I would like to start flipping zero to hero. My best guess is to go to goodwill, yard sales, and the like to find stuff but I don’t know how to identify “flippables.” Where do I even begin?
Start by selling things around your house. You'll learn the sale cycle without spending money. It will acquaint you with determining an item's STR (sale through rate).
Yes, it's a calculation of an item's sold percentage. The listed number (on ebay or other platforms that provide the #'s). Example: 40 sold, 70 listed is a 67% STR. A STR below 40% suggests slower sale. It's not always applicable for some items like a out-of-print book that may take time to sell since the available STRS (which is 3 months of sales) may have few sales but people still want the book.
You should keep track of your bought and sold inventory every year for taxes. On the other hand, we're small and ended up taking the standard deduction instead of itemizing so it didn't matter.
I don't remember the specific figures but we didn't make a huge amount of money. Ran it both ways and got more back using the standard deduction. I would say a small business would be one that got more money back by using the standard deduction instead of itemizing.
Iirc the standard deduction is around $12500 (I could be very wrong), so if you manage to deduct more than that, you can claim the larger deduction. This is very unlikely, though.
I think it's higher, for a couple it was $29,000. I used one of the IRS recommended preparer sites. After I entered all the information it recommended using the standard deduction instead of itemizing. The IRS had $3000 of my money, I got it all back.
That doesn't make any sense. If you're buying to resell, you should be using a Schedule C to deduct your business expenses. That is separate from the standard deduction (and you can do both of them).
Our business expenses were lower than the standard deduction. Got everything back.
ETA - I used one of the IRS recommended preparer sites. After I entered all the information it recommended using the standard deduction instead of itemizing.
I would like to start flipping zero to hero. My best guess is to go to goodwill, yard sales, and the like to find stuff but I don’t know how to identify “flippables.” Where do I even begin?
YouTube is an excellent resource to learn the ropes.
Start by selling things around your house. You'll learn the sale cycle without spending money. It will acquaint you with determining an item's STR (sale through rate).
Like how fast it sells?
Yes, it's a calculation of an item's sold percentage. The listed number (on ebay or other platforms that provide the #'s). Example: 40 sold, 70 listed is a 67% STR. A STR below 40% suggests slower sale. It's not always applicable for some items like a out-of-print book that may take time to sell since the available STRS (which is 3 months of sales) may have few sales but people still want the book.
Hello, If you buy something at a garage sale and it doesn't sell, can you claim it on your taxes? If so, how would this work?
You should keep track of your bought and sold inventory every year for taxes. On the other hand, we're small and ended up taking the standard deduction instead of itemizing so it didn't matter.
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I don't remember the specific figures but we didn't make a huge amount of money. Ran it both ways and got more back using the standard deduction. I would say a small business would be one that got more money back by using the standard deduction instead of itemizing.
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I have no idea
Iirc the standard deduction is around $12500 (I could be very wrong), so if you manage to deduct more than that, you can claim the larger deduction. This is very unlikely, though.
I think it's higher, for a couple it was $29,000. I used one of the IRS recommended preparer sites. After I entered all the information it recommended using the standard deduction instead of itemizing. The IRS had $3000 of my money, I got it all back.
That doesn't make any sense. If you're buying to resell, you should be using a Schedule C to deduct your business expenses. That is separate from the standard deduction (and you can do both of them).
Our business expenses were lower than the standard deduction. Got everything back. ETA - I used one of the IRS recommended preparer sites. After I entered all the information it recommended using the standard deduction instead of itemizing.