Stress shopping. I do that too but so far I've held back. More from lack of funds than anything else!
Consigning/buying with The Real Real TRR
- Thread starter KPCoppola
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No way I believe that! They keep sold items up for quite some time after the item is sold, even after several months I sometimes see a bag I bought still showing in the sold section. I don't think you can see real-time sales with them. Unless you have a special method you used??
I just did the sort to show sold items first. I tested it in relation to a search by a different brand of skirt that I ordered in Feb. In both cases I can see my purchase and then what appears to be purchases made after my orders. When I placed my Feb. order I did the search that instant and my purchase was first/on top. It seemed valid but of course I am not 100% certain. Hopefully others here can chime in...
You should guard your SSN and DOB zealously; identity theft gold.
Don't share this - seriously. They should not be asking for this. I'm in financial services and we see people fall for this stuff all the time. Your employer, government agencies, your financial institutions who need to issue tax receipts. No one else needs SSN.
Don't share this - seriously. They should not be asking for this. I'm in financial services and we see people fall for this stuff all the time. Your employer, government agencies, your financial institutions who need to issue tax receipts. No one else needs SSN.
Even if the Real Real is doing this to report to the IRS, you don't have to pay taxes on your proceeds because you took a loss.
Suppose they report the sale to the IRS. Then, you can do one of two things. One, you could ignore it on your tax returns. If the IRS happens to cross check your return with The Real Real's reporting, they may send you a letter asking you about the discrepancy. After that, you just send them a letter telling them you sold the bag for $X, and you paid $Y for it (maybe provide a receipt), and $X < $Y. No fines, no problem.
Or, you could include it on your tax return (I believe on Schedule D - https://www.irs.gov/instructions/i1040sd). You'd include the "gains" as a negative number, it would not get deducted from your adjusted gross income, and you would not pay taxes on anything. The latter is the more technically correct way of doing things, but it's complicated. The reality is that the odds of the IRS crosschecking your personal return with The Real Real's are probably low.
See here for more info: https://www.hrblock.com/tax-center/income/other-income/capital-gains-garage-sale/
The only thing I don't know is how this works at the state level, so if you have state income tax, you'd have to check to make sure the rules are the same.
I have a love/hate relationship w TRR.
Bought a couple of Derek Lam sweaters NWT that I will wear to death, and got a 50$ credit. Tried to use it on NWT Theory pants, but they were 100% miss sized - thought I was getting a size 2-4 but received them and they were a size 10. Returned them, which they were great about. So used the refund credit to buy what I thought was a sleeveless black Lanvin top in "excellent" condition. Received a navy blue 3/4 sleeve Lanvin sweater in it's place - although it is WNT. Haven't tried it on yet but man I do not want to deal with this again.
If you have the patience, their customer service is excellent and super fast in response. But man, their shipping fees are a disgrace and someone is asleep at the wheel.
Bought a couple of Derek Lam sweaters NWT that I will wear to death, and got a 50$ credit. Tried to use it on NWT Theory pants, but they were 100% miss sized - thought I was getting a size 2-4 but received them and they were a size 10. Returned them, which they were great about. So used the refund credit to buy what I thought was a sleeveless black Lanvin top in "excellent" condition. Received a navy blue 3/4 sleeve Lanvin sweater in it's place - although it is WNT. Haven't tried it on yet but man I do not want to deal with this again.
If you have the patience, their customer service is excellent and super fast in response. But man, their shipping fees are a disgrace and someone is asleep at the wheel.
You are NOT the only one! I have gotten some bargains of the century with them (especially Jewelry when they didn't know the designer), but I've also had some MAJOR issues with them to the point where I had to send a personal letter (from my attorney) to their CEO! I wrote about it way back, but no way should anyone have to do that!
I wonder when my consigned items will ever be available for sale or be able to be returned to me. I understand of course, and safety is the top priority, but surely one person at a time can go into the warehouse and process items. Fashionphile and other online resale companies in California are still open with delayed shipping. My items were all photographed and ready to list, but cannot be listed online or returned to me indefinitely since they are in the California warehouse. Over one month and counting, I am beginning to lose hope. I have 4 items over $5,000 with them, so I wish they would at least start processing/return the higher value items.
I feel you! My situation isn't as invested as yours (a $300 Bal at Fashionphile), but it is a bit unnerving. I had recieved my quote March 16. It went to spam, so I didn't see it until March 18. I called & asked if they were still accepting items in light of developing circumstances. (IL went on shelter in place March 20, so it was still iffy to us.) The associate I spoke to assured me there weren't any changes on their end & they were definitely accepting quoted items. Then on the 20th, their page changed to COVID19 info. Long story short, I shipped March 19, my bag was delivered on March 25, received on April 7, & is currently being processed. Fashionphile's website says they are taking 2-3 weeks to issue payment after authentication, so we shall see. (I am confident my bag is authentic, purchased from HG bags w/ tags)
So not actually TRR, just wanted to give you my expeience with a similar service in a similar area[emoji846]
Thank you for sharing your experience. It sounds promising that your bag is slowly making its way through the pipeline. Hopefully you will have your payment soon!
I'm in the exact same boat. People with bags are better off than the clothing consigners I think (mine are clothing)- because these delays mean you could miss the season, and then TRR starts discounting so deeply. I sent a box of spring stuff to them literally 2 weeks before the shelter in place order. Everything went to Brisbane for me. If we get close to June and they finally open back up, I will probably just request my things to be returned. Once June/July hits, people start thinking about fall.
I totally agree with you about the timeliness issue. One of my items was a brand new Chanel seasonal bag. It would have sold for a lot more in the current season compared to whenever it is finally for sale!
Update: Fashionphile emailed today to say payment has been initiated.
I wish all of you luck in the items you have sent, hopefully you will see movement soon! Please stay safe & be well