I am selling them for less than what I originally paid for them? It's like an online tag sale right? I'm not making a PROFIT off these items ...
Any accountants out there have a real answer?
Thanks!
2007-01-09 12:58:09 · 11 answers · asked by Lolly 3 in Business & Finance ➔ Personal Finance
Unless your selling a huge quantity from wholesale to retail, charging sales tax and the like its like selling at a garage sale.
Nobody reports what they sell at a garage sale.
2007-01-09 13:01:51 · answer #1 · answered by Tapestry6 7 · 0⤊ 0⤋
yes this is OK as long as the clothes are in good shape. Any why even if you were making a profit that's OK. do you think that people having garage sales or participate in flea markets don't make any money selling their used things? just make sure that you aren't giving the people less then what they expect. a great place to sell used things is ebay and that isn't considered a reportable porfit because you pay a very small amount of money when you put the things up for sale. in short what you are doing is ok
2007-01-09 13:05:33 · answer #2 · answered by Answerfinder1360 5 · 0⤊ 0⤋
Ebay.. the name spell success. It is a big business having multi billions dollars of tranaction happening in a year. There are countless person having a earning of 6 figure income. And of course many others having a regular income varying netween $500-$5000 per month. There are many persons, who has taken up this as a career but dropped it because they did not feel as an opportunity due to some or the other reason. There are certain guidelines which need to be followed to be successful in ebay like other business demands.For details visit
http://ebaysimplified.blogspot.com
2007-01-09 16:01:58 · answer #3 · answered by Dreams comes true 2 · 0⤊ 0⤋
My mom needed me to maintain each and every thing of Cheyenne's. She even ended up buying a storage construction once I stated i did no longer have area. Which in my recommendations replaced into insane ... $40 5 in keeping with month over the path of three years has value her over $a million,500. ... At this fee i ought to easily purchase my next new child greater present day stuff. (Which i will ought to do in any case because of the fact it have been given stolen.) in case you have no longer have been given room, you have no longer have been given room. What i might advise is telling the folk to procure it from how plenty you and Jamie enjoyed it. Then tell them now that he has outgrown it, you relatively have not got room to maintain it. Ask in the event that they might like it back or in the event that they choose you to do away with it on your next storage sale. in the event that they say to do in spite of you choose - don't sense undesirable approximately advertising it. such as you stated, you should use the money. Plus you will nonetheless be helping others with tips from permitting them to get stuff greater decrease priced than it could have been new. ... something that doesn't sell, provide it away. purely you ought to keep some little issues. The outfit he wore abode from the hospital and in keeping with threat stick some different issues in a small field like an cute outfit you may opt to work out on your destiny young infants. .... do no longer concern approximately making the field completely finished. there will be lots greater issues you opt to maintain by way of the years. Too undesirable you have no longer have been given freecycle or craigslist. That and our community Church on the Rock are how i stumble on new proprietors for an excellent sort of Cheyenne's stuff. (the stuff my mom hasn't claimed possession over lol)
2016-10-06 22:14:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you got the stuff for nothing, then your cost basis is zero, therefore anything you get above zero is profit. In addition to income tax you may be liable for ss tax, further, sales tax. Further if someone is somehow damaged by acquisition of your items you may need liability insurance. You may be wise to start searching for a good criminal lawyer just in case.
2007-01-09 13:09:34 · answer #5 · answered by victorschool1 5 · 0⤊ 0⤋
Even if you were making a profit out of them, you have to be making a certain amount of money yearly for you to have to claim them as income on tax forms and such.
Unless you live in a country/state that is remarkably anal about itemizing things, I wouldn't worry about it.
IANAA though, so take it with a grain of salt.
2007-01-09 13:02:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes it is reportable as either income or a capital gain.
Apparently anything that's an income should be reported on your taxes, even illegal activities (think Al Capone).
See IRS Pub 17 Your Federal Income Tax, Chapter 12 - Other Income
Another article can be found on the MSN Money website
2007-01-09 13:35:36 · answer #7 · answered by Anonymous · 0⤊ 1⤋
no it is not in any such way there was actually a case like this i believe were someone had sold something for 500,000 on Ebay and it did not have to be reported. all items sold or bought this way(through a service like ebay) do not have to be reported
2007-01-09 13:03:30 · answer #8 · answered by HeWhoRunsWithScissors 2 · 0⤊ 0⤋
most states and fed consider it income
2007-01-09 13:07:54 · answer #9 · answered by cork 7 · 0⤊ 0⤋
what the government doesn't know doesn't need to be reported
2007-01-09 13:01:34 · answer #10 · answered by bubbles 3 · 1⤊ 0⤋