.99/mo and worth every penny IMO.  It also links to your paypal, so I just use my paypal debit card for everything business-related and categorize the expenses.  

+1bajillion

post #28844 of 30441
Quote:
Originally Posted by Spruce Moose View Post
 

Thanks for that! 

 

This would get so confusing. All items sell for less than retail and how could any one know what I paid for them? Heck I don't even remember. Good call on recording if I ever plan to sell. 

 

It's this part that makes things muddy to me "you carry out for profit or with reasonable expectation of profit." I shop for clothes for personal use for myself and/or family and friends. I only buy used or at a steep sale/discount new. If I later decide I no longer need the items (or in my case have way too many clothes now) and sell them, the original purpose was to buy for use and not sale or profit but knowing I basically only buy at thrift / discount there is a reasonable chance for "profit". I quote "profit" because I wouldn't actually "profit" by the time you chalk up damaged goods, gas, time, shipping etc

 

It's enough to make my head spin lol 

Gotcha! I assumed you were talking about flipping for profit. As long as you can prove that your expenses exceed your income in the case of an audit, you're probably fine not reporting it as business income.

 

It sounds like what you're doing would be classified here in Canada as disposing of personal-use property, which has its own set of rules. Basically, any sale greater than $1,000 triggers capital gains on the amount that exceeds $1,000 (eg. If you sell an item for $1,500, you need to claim a capital gain of $500 on your taxes).

post #28845 of 30441
Thanks so much for the knowledge drop. Through PayPal and CC statements I could show I've spent far more lol frown.gif
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