Does anyone use Poshmark?

[whateve]

Reporting it on schedule C or D has adv/disadv. With schedule C, you can report it as a business and take other allowable deductions (like if you are running your resale business). You have to pay self employment tax and have to show profits for your venture to be considered a business. You might need to check with your state of residence if you need to get a resale license, etc as there are other multiple regulations that govern business activities in your state. If your sales are truly selling your personal items (some at loss, some for profit), then schedule D is most appropriate, alas more time-consuming in reporting.
The accountant’s reply is correct - it does take a lot of time to enter all those transactions into the tax software. If you have never done it yourself, the charge seems outrageous, but it is not.

Thanks. Until recently, I didn't know the IRS allowed you to report your sales of all personal items on Schedule D. Previously you were only allowed to report items that were considered investments or collectibles, like jewelry or coins, or large items like cars. For me, it is a godsend that I can report on Schedule D because that means I can offset sales against losses, since I have a carryover, so I'll pay no taxes on my sales.

I have entered stock sales, pages of them, manually on form 8949 in previous years so I know how time consuming it is.

I'm wondering, there are a lot of items I'm selling from my household that I bought many years ago but don't know the exact date or even the exact year, just know they are long-term. What do I put in the date acquired? I also have no idea what I paid for most of them.

I had always assumed I would do a Schedule C as I'm familiar with it and wanted to be able to write off my expenses.

 

[Ashanti_Rose]

Thanks. Until recently, I didn't know the IRS allowed you to report your sales of all personal items on Schedule D. Previously you were only allowed to report items that were considered investments or collectibles, like jewelry or coins, or large items like cars. For me, it is a godsend that I can report on Schedule D because that means I can offset sales against losses, since I have a carryover, so I'll pay no taxes on my sales.

I have entered stock sales, pages of them, manually on form 8949 in previous years so I know how time consuming it is.

I'm wondering, there are a lot of items I'm selling from my household that I bought many years ago but don't know the exact date or even the exact year, just know they are long-term. What do I put in the date acquired? I also have no idea what I paid for most of them.

I had always assumed I would do a Schedule C as I'm familiar with it and wanted to be able to write off my expenses.

In case of an audit, IRS could request a back up/ evidence for your cost - meaning the original receipt. If you don’t have one, you can use your estimate - but there is a chance IRS will not accept your estimate without evidence and you might have to pay tax on gross amount in such case (plus applicable penalties). Again, the best bet is to keep some sort of spreadsheet, etc to evidence your cost, etc.
You could always report is as personal sales - but it wasn’t widely known/ used as the reporting thresholds for 1099k were very high.

 

[whateve]

In case of an audit, IRS could request a back up/ evidence for your cost - meaning the original receipt. If you don’t have one, you can use your estimate - but there is a chance IRS will not accept your estimate without evidence and you might have to pay tax on gross amount in such case (plus applicable penalties). Again, the best bet is to keep some sort of spreadsheet, etc to evidence your cost, etc.
You could always report is as personal sales - but it wasn’t widely known/ used as the reporting thresholds for 1099k were very high.

I figured I would underestimate the cost or even put in zero since I'm not concerned about how much profit I have. Like I said, I have a lot of carryover losses, enough to last me a lifetime of sales.

 

[abeard4]

I'm obsessed with this app! I think it's still only for Apple users. But it's an awesome community and extremely safe. I had a scare with eBay earlier today and it's making me more grateful for this app.

They take care of all of the shipping which makes it extremely easy and its a flat $7. Only drawback for sellers is it takes a 20% commission but it's not too bad if you take into account how much more accessable the customer service and buyer/seller protection is.

If you use the code "x" you can get a $5 credit to shop with! It's all womens fashion and I've found some amazing steals on there

I check it when I remember something I used to have and wish I'd kept. 90s fashion, etc. some people ask too much money but some have very reasonable prices

 

[Majuriel]

I purchased 3 beautiful LV’s from Poshmark, I like that they authenticate on anything over $500. I buy if the seller states in excellent condition, has been on Posh for a number of years and has great feedback. Of the bags I own the ones I’ve gotten from Poshmark were perfect, the ones I purchased from LV’s website I’ve had quality issues with.

 

[Gennas]

I have a PM buyer that has sent 9 offers on an expensive jacket. Designer jacket, sold out and brand new with tags. She starts off with a low ball offer. I have counter 2 or 3 times then I just stop countering. I'm thinking of just blocking her now. I'm afraid she will just buy the gorgeous jacket, damage it and open a case to return becuase I never accepted her low ball offer. I decided to just block her. DOn't have time or stress to deal with unethical buyers.

 

[onlyk]

I have a PM buyer that has sent 9 offers on an expensive jacket. Designer jacket, sold out and brand new with tags. She starts off with a low ball offer. I have counter 2 or 3 times then I just stop countering. I'm thinking of just blocking her now. I'm afraid she will just buy the gorgeous jacket, damage it and open a case to return becuase I never accepted her low ball offer. I decided to just block her. DOn't have time or stress to deal with unethical buyers.

What brand? and what's your listing price?

 

[Prettyn]

I have a PM buyer that has sent 9 offers on an expensive jacket. Designer jacket, sold out and brand new with tags. She starts off with a low ball offer. I have counter 2 or 3 times then I just stop countering. I'm thinking of just blocking her now. I'm afraid she will just buy the gorgeous jacket, damage it and open a case to return becuase I never accepted her low ball offer. I decided to just block her. DOn't have time or stress to deal with unethical buyers.

If it is over $500 it will go through poshmark. Just take multiple pictures of the jacket and video tape it for your protection. I had buyers do the same thing counter offer after counter offer, it happens.

 

[whateve]

If it is over $500 it will go through poshmark. Just take multiple pictures of the jacket and video tape it for your protection. I had buyers do the same thing counter offer after counter offer, it happens.

That's why ebay only lets buyers send 3 offers.

 

[Kabuki]

That's why ebay only lets buyers send 3 offers.

eBay allows up to 5 offers.

 

[Gennas]

If it is over $500 it will go through poshmark. Just take multiple pictures of the jacket and video tape it for your protection. I had buyers do the same thing counter offer after counter offer, it happens.

Thank you for your advice.

 

[Gennas]

I'm upset. I just saw a seller on Mercari stole my personal pictures of one of my listing!!! She used every single picture and I see my hand in the picture, showing the security tag inside one of my designer dresses! How do I report this to Mercari? I want to email her, but I'm afraid she will come after me since she stole my PM listings. She also put a screenshot of my listing and it has my PM ID name.

 

[whateve]

I'm upset. I just saw a seller on Mercari stole my personal pictures of one of my listing!!! She used every single picture and I see my hand in the picture, showing the security tag inside one of my designer dresses! How do I report this to Mercari? I want to email her, but I'm afraid she will come after me since she stole my PM listings. She also put a screenshot of my listing and it has my PM ID name.

I'm not sure how but there should be contact info on Mercari. If you need further help, @BeenBurned can give you a sample letter for reporting the violation.

 

[Ashanti_Rose]

I'm upset. I just saw a seller on Mercari stole my personal pictures of one of my listing!!! She used every single picture and I see my hand in the picture, showing the security tag inside one of my designer dresses! How do I report this to Mercari? I want to email her, but I'm afraid she will come after me since she stole my PM listings. She also put a screenshot of my listing and it has my PM ID name.

It happens (it happened to me too in the past - lol). I wouldn't worry too much and wouldn't waste my time on it - it is hard to control such things. Mercari is an odd platform where it is hard to get a hold of anyone. Think of your PM ID disclousure as free advertising..

 

[Gennas]

I'm not sure how but there should be contact info on Mercari. If you need further help, @BeenBurned can give you a sample letter for reporting the violation.

Thank you!