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Ebay Reseller Taxes HELP | What Can I Deduct for my Reselling Business 2023

Angie Resells 20 views

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Great video thanks,i didnt hear anything about claiming our hourly rate etc ? Or can't we claim thatbrAlso claiming office space offsets from your primary residence may have some tax obstacles once u decide to sell it
Comment from : @anthonyyoung8312

Do you have to have an LLC to be able to deduct these things from your taxes?
Comment from : @DavidMcLevain

Do I need an LLC for this to apply to me?
Comment from : @jacobrichards3728

All of this is making me hate taxes so much, why do we have to keep tabs on all this bs? Like seriously, I hope trump can get rid of taxes for us all
Comment from : @kzxjone

QUESTIONwhat if your selling items you have had for years and selling items to others on eBayhow do you deal with the 1099 and what do I write down or how? thank you! C
Comment from : @BToff-n1z

Great info THANKS 😀
Comment from : @AllanSansone

Can i add prime members subscription?
Comment from : @snowmers

From my reselling business i donate to charity from that account Is this a deduction?
Comment from : @KarlaGarcia-gw8ue

If I go to Payments -> Reports, on this Financial overview page, is the Orders field used to report income in the 1099K form? Thank you
Comment from : @rob90230

What if I'm a small ebay business starting in 2025, if I buy a case of baseball cards for $1000 to sell but only made half the money back in 2025 and obviously I would have inventory It may sell later, years from when boughtbrWill I be able to show loss at the end of year?
Comment from : @thewizard230

So if i havent kept track of mileage or receipts i get no write offs
Comment from : @donnaallen4925

What about retirement account contributions?
Comment from : @Balluh

Thank you for the information, I'm going to be selling on ebay amd whatnot this next year so this was helpful!
Comment from : @dmfa5834

Do you have a new 2024 video of the same topic?
Comment from : @plainmom2

I’ll be starting My EBay reseller in 2025
Comment from : @kenpinetMedia

Question can you deduct your ebay inventory area too?
Comment from : @johnnypffeifer2821

Which bank should I use for ebay and mercari selling? Do i need business account?
Comment from : @TasleemPatel-o7h

If you use your home for a business deduction in any capacity doesn't it depreciate the value?
Comment from : @bronson-h9y

Hi Angie!!!! I filed an extension for 2023 and I’ve been working on my taxes for the last 7 hours Searched something up and here you are!!!🩷🥰
Comment from : @PickyNiki

What happens if you don’t make any money😟
Comment from : @betaylor5031

Great video thanks
Comment from : @darksparkle6174

Do you have a seller’s certificate or a permit do you need one or no? I’m new I just wanna make sure eBay taxes out taxes
Comment from : @tangiechapman6219

I don't think it's an appropriate interpretation to say that a home office can purely only ever be used for work purposes Rooms that are obviously multi-purpose are different than offices that are worked in 8 hours a day with additional hours spent gaming on a computer casually Would really like to get into the verbiage of these clauses because this is not been my interpretation
Comment from : @cpthardluck

How about actually showing us on Schedule C?
Comment from : @elcuco1414

Are you saying the cash method is just keep up woth how much we spend on goods and how much we make the subtract the 2 at the end of the yr If we can do that it seems so much easier than Fifo
Comment from : @BNN079

Travel question If I go on vacation for 4 days and two days I do tourist stuff and the next two days I go thrifting Is any part of it ideductible😢?
Comment from : @karenbutcher5921

Thanks, seems like great info but there is some high pitch weird noise in the background and I had to stop watching
Comment from : @kenp133

also - how can I find out how many cents per mile in 2024 to keep track?
Comment from : @LivinLargewithLCruu

this is such great information thank you so much for sharing! Should I be keeping gas receipts or just tracking my business mileage? thanks in advance!!
Comment from : @LivinLargewithLCruu

Helpful information - especially about the cost of goods deduction - thanks
Comment from : @ramblinralph7609

The frantic banjo music is horribly distracting as well as the unnatural orchestra conductor hand gestures I will never understand why youtubers think these techniques are making their videos more interesting, when they in fact detract terribly from otherwise good content People do not need to be overstimulated from different 20 directions just to find what you're saying interesting
Comment from : @deltaanthropos5259

Thanks very helpful doing my taxes tomorrow
Comment from : @Rayymer

I need help I don't know how to get My 1099K form from Poshmark can you please help meStep by Step
Comment from : @michelledominguez59

Can I just write the cost of an item I purchased to resell as a supplies expense vs inventory?
Comment from : @mhz119486

Can I file my eBay taxes separate from my personal taxes?
Comment from : @bobbymaldonado1547

Microphone is low, can't hear
Comment from : @goasfarasyoucansee

Hello! Thank you so much for all of the information, it is very appreciated I have one question, do you know what to do if you only get a 1099K from one platform?
Comment from : @MellowDreamscape

Angie do you have to file quarterly? That’s the only thing I’m stressing about never filed quarterly and for some reason it stresses me out I keep seeing people say you have to file quarterly and I was just wondering if that’s correct
Comment from : @haleystory1485

A little late here, but I just wanted to add another deduction tips for fellow resellers If you have an off-site storage unit that you rent to store any of your excess inventory in, the monthly rent you pay for that storage unit can also be added as a deductionbrI hope this info helps! 👍🙂
Comment from : @1955Chevy

When you say keep your recipes Do you really mean the paper recipes? Or can I use my business bank account as 1 big recipe?
Comment from : @halleylindley3809

Great video! I have a question If I spend 50 dollars at an estate sale in 2023, I can deduct that item (as goods purchased) even though it hasn't sold yet? If I sell the item in 2024 "my cost of 5000" won't be deductible because I already deducted it, correct?
Comment from : @donaldwright5167

Not a fan of genie for software but love ur videos
Comment from : @barbaradeckert9642

I buy my goods from shop goodwill online, do I need all of the indivdual reciepts? Or can I use the exported list of all of my purchases sent to an excel file?
Comment from : @RiptideTechnologies

Thank you for all the info, Angie!!
Comment from : @joyceannjunio

What if the stuff that I sold is stuff that I collected over the past 25 years and I have no idea what I paid for it?
Comment from : @markpenske7

Thanks Angie
Comment from : @sherrytdallastreasures

wow, totally helped me out in the best language I had so many questions and have been nervous since I have to pay this year Thank you
Comment from : @bredlin

You said you were an accountant but you never mention accounting software I use quickbooks to track all my expenses and sales It makes it very easy to see my COGS, all my seller fees, sales, and it allows you to generate P&L statements I can look back 20 years and see every fee I paid, and every single piece of merchandise I bought for inventory or sold with just a few clicks of the mouse Seriously people, if you have a reselling business, you NEED accounting software
Comment from : @GlenShoecraft-z4q

Thank you Very much !!!!!
Comment from : @Animated-Nostalgia

Best video about this subject EXCELLENT 😅
Comment from : @ChengLeoug

Helpful video! Glad I found you! I've had so many nervous questions, you've cleared some up for me Would love to see an expanded video on this topic 😉
Comment from : @karenmoore1814

When it’s tax time what do I bring to my tax person? What kind of information would they need ?
Comment from : @Luvlydedex3

Question: I rent my apartment There is no room to store my stuff Can I deduct a storage unit fee if all I have in it is my inventory? Actually I have two storage units
Comment from : @TSunshineful

When I have items that dont sell how do I write it off as a loss? Assume i have to throw them away or donate I cant store junk forever I also use my garage and a spare bedroom for inventory and office That's easily half of my home
Comment from : @misterbulger

When calculating cog should i include the tax i paid for it?
Comment from : @FinanzasconEstilo17

I just started my eBay store this year(2023) so this will be my first time filing taxes for the store Can you use something like turbo tax or HR block online? Or is a more professional touch the best way to go? Thanks!
Comment from : @bollyjonson

Life saver!!!
Comment from : @zachcraig584

Fantastic video!
Comment from : @TarkanSaray

Thank you for this video first time reseller here and need to get my numbers right before the new year Was not ready for the incredible year that I have had and was a little nervous This video helped out a lot Thanks again
Comment from : @kodyblancet7413

Great information, thanks!
Comment from : @AgathaBlanco

If you buy items to add to your inventory that turn out to be broken or otherwise unsellable, would that expense be added to cost of goods or to another column?
Comment from : @christopherclark9007

I am new subscriber Angie
Comment from : @agnesnaturesounds

This is a great video, very helpful, Only the volume seems very low Thanks for all the info
Comment from : @Michael-Philip

Thank you Great explanations
Comment from : @isabellejaynes4072

I sell art, I just started last year I don't have a "business" per se, so can I deduct shipping expenses and things like that? I work as a paralegal and work remotely full time and I know I can't deduct my home office etc, since I'm an employee, but my side gig is art I have a feeling I can't deduct much of anything I imagine I will end up paying taxes on the full amount I get from eBay and won't be able to count shipping etc
Comment from : @laurastovall7290

Thanks for the info Is there a follow up video? brWhat is the percentage we use /calculate for home office
Comment from : @homeschoolmom23

You're the best Angie! Thank you so much for this information and your careful, clear, and concise explanations 😊
Comment from : @blkrainbow1075

Hi…thanks for the info If we are just starting out by selling items we have had awhile around the house (toys, trading cards, kitchen items, clothes), what do we use for cost of goods for taxes since we didn’t keep original receipts when they were bought?
Comment from : @ramonabutterson9860

Thanks for this Video Great advice
Comment from : @deanlehec701

What do you use for tracking miles and is there a fee?
Comment from : @henrybichler8809

do you need to send receipts in to the IRS for anything?
Comment from : @Beheimyth

Question here any help appreciated If I buy a collectible for say $1000 in 2020 and sell in 2023 can I still use the cash I paid to deduct or does it have to be purchased the same year I sell it ?
Comment from : @metalheadmachining4586

I’ve really enjoyed your content!brBtw…what if you’re on eBay and another site, do you have to get two accounts (one for each)?
Comment from : @jazzingforbluejean

If I'm just getting started on Ebay selling things from around my home, collectibles, etc; and have receipts for those things but they were not purchased during the currently tax year, can I still deduct the original purchase cost from the sales profit in the current tax year?
Comment from : @suprmn4105

😇🙏
Comment from : @jeffdorris5321

Such valuable information! Thank you for sharing!
Comment from : @halieruppe1710

Can you also Deduct for the area you store your inventory in?
Comment from : @dellahamberg3269

Do you use a Tax Software or go the IRS sight and do your taxes there?
Comment from : @dellahamberg3269

This was very helpful
Comment from : @dellahamberg3269

Taxes are theft
Comment from : @glendekoker3682

Thanks Angie, you explain this so well! You make it easy to understand ❤️
Comment from : @lauras4691

I would really like to hear in the follow up about what youtube related expenses you can write off if that is part of your overall business If I bite into a Bic-Mac on camera while making a video do I get to claim it? Clothes in videos? That sort of thing
Comment from : @onefootflipper

Hello I started as a reseller in 2022 My questions are about shipping costs and taxes paid by the buyer I am assuming I cannot deduct shipping costs if the buyer paid shipping, is this correct? Also, do the taxes paid by the buyer have any connection with the taxes I have to pay on my money earned from a sale? Thanks so much for sharing your knowledge and experience
Comment from : @valarieallen4845

I’m glad you mentioned the meals thing because I feel like a lot of resellers claim their Big Mac on the way home from goodwill 😂
Comment from : @Murrayed_Life

Great information , thank you 🤗
Comment from : @collinsonthemove

Very good information I'm guessing many of the deductions for things like home office and internet would be for full-time sellers not too applicable for part-time My issue with taxes is when it gets down to filling out the schedules---C? and if we have to pay things like social security and medicare I'm small potatoes--less than $2000 per year NET but with the $600 threshold for 2023---I don't know how convoluted this whole thing is going to be Right now I figure all of the deductions on paper and declare the result under "other income" I won't be able to do that next year Thanks for a good presentation
Comment from : @lynnesears6254