The official thrift/discount store bragging thread

[costanaconda]

Some recent pickups.
Oxxford Black Blazer 42 S:

BB Made in USA OCBD 17 36 x 3:

100% Cashmere SC 40 S:

J. Crew, BB, BB, Vineyard Vines, Vineyard Vines, Salvatore Ferragamo, Ferrell Reed, Paul Stuart:

 

[Jompso]

Serious question: if they are going to fake a garment, what's stoping them from faking the content tag?? Seems silly for them to leave that honesty on the tag when all else is fake.

They didn't, they replicated every inch to a T. The reals and fakes were entirely identical, every aspect, because a lot of the time, they had the same tailors working on both. Or they would hire one tailor from the real factory and have them come over and show the other guys how to do everything exactly. You gonna say no to the Comorrah? If there is one group of people in the world you don't say no to, is the most feared and powerful Mafia in Naples/Italy/World

 

[SCoNE]

Canali made Christian Dior. One Montaigne and one Boutique Paris. Worth it?

 

[Jompso]

Canali made Christian Dior. One Montaigne and one Boutique Paris. Worth it?

ehhhhh its not Hedi/ Homme / I'm putting it right back where it was... but that's me

 

[thefastlife]

Spoiler: Warning: Semi non-related tax question!

at what point ($) do you need to claim money made from thrift sales as taxable income? i think i'm under $10k for this year but not 100% sure. i don't keep track as well as i should.

 

[slyguyWT2]

at what point ($) do you need to claim money made from thrift sales as taxable income? i think i'm under $10k for this year but not 100% sure. i don't keep track as well as i should.

eBay keeps track for you on the Outright app. It's free. PP automatically generates a 1099 if you breach 20K.

 

[highvoltorb]

I would never leave 100% cashmere Canali behind if it's the right price...

 

[concealed]

eBay keeps track for you on the Outright app. It's free. PP automatically generates a 1099 if you breach 20K.

No longer free

 

[borbor]

Got in on the drake's madness in Toronto.

Kopped 10 of em.

 

[DanM]



Spoiler: Warning: Semi non-related tax question!

at what point ($) do you need to claim money made from thrift sales as taxable income? i think i'm under $10k for this year but not 100% sure. i don't keep track as well as i should.

eBay keeps track for you on the Outright app.  It's free.  PP automatically generates a 1099 if you breach 20K. 

There is no minimum rule for the IRS - if you make $1, you report it. Just because PayPal isn't reporting you doesnt negate a need to file. If you made 10k and didn't report it because PayPal didn't generate a 1099, and were audited for some reason, you would be ************ with the IRS.

 

[Snoogz]

Its to your benefit to report any income made via selling. If you made 10k this year, you can probably deduct more than 10k from expenses that were required to generate your 10k sales. So that is a benefit to you.

Once you report your 10k made through eBay, you can deduct expense all your eBay fees, paypal fees, shipping costs, cost of goods (thrifting purchases), internet, phone, possibly a portion of your mortgage (place of business), and anything else that has to do with making the 10k. Office expenses (lights, backdrop, camera, computer). Meals & Entertainment is a big one for me

...guilty.

 

[Tweets]

Its to your benefit to report any income made via selling. If you made 10k this year, you can probably deduct more than 10k from expenses that were required to generate your 10k sales. So that is a benefit to you.

Once you report your 10k made through eBay, you can deduct expense all your eBay fees, paypal fees, shipping costs, cost of goods (thrifting purchases), internet, phone, possibly a portion of your mortgage (place of business), and anything else that has to do with making the 10k. Office expenses (lights, backdrop, camera, computer). Meals & Entertainment is a big one for me

...guilty.

They can't expect me to thrift all day and not eat 3 square meals!

 

[SpecialK2k12]

Don't forget mileage.

While we are on the topic of taxes is the consensus here that we have to use the accrual method since we have inventory? Reading IRS Publication 538 seems pretty clear on that one. Does anyone have a better way to track inventory than a massive spreadsheet? I'm already using Outright to track expenses/income but it doesn't look like there is a good way to split those transactions and keep track of inventory with that. If there is a plugin or something else I'd love to hear about it.

 

[Ken P]



Its to your benefit to report any income made via selling.  If you made 10k this year, you can probably deduct more than 10k from expenses that were required to generate your 10k sales.  So that is a benefit to you.

Once you report your 10k made through eBay, you can deduct expense all your eBay fees, paypal fees, shipping costs, cost of goods (thrifting purchases), internet, phone, possibly a portion of your mortgage (place of business), and anything else that has to do with making the 10k.  Office expenses (lights, backdrop, camera, computer).  Meals & Entertainment is a big one for me 

...guilty.

Does this mean you have to been saving all your receipts from the thrifts?

Do any of you guys do this?

 

[Jompso]

Does this mean you have to been saving all your receipts from the thrifts?

Do any of you guys do this?

eBay keeps track for you on the Outright app. It's free. PP automatically generates a 1099 if you breach 20K.

Does this mean you have to been saving all your receipts from the thrifts?

Do any of you guys do this?

First of all I'll answer the second. Yes, every single one, and at first documented each in Excel, moved onto Quick Books, but am now suprisingly using Go Daddys Finance Program. It is insanely efficient keeps track of your paypal account, your paypal fees, ebay fees, travel expenses, how much taxes you'll owe at the quarter, how much profit you made that week, where your money is being allocated most. As long as you use your paypal account almost solely as your thrifting account, that **** is simple and gets the job done. Paypal doesn't do **** for you. It doesn't even give you total fees it charges per months on its invoices, it just lists each one individually, its a pain ********** using Paypal. If you already have a godaddy account, try using it, youll get hooked. I know exactly what I need for my quarterly sales, it allows you to document indvidual expenditures as what they were...i.e. parking=travel=business write off. Meals and entertainment, business expense=write off. And it has all these options built right in making it a really easy interface.