Locked
Discussions in this board are limited to the original poster and Community Mentors
taxes
as a reseller, what documentation will I need for my income tax preparation
1 comment
Locked
Discussions in this board are limited to the original poster and Community Mentors
as a reseller, what documentation will I need for my income tax preparation
wooden_flower
Mentor2 years ago@keljo1
You can get the sales fees and shipping costs from eBay reports, so what you need to collect is info from outside of eBay. The main item is the cost of the items you purchase to sell. Keep your receipts. If you shop garage sales, keep a log of your purchases - item date and cost.
There are other deductible costs such as mileage if you go to your PO - keep a log of date and miles driven - and packing supplies - keep your receipts.
The IRS has a guide to schedule C, which is where you will report your profit since you are buying to resell.