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

Discussion in 'Classic Menswear' started by HansderHund, Jul 27, 2012.

  1. ridethecliche

    ridethecliche Well-Known Member

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    Ah that sounds good. I'm guessing my best bet is to list on sunday afternoon/evening for now then, huh?
     
  2. jebarne

    jebarne Well-Known Member

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    Thanks man. I guess I could do that. I'm hoping to do aggregate spend vs aggregate income without regard for the calendarization of specific items. I'm just thinking if you do item by item, its a PITA because then you find a hole in it and can't sell it so you re-donate or throw away.

    I'm just trying to do it in a consistent, defensible way, that doesn't create a ton of administrative work and maximizes my deductions and minimizes the revenue.

    In fact, I probably need to order a bunch of supplies, boxes etc to get the spending into this year.
     
  3. sparrow

    sparrow Well-Known Member

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    That works until you can get 10 day
     
  4. DanM

    DanM Well-Known Member

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    I'm in the same boat, taking the same approach. Probably inflates my expenses a little as I am sure there are items I ended up keeping for personal use, but the IRS is still going to get a hefty sum from me. Don't forget to deduct the mileage of your standard thrift routes, any meal expenses you may have had while making thrift runs, and if you purchased shipping/photography supplies or a copy of Garagesale, deduct those too.
     
  5. hooker4186

    hooker4186 Well-Known Member

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    I started out keeping track of things on an item by item basis (mainly to learn what does/doesn't sell) and have stuck with that system for about a year and a half now, so will only be filing for my actual net income after COGs, shipping costs, eBay, and Paypal feels. I take the subway everywhere and may only grab a slice of pizza here or there so my other deductible expenses are pretty minimal and not worth quibbling about.
     
  6. Tweets

    Tweets Well-Known Member

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    If I went Item by item, then i couldn't deduct all the stuff that ended up in my closet :)

    One other deductible item to add to the list is a portion of your internet bill
     
  7. Snoogz

    Snoogz Well-Known Member

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    I deduct my entire internet bill...hell 99% of it's use is somehow intertwined to my business...as well as my entire cell phone bill.
     
    1 person likes this.
  8. capnwes

    capnwes Well-Known Member

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    I'll add to the list.

    The percentage of your utility bills, directly proportional to the percentage of space your home office takes in your home.
    Hotel stays for epic out-of-town thrifting adventures.
    Subscriptions to websites and magazines related to research and learning (PTO, etc)
    Cost of Domain name service for your website.
    Charitable donations to acknowledged charities and from redonating mispurchases
    Cost of smart phone, apps and service, used for in store lookups and purchasing.
    Shoe Polish, strings and disinfectant
    Printer Ink/toner
     
  9. ridethecliche

    ridethecliche Well-Known Member

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    Thanks man! I'll let you guys know how it goes.

    I'm listing a few things this weekend. I'd honestly prefer to trade things on here, but I don't have very much space so whatever doesn't get grabbed gets to test its luck online.
     
  10. TheNeedMachine

    TheNeedMachine Well-Known Member

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    Do you re-sell 100% of the items you buy in each store? If not, I'm not sure how you could deduct everything you buy, if you don't flip it (or redonate it).

    I'm not sure why you wouldn't keep track item-by-item...unless you mean only keep a running total of the costs for items sold.

    I track item-by-item as they sell, using an Excel spreadsheet - I input price paid, price sold for and shipping cost, and my formulas figure out the profit per item plus keeps a running total since Jan 1st 2013 for price paid / price sold / shipping / profit. Of course other deductions come into play, all of which were already mentioned.

    I don't track items bought and thrown away, kept, gifted etc...but do track donations / re-donations.
     
  11. TheNeedMachine

    TheNeedMachine Well-Known Member

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    ...and this is another reason why I need a dedicated spot in my house for flippering. Right now it's all in mixed-use areas and I am loathe to move it all downstairs to an empty room because I don't heat or cool that room (vents are shut off) - once I start heating & cooling it, utils are going to jump 20% or more...but Wes be the man, pointing out I need not fret! Thanks!
     
  12. capnwes

    capnwes Well-Known Member

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

    jebarne Well-Known Member

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    I think a brick and mortar store would deduct the throw aways. They may record it as a zero sale or something so the cost would accrue. They have to account for damage, pilferage, etc. Stuff that never sells they can donate at whatever their basis is.

    At any rate, sounds like there is a bit of latitude in how this is done.
     
  14. jebarne

    jebarne Well-Known Member

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    I would call that retained inventory, used for advertising. Fully deductible.
     
    2 people like this.
  15. Snoogz

    Snoogz Well-Known Member

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

    jebarne Well-Known Member

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    Which disinfectant?
     
  17. capnwes

    capnwes Well-Known Member

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    I use 10 Seconds
     
  18. ridethecliche

    ridethecliche Well-Known Member

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    @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.
     
  19. capnwes

    capnwes Well-Known Member

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

    ridethecliche Well-Known Member

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

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

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