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When you sell off your personal things at a loss, you can claim up to the selling price on COGS. For instance, you paid $100 for a book and sold it for $50. You can claim COGS of $50 to effectively wipe out the sale.
As always, confirm with an accountant or tax expert but that is how I understand it.
COGS is relative. You’ll miss out on great items if you limit yourself to only super cheap stuff. For instance, I just paid $15 at goodwill for a pair of boots yesterday. Sounds like a lot, but they are brand new Wellco Military boots that I’ll easily sell for $50-60. Would I have preferred they be $2-3? Sure! The profit is the be all end all.
Another good item is the football thrower I bought. I had to drive 1.5 hour trip to get it and paid $200, but I sold it for $1250.
Bottom line, don’t just look at COGS – weight the COGS, Sale price, size, packing complexity, estimated time to sell, etc. Come up with your own formula and put it to practice.
Now I see the reply button. It is a very, very faint gray color next to the post number. Can you make that bold or something? It’s very hard to see.
Regarding the lawnmower boy – you are responsible for issuing him a 1099 form. It’s not your responsibility to insure he has a established business. He is not an employee and doesn’t belong on your payroll. The only liability you should have is if he gets injured on your property (another BIGGER reason to bite the bullet and pay an established grounds company).
Here is an interesting article on the subject that will point you in the right direction to determine the rules: http://markjkohler.com/1099-rules-for-business-owners/It appears that “threading” (I think that is the right term) is no longer supported. I can’t respond directly to a comment inside a thread. On other forums, there is an option to reply directly, which causes the original post to the quoted inside my response.
One of these options would be very helpful, otherwise the conversation could become very disjointed.
Total Items in Store: 525
Items Sold: 10
Cost of Items Sold: $35
Total Sales: $702
Total Profit: $667
Average Price Sold: $70.20
Average Profit: $66.70
Highest Price Sold: $200 Marantz Professional Audio Recorder. Sold BIN full price.First off, my art buyer last week paid! Yay! This week I had some awesome high dollar sales. I look forward to sharing them on Wednesday.
About that Marantz Audio recorder – I got it at Goodwill on one of my “I only have 5 minutes” trips. I saw this gallon size ziplock bag full of junk along with a weird pedal assembly sitting on the junk shelf at Goodwill. Misc electronics always catch my eye. After digging through the bag and doing some basic research, I realized I had hit the motherload! There were TWO of the audio recorders with AC adapters, two external microphones, and the pedal is a dictation pedal as used by court recorders. All told, my list prices were almost $600. My cost – $4 for the whole bag.
I’m getting back on the wagon with listing. This weekend my wife recommended that she start driving when we go places and I can list while she drives. It worked out really well – once we got to our destination I felt more relaxed because I accomplished some work, and she realized that driving helped reduce her anxiety by getting her mind off things and away from her phone. From here on out I’ll be giving the term “mobile listing” a whole new meaning.
Have a great week everyone!
I also use the cheap $5 bins from walmart. No they aren’t ideal, but they are cheap, clear, and fit 4 to a shelf in my metal storage racks. I’ve had one of these bins shatter at the handle when picking it up. The biggest drawback is that the tub has a significant taper from top to bottom. There is a significant loss of storage space due to this design feature.
Bottom line is that even a moderate improvement in a similar sized clear tub is double the price! I currently have shelving space for about 80 tubs with plans to add more shelving to go over 100 tubs. I can’t justify $10-15 a tub for that many tubs, so I will make due with the $5 junkers.
