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Buying and Selling on eBay: Tips, Tricks, Problems & Questions - Page 451

post #6751 of 14666
Quote:
Originally Posted by capnwes View Post
 
Quote:
Originally Posted by Fueco View Post
 

Make your listings stand out! I know one of these did...

 

:bigstar:


OUCH! :nest: (those are my boots on the bottom)

 

Yup, I don't offer returns so not "top rated plus" even that I'm a Top Rated Power Seller :(  I assume that's what you mean and not my nice big square photo, right? :lol:

post #6752 of 14666
Quote:
Originally Posted by Brianpore View Post
 


OUCH! :nest: (those are my boots on the bottom)

 

Yup, I don't offer returns so not "top rated plus" even that I'm a Top Rated Power Seller :(

Actually the ones that catch my eye the most are the J Crew on top. They are straight sexay.

post #6753 of 14666

Taxes: Are we required to file the quarterly estimates or can we just wait until year end?

post #6754 of 14666
Quote:
Originally Posted by concealed View Post
 

Taxes: Are we required to file the quarterly estimates or can we just wait until year end?

That, I would like to know as well. I have been doing year end stuff this whole time. Now my income is so high I think i need to do a switch.

post #6755 of 14666
Regarding the 1099 is there any way to justify personal sales? I sell a ton of shoes I don't wear or only wore a few times and were not purchased with the intent to flip. I have them separated on excel but how does one prove this?

Also same deal with some other bigger ticket clothing items. I shouldn't have to pay taxes on this stuff?

I'd say half of stuff was sold for profit, 25% even and 25% loss. So it wouldn't make sense to include in taxes?
post #6756 of 14666
Quote:
Originally Posted by stevent View Post

Regarding the 1099 is there any way to justify personal sales? I sell a ton of shoes I don't wear or only wore a few times and were not purchased with the intent to flip. I have them separated on excel but how does one prove this?

Also same deal with some other bigger ticket clothing items. I shouldn't have to pay taxes on this stuff?

I'd say half of stuff was sold for profit, 25% even and 25% loss. So it wouldn't make sense to include in taxes?

You'd have a hard time proving it, unless you kept the original receipts.

post #6757 of 14666
Quote:
Originally Posted by capnwes View Post

You'd have a hard time proving it, unless you kept the original receipts.

Yeah I have all receipts and all shoes / clothes are in my size. Any ideas on how to prove?
post #6758 of 14666
Isn't the burden of proof on the IRS in that case? If you keep detailed records of all your flips, but sell a few items at a loss, it seems to me you'll be okay as long as you have tracked the actual purchase price.
post #6759 of 14666
Quote:
Originally Posted by capnwes View Post

Actually the ones that catch my eye the most are the J Crew on top. They are straight sexay.

They are indeed, but I was referring to the listings themselves.

My saved search is just for Alden 9.5. You know, just trolling for bargains that are sold by unknowing sellers. This is how I scored 1/3 price on the hottest running shoes on the market.
post #6760 of 14666
Quote:
Originally Posted by stevent View Post


Yeah I have all receipts and all shoes / clothes are in my size. Any ideas on how to prove?

Good. You can itemize it out of your business expenses/income. Or you can include it showing it as a loss which will decrease the income you are being taxed on.

post #6761 of 14666
Quote:
Originally Posted by Fueco View Post

Isn't the burden of proof on the IRS in that case? If you keep detailed records of all your flips, but sell a few items at a loss, it seems to me you'll be okay as long as you have tracked the actual purchase price.

Quote:
Originally Posted by capnwes View Post

Good. You can itemize it out of your business expenses/income. Or you can include it showing it as a loss which will decrease the income you are being taxed on.

Thanks yeah just never really done this before so want to be sure.
post #6762 of 14666
Quote:
Originally Posted by Fueco View Post

Isn't the burden of proof on the IRS in that case? If you keep detailed records of all your flips, but sell a few items at a loss, it seems to me you'll be okay as long as you have tracked the actual purchase price.

Burden of proof is never on the IRS if you are audited.  My company has been through 2 sales tax audits, anything you can't prove automatically goes against you, the auditor has no discretion.

Quote:
Originally Posted by capnwes View Post
 

That, I would like to know as well. I have been doing year end stuff this whole time. Now my income is so high I think i need to do a switch.

There's an income level where you have to start doing quarterly estimated taxes.  Like Spoo, my wife does all the admin, so I can't say what that is.

post #6763 of 14666

Speaking of which.... these are pretty nice! Got my bid in :slayer:

 

Item picture
post #6764 of 14666
Quote:
Originally Posted by Brianpore View Post
 

Speaking of which.... these are pretty nice! Got my bid in :slayer:

 

Item picture

Just saw it, and messaged via ebay that I have been Busted selling BPore sized footwear.

post #6765 of 14666
I would strongly suggest adding themeerkat to your banlist. I made some mistakes along the way (I was mass-shipping and accidentally printed a label for it before he paid) but Holy Christ. He didn't reply to multiple invoices, or multiple messages. I opened a Second Chance Offer and he finally, slowly starts replying (not really moving the process along at all) but continues to not pay. He only finally just paid after the Second Chance buyer already paid and I shipped, despite my telling him the item had sold and was no longer available. I have no idea how he got 1000+ feedback, it was terrible.
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