The official thrift/discount store bragging thread

[Cj52racers]

I do this as well. Every receipt is held and mileage is noted on every trip that is dedicated to thrifting. Same thing with antique auctions and estate auctions. Mileage is deducted at .25 cents per mile or whatever it is. If you keep good track you will most likely be able to deduct more than enough.

Found a couple cool pieces, although not worth much I don't think.

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[Snoogz]

I am spoiling my response below, as this is the incorrect thread for it. I thought we were discussing this in the eBay thread.
Please move anything further into the appropriate thread guys.

Spoiler: Warning: Spoiler!

Ken, yea every receipt is good. If your not audited, any dollar amount under 25$ doesn't need one(so I'm told, but I take it with a grain of salt). But I would still keep them in case you have to prove your income/expenses.

I make folders for each month, and drop the receipts in there, after they are put into my bookkeeping. Those include meals, entertainment, travel expense(hotel receipts), dry cleaning or alterations needed for items that are for sale, and most importantly, cost of goods.

At the end of each year, those 12 folders/envelopes are rubber banded together and safe kept for storage.

 

[Jompso]

Just handled some solid pieces at the Unionmade Goods Sale in time to (E-thrift?) a Drakes Grenadine from Barneys for 59 bucks, class navy blue and red regimental.... plus I bought a NWTs Brooks Brothers Makers and Merchants 7 Fold last night. Never seen a Brooks Brothers 7 fold. I have actually found 6x more Kiton Cashmeres in the wild then I have found 7 fold ties.

 

[Nataku]



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

Do any of you guys do this?

I save all my receipts. Purchases, car repairs/expenses, shipping, etc.

 

[borbor]

I do this as well. Every receipt is held and mileage is noted on every trip that is dedicated to thrifting. Same thing with antique auctions and estate auctions. Mileage is deducted at .25 cents per mile or whatever it is. If you keep good track you will most likely be able to deduct more than enough.

Found a couple cool pieces, although not worth much I don't think.


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how do you tell RMC authenticity.

saw two pairs a few days ago, but my denim game sucks so I didn't kop

 

[DanM]



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. 

Nope. Only if you have over $1M in gross receipts (I believe). Otherwise, cash method is the way to go.

In regards to receipts, I try to keep mine, but I'm not nearly as organized as I should be. However I use my Paypal card for all thrift purchases and meals while out, so I can very easily keep track of all expenses related to inventory acquisition.

 

[Cj52racers]

I have no idea. They were $4 so I figured I'd take a shot. Stitching looks excellent. I don't know swnd that well so I'd need one of the experts to confirm

 

[borbor]

4 bucks? **** i wouldn't give a **** either lol

 

[costanaconda]

Quick stop over lunch. Jacket is a thing, right? It's in awesome condition, the light spot on the shoulder is just the sun coming in the car. Also beater longwings in my size.

 

[hbkshin]

Pretty sure those RMCs are fakes. Everything I've ever read about them all agree that they should have Red/Green selvedge stitching

 

[slyguyWT2]

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.

I was not implying that the IRS had a minimum rule. I was merely pointing out that PayPal automatically generates a 1099 at a certain point.

 

[Jompso]

1.


2.


....And Maaagic ..... or am I the only one that has never heard of a BB 7 fold

 

[dappercanadian]

Alright guys went back to holts.... Scoured the store more thoroughly. Pics to come...

 

[Cj52racers]



Pretty sure those RMCs are fakes. Everything I've ever read about them all agree that they should have Red/Green selvedge stitching

They do.
]

 

[hbkshin]

They do.
]

Ah sorry the first one wasn't too clear on the picture. I do hope they're real!