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Buying and Selling on eBay: Tips, Tricks, Problems & Questions - Page 549

post #8221 of 15832
Quote:
Originally Posted by jebarne View Post
 

I would call that retained inventory, used for advertising. Fully deductible.

EXACTLY, at some point it will either get redonated (Inventory writeoff) or sold, unless you are going to try to do it on an accrual basis (which I wouldn't suggest unless you are real sophisticated and really racking in the dough) I see no problem with calling it COGS.  I'm a gambler at heart, and I figure I have a pretty low chance of getting audited, and if I do, I can show what I spent at thrift stores via bank statements, and that's about as much proof as they can ask for.  I have a few local charity shops that don't even offer receipts so trying to track item by item becomes real hard.  I would guess you are more likely to get in trouble for showing 5K in COGS and only being able to come up with 2K in receipts, rather than showing 2K in COGS and coming up with 2K in receipts even if they aren't itemized.

post #8222 of 15832
Quote:
Originally Posted by capnwes View Post
 

Well...Piles of wool keep things well insulated....so there's that.

 

Heh - I don't have 1% of the woolens & tweeds you have...though if I did keep the occasional sport coat that I later found a hole in, I could save them up and stuff inside the walls.  But it's the drop ceiling without a real finished ceiling above it that jacks up the rates, I think.

 

Quote:
Originally Posted by Snoogz View Post
 

My office vent is closed during the winter...but my tv in my office is always on...there goes my utilities spike!

 

Good point - I'm going to need something down there - TV, stereo etc.  The costs mount...

 

Quote:
Originally Posted by ridethecliche View Post
 

@ATLnoob, why not use a space heater for the room? Only heat it when you have to. You can use a fan in there in the summer depending on how nasty it gets. That should save some costs and still not make you suffer too much.

 

See below re: space heater.  For cooling, the space is half underground so does stay cooler than the rest of the house; summer fan might work if it's a big one.

 

Quote:
Originally Posted by capnwes View Post
 

Space heaters use more energy....especially electric ones.

 

Agreed, compared to gas heat here which costs less (still not cheap), and I can't see using a space heater unless it's a Dyson or something - the room is maybe 400sf.  

post #8223 of 15832
Quote:
Originally Posted by ridethecliche View Post
 

Right, but isn't there the advantage of having them on only when needed?

I guess he can open/close the vents too though.

 

I could, though they're these big ceiling vents with screw open / screw closed plastic knobs that will eventually snap off and I have to get on a ladder to open & close...plus the room size.  Maybe I'll dress warm in the winter and birthday suit in the summer.

 

Well, still in pre-planning stages.  If/when I get it worked out, will try to take some before/after pics and post here.

post #8224 of 15832
Has anyone sent items to singapore?

I swore I didn't include that country in my list

*nervous*
post #8225 of 15832
almost every week, never a problem.
post #8226 of 15832
Feedback Extortion is real. Just got hit with my 2nd neg feedback within a month. Had the first removed since I had the messages. Need to do the same tomorrow. Sheesh.
post #8227 of 15832
If a buyer buys, gets item, leaves positive feedback, waits a week then requests a return, am I required to accept that return?
post #8228 of 15832
No. Looks like buyers remorse.
post #8229 of 15832
Quote:
Originally Posted by Fueco View Post

If a buyer buys, gets item, leaves positive feedback, waits a week then requests a return, am I required to accept that return?

Looks like you use the Hassle Free returns program. Therefore, you are not allowed to Hassle, only charge a restocking fee.


Edited by capnwes - 12/26/13 at 10:16pm
post #8230 of 15832
Quote:
Originally Posted by capnwes View Post

Looks like you use the Hassle Free returns program. Therefore, you are not allowed to Hassle, only charge a restocking fee.

They haven't started a return. Am I required to tell them how to do a return? I have a bad feeling about this "buyer" and will be blocking them.
post #8231 of 15832
You don't have to tell them anything. It might be best to just ignore their request.
post #8232 of 15832

I just told them that returns have to be processed through the "Hassle Free Returns" program. I was a bit perturbed at this individual because he/she sent me two messages in the span of four hours requesting a return shipping address. The fact that someone would get all panicky at a seller not responding to an email within four hours (first email at 4:00PM, second one around 8:00PM) tells me that they aren't worth dealing with. Given that I was in a theatre in San Francisco for The Book Of Mormon when the second email with sent, I have absolutely no empathy for this person. If it wasn't for a 10% restocking fee, I would not consider the return.

 

I signed up for that so I wouldn't have to deal with messaging back and forth with buyers to figure out returns. It's supposed to save time, yet I find myself spending 10-15 minutes on each return just to get people to understand that that they have to go through the process. It's not rocket science.... My wife just figured out a return in less than two minutes just now.

post #8233 of 15832
Quote:
Originally Posted by jebarne View Post

I would call that retained inventory, used for advertising. Fully deductible.

So are COGS deducted in the year they're incurred, even if the item does not sell during that same year? Am I allowed to deduct all of the COGS sold for the items I bought in 2013 that are still in inventory come 2014? That question has been asked before with varying responses.
post #8234 of 15832
Quote:
Originally Posted by suited View Post


So are COGS deducted in the year they're incurred, even if the item does not sell during that same year? Am I allowed to deduct all of the COGS sold for the items I bought in 2013 that are still in inventory come 2014? That question has been asked before with varying responses.

WARNING: NOT AN ACCOUNTANT -  You can deduct it all in the year incurred regardless of whether it sold or not using cash based accounting methods, which is much simpler. I believe the only time you are required to used accrual methods, which would involve valuing unsold inventory and such, is if you averaged $1MM+ in revenue for each of the last 3 years. That's why I try to keep sales to under a million a year :D 

post #8235 of 15832
Quote:
Originally Posted by MJMcRibb View Post
 

WARNING: NOT AN ACCOUNTANT -  You can deduct it all in the year incurred regardless of whether it sold or not using cash based accounting methods, which is much simpler. I believe the only time you are required to used accrual methods, which would involve valuing unsold inventory and such, is if you averaged $1MM+ in revenue for each of the last 3 years. That's why I try to keep sales to under a million a year :D

 

 

Quote:
Originally Posted by suited View Post


So are COGS deducted in the year they're incurred, even if the item does not sell during that same year? Am I allowed to deduct all of the COGS sold for the items I bought in 2013 that are still in inventory come 2014? That question has been asked before with varying responses.

 

MJ is right, I'm guessing 99.9% of us are on the cash basis for this little hobby so when cash goes out, its a cost, when cash comes in, its a revenue.  Makes no difference what year you bought/sold.

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