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The official thrift/discount store bragging thread - Page 2397

post #35941 of 117942
Quote:
Originally Posted by concealed View Post

Real talk, any of you high volume eBayers pay taxes on your flipping income?  Guessing Spoo does, since his operation is more elaborate.  I am no IRS agent, just curious...

Yes, if you exceed a certain volume of sales you will receive a 1099-K from Paypal/eBay and even if not you should note this on your taxes. I did receive a 1099-K last year and will this year as well...
post #35942 of 117942
Quote:
Originally Posted by Jettison View Post

Regarding blackwatch trousers, I was just browsing the WAYWRN Hall of Fame and saw this one: http://farm6.static.flickr.com/5092/5514002142_23acd01657_z.jpg


Picked up a NWOT Chester Barrie suit today, but googling afterwards reveals that it seems to be more of a diffusion line that I'll struggle to make the cost back on... Oh well! The poor lady behind the till also had some form of seizure as I was about to pay, which was a rather scary. Paramedics arrived in less than 2 minutes. Absolutely insane response time, and she was apparently okay when I left. Dramatic thrift experiences!

Also, we've not had a moan about shipping companies for at least a few hundred posts so... (peepwall%5B1%5D.gif)

I've always found Royal Mail to be very efficient and reasonable, but hit with a double whammy this week.

Firstly, my postman decided to leave 3 ebay purchases at my front door. Contrary to RM policy. I live on a main road, my door being ~2 metres from the pavement. On the dodgy side of town. Needless to say, I won't be seeing them any time soon. (Thankfully nothing expensive, but all absolute steals which I'd far rather have had than compensation. baldy%5B1%5D.gif). 

Then I received an email from someone I'd posted a shirt to a week and a half ago saying it hadn't arrived. censored.gif

That's how I'm hoping my turn out, though the rise on my pair is much longer, but I'M ok with that. biggrin.gif
Edited by eazye - 5/17/12 at 6:45pm
post #35943 of 117942
Quote:
Originally Posted by darkmatter7 View Post

Just linked to the haul on ebay in my signature.

 

Also, I want to make a last call to see if people want 42R suits or NWB Bijan ties.  I'm not marking these ones up much.

 

 

Soo...where's all the cool SW&D that we all actually want....NWT Tom Ford, ok some baller dude might buy that, but I want to see what happens to dat Rick Owens!!!!

post #35944 of 117942
Quote:
Originally Posted by Typhoid Jones View Post

^^^ I'm nowhere near "high volume," but I make a declaration on my tax returns.

How would you do that, and do you factor in expenses? I've wondered about doing it, but I can honestly say that if I deduct mileage (pretty easy to figure out, since I make the same route every day), which is a legitimate business expense, as well as the cost of items (again easy to figure out since I put almost all of it on my debit card) and postage (ditto), I'd do well to break even. In fact, maybe I should be doing this and it would come out as a loss, improving my tax situation.
post #35945 of 117942
post #35946 of 117942
Size on those shells?
post #35947 of 117942
Quote:
Originally Posted by pnutpug View Post

Been had shell:

hhvGE.jpg
nice find!
post #35948 of 117942
^^^^^ What PNUT said. If you start putting it all together, the mileage, expenses, postage might be coming close to breaking even or even have a loss. I think it was said a couple of months back that if you are doing over 20K a year paypal will send you a 1099. So if thats the case you need to be keeping track of all these expenses. No tax guru so check with your attorneys and accoutants boys.

I seem to start to get ahead making some money and then end up buying stuff on here or teh bay. So really I am just exchanging stuff right?? Now if your name is Spoo and you can sell a $150 TF tie for $450 you might be making a profit. icon_gu_b_slayer[1].gif
post #35949 of 117942
Quote:
Originally Posted by Hoofit View Post

^^^^^ What PNUT said. If you start putting it all together, the mileage, expenses, postage might be coming close to breaking even or even have a loss. I think it was said a couple of months back that if you are doing over 20K a year paypal will send you a 1099. So if thats the case you need to be keeping track of all these expenses. No tax guru so check with your attorneys and accoutants boys.
I seem to start to get ahead making some money and then end up buying stuff on here or teh bay. So really I am just exchanging stuff right?? Now if your name is Spoo and you can sell a $150 TF tie for $450 you might be making a profit. icon_gu_b_slayer[1].gif

don't forget that in your "is thrifting worth it as a profitable venture?" calculations, you should be factoring in a given amount of $X/hr for your time.
post #35950 of 117942
Quote:
Originally Posted by Henry Boogers View Post

Yes, if you exceed a certain volume of sales you will receive a 1099-K from Paypal/eBay and even if not you should note this on your taxes. I did receive a 1099-K last year and will this year as well...

HB - how do you figure the basis for clothes of your own that you sell?

I've cleaned out my closet and sold a bunch of crap suits. Say I bought something for $400 and sold it for $50. Can I realize that entire $350 as a loss? I don't have receipts of what I paid for the suit, either, since it's been in my closet for 5++ years. Depreciation, etc.?

it's a slippery slope, but it's definitely not a $50 income/gain.
post #35951 of 117942

I've started riding my scooter to thrifts and at $4.50 for a fill up and 90 MPG, I think I will make (more of) a profit on my eBay sales.  For those of you picking up tons of "staple" items like Brooks Brothers, HSM, Southwick maybe you should consider only picking up items that will flip quickly, thus reducing your inventory and increasing your profits. I pass on tons of things that might eventually make me 5x my investment on eBay because it becomes overwhelming if you already have a full time job and gf/family.

Ignore this if your name is DM7 who has couture raining upon him in So Cal and if you're Typhoid Jones who seems to have the trad eBay game on lock.

 For postage, you should print at home and have supplies mailed to you.  I don't have the finished packages picked up at my place because I fear them being stolen when I'm not home, but again refer to the scooter proposal.  

post #35952 of 117942
Quote:
Originally Posted by Henry Boogers View Post


Yes, if you exceed a certain volume of sales you will receive a 1099-K from Paypal/eBay and even if not you should note this on your taxes. I did receive a 1099-K last year and will this year as well...

 

Can you subtract off your costs even if you're not set up as an LLC or whatever?

post #35953 of 117942
Quote:
Originally Posted by concealed View Post

Real talk, any of you high volume eBayers pay taxes on your flipping income?  Guessing Spoo does, since his operation is more elaborate.  I am no IRS agent, just curious...

I have always claimed all of my ebay income (even before the paypal 1099K thing), but carefully take every deduction I am entitled to receive. I use dedicated areas in my home for my store and take all sorts of home office deductions.

 

The ebay app "outright" is excellent for tracking your expenses. Save all your receipts and enter them into outright. Only purchased from this year can be included, so If you are selling some of your old clothing you bought five years ago...that will count as income, but there is no cost of goods expense associated with that sale. You can also track your mileage for your thrifting excursions. It tracks paypal income and ebay/paypal fees for you.

 

I also have $60 additional taken out of my paycheck every week to help offset the added income. 

post #35954 of 117942

Does anyone have a weekender / carry-on bag they're looking to part with that's either leather or otherwise cool and well made? Got a weekend trip coming up in a couple weeks and I only have bigger bags. 

post #35955 of 117942
Quote:
Originally Posted by darkmatter7 View Post

It's my partner who went in with me on these items.

Hey DM7, good eBay listings and good haul.

Listen up:

I think you grossly overestimated the price of that Tom Ford jacket. Even though NWT, I cannot see a single person that would go in for $2K for it, not when it is a solid colored nailhead, three button, etc. It could possibly be a jacket missing pants, and if it is an SC, I cant see how it could move at that price (not when this piece is quite un Tom Ford like and thus lacking any distinguishing stylistic features / patterns that would make it a must own accessory).

BIN should be set to $1K, allow offer price, and take anything within a stones throw of $700. I personally would think if listed for a month, the mean offer would be $450 and a few people willing to pay perhaps $600 or so. I may be wrong, but a fairly standard pattern and style would likely appeal most to those who want to have a Tom Ford but cannot afford the bidding war that ensues with hot design features or patterns.

Not attacking you buddy, at the end of the day, an item is worth what someone is willing to pay. I would love it if you sold it for $2K, but my head says $700 would be pretty much an upper limit. If this was a more recent two button piece with a bold guncheck, windowpane or some plaid, it would likely be worth a great deal more.

If my information to DM7 is bullshit, please feel free to correct me. I am talking from gut instinct rather than pure experience. Would like to see Spoo's or Eddieveddr's two cents since they know Tom Ford and their values better than most.
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