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

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

  1. Fueco

    Fueco Senior member

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    To clarify this...

    You don't need to track gas, food, portion of rent for home office, etc unless you are planning to claim deductions on your taxes.

    My records for this year include sales returns, expenses, labels, shipping, etc. The rest will wait until next year.

    If you're going to get serious, serious do track EVERYTHING! For 2014, I'm going to be switching to an automated system (Quicken or similar) to track expenses, income, etc.... I need to maximize what I can write off and really see how my business is going. It's a bit of a clusterf**k right now...
     


  2. Fueco

    Fueco Senior member

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

    [​IMG]
     


  3. hooker4186

    hooker4186 Senior member

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    How detailed are you on USPS receipts or thrift receipts, as usually the receipt just reads "men's shirt" or something?

    I will file all my eBay income and have all my receipts from this year and a detailed spreadsheet of item sold, shipping/thrift costs on each item and my net profit, but am wondering if that will be enough.

    I'm not too stressed as my sales aren't anywhere near 20k but would like to do better with my audit trail next year.
     


  4. capnwes

    capnwes Senior member

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    [​IMG]
     


  5. Brianpore

    Brianpore B&S (BS) ambassador-in-chief

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    Last edited: Nov 8, 2013


  6. capnwes

    capnwes Senior member

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


  7. concealed

    concealed Senior member

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


  8. capnwes

    capnwes Senior member

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    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.
     


  9. stevent

    stevent Senior member

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    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?
     


  10. capnwes

    capnwes Senior member

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


  11. stevent

    stevent Senior member

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


  12. Fueco

    Fueco Senior member

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    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.
     


  13. Fueco

    Fueco Senior member

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    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.
     


  14. capnwes

    capnwes Senior member

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    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.
     


  15. stevent

    stevent Senior member

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    Thanks yeah just never really done this before so want to be sure.
     


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