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Yes, all of your ebay and paypal fee expenses as well as shipping costs get separate line items in the “other expenses” category. I use Godaddy book keeping and their summary breaks it down pretty well. I just match the title and amounts to what Godaddy gives me.
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This reply was modified 4 years, 5 months ago by
Retro Treasures WV.
All of us here are independent small business owners – we answer to no one but ourselves when it comes to business ethics as long as no laws are broken. You asked for opinions and hypothetical scenarios from other folks perspectives and you got a lot of great and respectable debate/conversation out of it. No one is judging you personally if that is how you are feeling.
I’d personally love to know what your resolution was as it would be a great “real world” final resolution to this whole conversation, but I can respect your wish to keep that private. Any resolution that leaves the buyer and seller somewhat happy is a win!
Well you can always sell them!
This is not a contest and no one here is bragging ( I assume). It’s just information sharing that spurs conversations. We all encourage each other to get better.
The way I have interpreted it is that unless you are selling at a profit, you report it as a wash.
Example:
You paid $50 for a jacket. You sell it for $30. Your COGS would be $30 so the whole transaction will be tax neutral.Example. You bought a stereo in the 90’s for $50. You sell it for $150 since it is collectible. Your max COGS would be $50. You would only pay tax on the profit.
And lets not get started on how pallet goods have pretty much ruined the facebook yardsale experience…
My local thrift store started buying pallet lots and selling them in the store. Sometimes they get very high end stuff in so I started perusing it. I got shafted on two big ticket items.
One was a Bugaboo stroller package I paid $160 for. It was two boxes – the stroller and an add on accessory thing. Once opened, the stroller was not what was on the box – it was an old beat to crap, sun faded model. Someone returned the old one and kept the new one! I did eventually sell the accessory that was actually new for $400 on amazon so I did okay. While it was new, it had been resealed and the instructions were gone. I can’t sell that dang stroller even on facebook yardsale. Had it been new as advertised, I could have sold the stroller for $500+.
The last straw was some towel warmers I bought. I bought two at $50 each. I opened the first one and went through it. It was brand new. The second one I opened the top to see it was still in the original plastic so I didn’t go further…big mistake.
The new one sold without a hitch for $120. The one I did not check sold GSP to Canada. The customer wrote me quite upset on Christmas day. It was actually a used item that even had wear on the power switch. To top it off it didn’t work. I refunded the buyer 100%, so I ate the COGS ($50), the regular shipping ($15), and the international shipping ($65).
I’ve dodged many bullets by thoroughly examining the goods. Eventually I just said “no more”.
Shovel a spot in the snow.
Buy some training pads
Call the owner and ask what they do in this case.Never assume ANYTHING when you buy liquidation pallet goods. Don’t assume anything is actually brand new. Don’t assume anything works. Don’t assume all the parts are there.
You have to open the package and verify and test everything. I’ve experimented with pallet goods and finally decided it is not worth it. My advice is to just chalk it up to a lesson learned and refund the buyer. If you really want it back just to check things out go ahead, but it is just more expense.
I really hope there is someone in the area on this site that goes to this and reports back on the pricing. I’m super duper curious.
It’s a common sense law and it keeps roadways clean. Here in WV, we don’t do that silly “common sense” thing, so we don’t have it. Sad…
I’m actually considering starting my daughter her own ebay and paypal accounts. She is 10 now. I’ve been helping her list toys and such for a while on my account – she does pretty well with it. She has started to show interest and is doing her own shopping in the toy section at goodwill. She is starting to get a pretty good eye!
I think she could definitely take photos of shoes for me.
Total Items in Store: 591
Items Sold: 8
Cost of Items Sold: $41
Total Sales: $244
Profit: $203
Highest Price Sold: $38 Nike Jordan Shoes
Average Price Sold: $30.50
Average Profit: $22.54I feel like a broken record posting my numbers week after week, but it keeps me connected to my store. Another week no listing, another week selling 8-10 items and making $200. I had big plans for this past weekend, but we had family come in unannounced and that killed all plans.
I so very, very much want to hit listing hard and I really need to. Real Life ™ just keeps getting in the way. I love seeing how having an employee is pushing your numbers higher. Since I don’t have time to list, I’d love to hire someone to photograph and create generic listings for me. Photos, measurements, and item specifics. If they could do all that and create a very basic title, I’d be happy as a clam.
I’ve never watched that show (Grimm), but that would be so amazingly awesome to peruse. If they really are going to “price to move”, I would probably walk out overflowing with all those shoes!
I am assuming you have a basic store. It is a dumb limitation placed on basic stores.
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This reply was modified 4 years, 5 months ago by
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